# In the matter of NIBULA PRINT AND PACK PRIVATE LIMITED

> NCLT judgment dated 2024-04-22. Citation: TCN-2024-NCLT-01655. The case involves the corporate insolvency resolution process (CIRP) of Nibula Print & Pack…

- **Court:** NCLT
- **Order date:** 22 Apr 2024
- **Citation:** TCN-2024-NCLT-01655
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/nibula-print-and-pack-private-limited-a49d8821

## Summary

### Background

The case involves the corporate insolvency resolution process (CIRP) of Nibula Print & Pack Pvt. Ltd. initiated by R.J. Packwells Pvt. Ltd. The Resolution Professional (RP), Ashok Kriplani, filed IA No. 1512 of 2019 seeking approval of the resolution plan under Section 30(6) of the Insolvency and Bankruptcy Code (IBC), 2016. The Committee of Creditors (CoC) approved a resolution plan submitted by Vinay Goel & Consortium of Members. HDFC Bank, a dissenting financial creditor, objected to the plan, arguing it violated Section 30(2)(b) of the IBC and Regulation 38(1) of the CIRP Regulations, as it did not prioritize payment to dissenting creditors. The RP contended that the amended regulation was not retrospective and the plan complied with the IBC. The

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## Facts

R.J. Packwells Pvt. Ltd. initiated CIRP against Nibula Print & Pack Pvt. Ltd. The RP, Ashok Kriplani, sought approval of a resolution plan approved by the CoC, where Vinay Goel & Consortium of Members was the resolution applicant. HDFC Bank, a dissenting financial creditor, objected to the plan, arguing it did not meet the requirements of Section 30(2)(b) of the IBC and Regulation 38(1) of the CIRP Regulations. The CoC approved the resolution plan with 77.91% voting share. The RP received three resolution plans, but they were rejected by the CoC. The RP then filed an application for liquidation, which was resisted by the PRAs. The Tribunal directed the Resolution Applicants to file a reply and the RP to place before the CoC any amended plan received. The fair

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## Issues and analysis

### Issue 1: Whether the proposed Resolution Plan violates Regulation 38(1) of the IBBI (Insolvency Resolution …

**Ratio:** The principle is that amendments to regulations are generally prospective unless

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**Reasoning:** The Adjudicating Authority reasoned that the press release issued by MCA was about the

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**Interpretation:** Regulation 38(1) of the IBBI (Insolvency Resolution Process for Corporate

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**Application:** The Adjudicating Authority found that the proposed Resolution Plan was approved

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## Parties

- **Judges:** SH. ASHOK KUMAR…; SH. L. N.…
- **Appellants:** R.J. PACKWELLS…
- **Respondents:** Nibula Print &…; Sh. Ashok…

## Timeline

- **2018-12-11 — Initiation…**: Date of Initiation of…
- **2018-12-17 — Appointment…**: Date of Appointment of…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 30(6) — Submission of resolution plan](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-30)

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