# In the matter of Nui Pulp and Paper Industries Private Limited I.A No-154-KOB-2021 in  TIBA-25-KOB-2019

> NCLT judgment dated 2022-05-05. Citation: TCN-2022-NCLT-02883. The Interlocutory Application was filed by the Resolution Professional of Nui Pulp & Paper…

- **Court:** NCLT
- **Order date:** 5 May 2022
- **Citation:** TCN-2022-NCLT-02883
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/nui-pulp-and-paper-industries-private-limited-ia-no-154-kob-2021-in-tiba-25-kob-a35424af

## Summary

### Background

The Interlocutory Application was filed by the Resolution Professional of Nui Pulp & Paper Industries Private Limited, under Section 31 (1) of the Insolvency and Bankruptcy Code, 2016 read with Regulation 39 of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, for approval of the Resolution Plan submitted by Consortium of Mr. Syed Abdul Ahad, which is approved by the Committee of Creditors under Section 30(4) of the IBC with 100% voting rights. The Corporate Debtor is a private limited company incorporated on 09.09.2009 under the Companies Act 2013 and is engaged in the business of manufacture of Paper Cups and is a 100% export oriented unit.

## Facts

Roxel Trading Company Gmbh, Austria, an Operational Creditor, filed a petition under Section 9 of IBC Code against the Corporate Debtor (CD), Nui Pulp & Paper Industries Private Limited for initiating Corporate Insolvency Resolution Process (“CIRP”). The Tribunal admitted the petition on 07.11.2019. The IRP has collated the claims and constituted the Committee of Creditors on 04.12.2019 with only one secured Financial Creditor, Bank of Baroda (Erstwhile Vijaya Bank) with a claim to the extent of Rs. 11,67,10,586/-. The suspended Directors of the Corporate Debtor's unsecured Financial debt claim to the extent of Rs.7,71,45,342/- was admitted based on the books of accounts duly audited as on 31.03.2019. The applicant was appointed as the Resolution Professional

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## Issues and analysis

### Issue 1: Whether the Resolution Plan is in accordance with Sections 30 and 31 of the IBC and complies with …

**Ratio:** Sections 30 and 31 of the IBC, along with Regulations 38 and 39 of the IBBI (Insolvency

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**Reasoning:** The Adjudicating Authority perused the documents on record and found that the Resolution

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**Interpretation:** This issue involves interpreting the provisions of Sections 30 and 31 of the

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**Application:** The Adjudicating Authority applied the provisions of Sections 30 and 31 of the

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## Parties

- **Judges:** Ashok Kumar…; Anil Ku…
- **Appellants:** SATYADEVI A…
- **Respondents:** Nui Pulp and…
- **Advocates:** E. Om Pr…; Vinod…; +1 more

## Timeline

- **2009-09-09 — Incorporation of…**: Corporate Debtor incorporated…
- **2019-11-07 — Admission of…**: Tribunal admitted the petition under Section 9 of IBC Code filed by Roxcel Trading…

## 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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