# In the matter of Proactive Plast Pvt.  Ltd. IA 85 & 265-ND-2021 in IB No. 742-ND-2021

> NCLT judgment dated 2022-03-04. Citation: TCN-2022-NCLT-03902. The case involves two applications, IA 85/ND/2021 and IA 265/ND/2021, which are interconnected…

- **Court:** NCLT
- **Order date:** 4 Mar 2022
- **Citation:** TCN-2022-NCLT-03902
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/proactive-plast-pvt-ltd-ia-85-265-nd-2021-in-ib-no-742-nd-2021-55a996ad

## Summary

### Background

The case involves two applications, IA 85/ND/2021 and IA 265/ND/2021, which are interconnected and disposed of by a common order. IA 265/ND/2021 was filed by Nitin Gupta, seeking directions for the Resolution Professional (RP) to re-verify the claim of Jagriti Plastics Limited, resubmit final amounts offered to Operational Creditors, and for the CoC to decide on Resolution Plans. IA 85/ND/2021 was filed by the RP seeking approval of the Resolution Plan. The CIRP was initiated against Proactive Plast Pvt. Ltd on 14.10.2019. Rakesh Kumar Jain was appointed as Interim Resolution Professional (IRP), followed by Sandeep Kumar Bhatt as RP on 29.01.2020. Nitin Gupta raised objections against Jagriti Plastics Limited, alleging that they were wrongly allowed to enhance their

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## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against Proactive Plast Private Limited on 14.10.2019. Rakesh Kumar Jain was appointed as Interim Resolution Professional (IRP), followed by Sandeep Kumar Bhatt as Resolution Professional (RP) on 29.01.2020. The IRP completed the verification of claims, publication of EOI, issuing provisional list of Resolution Applicants (RAs), Request of Resolution Plan, Sharing of Information Memorandum, and Evaluation Matrix. There was only one Financial Creditor, Canara Bank. The RP received resolution plans from Jagriti Plastics Limited, Mahima Life Science Private Limited, Puneet Iron & Steel Private Limited, and Lauls Limited by 25.02.2020. Lauls Limited was declared non-compliant of Section 29A. Jagriti

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## Issues and analysis

### Issue 1: Whether the Resolution Professional wrongly admitted the claim of Jagriti Plastics Limited as an …

**Ratio:** The principle is that the Resolution Professional has a duty to verify the claims of

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**Reasoning:** The applicant alleged that nothing was due and payable to Jagriti Plastics Limited as per

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**Interpretation:** This issue involves the interpretation of the Resolution Professional's duties

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**Application:** In this case, the applicant failed to provide sufficient evidence to prove that

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## Parties

- **Judges:** Sh. Dharminder…; SUMITAPURKA…
- **Appellants:** Nitin G…
- **Respondents:** Proactive Plast…; Mahi…

## Timeline

- **2019-10-14 — CIRP Init…**: Corporate Insolvency Resolution Process (CIRP) was initiated against Proactive Plast…
- **2019-10-14 — Appointment…**: Rakesh Kumar Jain was appointed as…

## 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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