# In the matter of Radha Madhav Corporation Limited IA No. 78 of 2022 in CP (IB) No. 669 of 2019

> NCLT judgment dated 2022-08-01. Citation: TCN-2022-NCLT-01514. The application was filed under Section 30(6) of the Insolvency and Bankruptcy Code, 2016, by…

- **Court:** NCLT
- **Order date:** 1 Aug 2022
- **Citation:** TCN-2022-NCLT-01514
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/radha-madhav-corporation-limited-ia-no-78-of-2022-in-cp-ib-no-669-of-2019-055fe567

## Summary

### Background

The application was filed under Section 30(6) of the Insolvency and Bankruptcy Code, 2016, by Rajeev Dhingra, the Resolution Professional (RP) of the Corporate Debtor, Radha Madhav Corporation Limited, seeking approval of the Resolution Plan submitted by VAMA Construction Co. The Corporate Debtor was admitted into the Corporate Insolvency Resolution Process (CIRP) on 22.10.2020. Several Interim Resolution Professionals (IRPs) were appointed and replaced. The Committee of Creditors (CoC) was formed, consisting of Alchemist Asset Reconstruction Company (AARC) with 100% voting rights. Multiple CoC meetings were held to discuss the resolution plan, including extensions of the CIRP period and exclusion of certain days from the CIRP period. The Resolution Plan submitted by

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## Facts

Rajeev Dhingra, the Resolution Professional (RP) of Radha Madhav Corporation Limited, filed an application under Section 30(6) of the Insolvency and Bankruptcy Code, 2016, seeking approval of the Resolution Plan submitted by VAMA Construction Co. The Corporate Debtor was admitted into CIRP on 22.10.2020. Mr. Kedar Ramratan Laddha was initially appointed as the Interim Resolution Professional (IRP), later replaced by Mr. Sanjay Badrilal Punglia. The Committee of Creditors (CoC) was formed, consisting solely of Alchemist Asset Reconstruction Company (AARC) with 100% voting rights. Several CoC meetings were conducted, addressing CIRP extensions and exclusions. The RP published Form-G, inviting prospective Resolution Applicants to submit Expression of Interests (EoIs). Out

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by VAMA Construction Co. complies with the requirements of …

**Ratio:** Section 30(2) of the IBC, 2016, specifies the requirements that a resolution plan must

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**Reasoning:** The court examined the Resolution Plan and found that it provided for the payment of CIRP

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**Interpretation:** Section 30(2) is interpreted to ensure that the resolution plan addresses the

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**Application:** The court applied the provisions of Section 30(2) to the specific details of

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## Parties

- **Judges:** Madan B.…; KAUSHALENDRA…
- **Appellants:** Rajeev Dh…
- **Respondents:** Radha Madhav…; Committee of…
- **Advocates:** Parth S.…; Dhruvin D…

## Timeline

- **2020-10-22 — Admission in…**: Radha Madhav Corporation Limited was admitted into the Corporate Insolvency Resolution…
- **2020-11-09 — Appointment…**: Mr. Sanjay Badrilal Punglia 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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