# In the matter of Rathi Graphic Technologies Limited IA No.31/2021
IN CP (IB) No.325/ALD/2019

> NCLT judgment dated 2022-06-13. Citation: TCN-2022-NCLT-02260. The case involves insolvency proceedings against Rathi Graphic Technologies Limited. The…

- **Court:** NCLT
- **Order date:** 13 Jun 2022
- **Citation:** TCN-2022-NCLT-02260
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/rathi-graphic-technologies-limited-ia-no312021-in-cp-ib-no325ald2019-9042c6ea

## Summary

### Background

The case involves insolvency proceedings against Rathi Graphic Technologies Limited. The Adjudicating Authority initiated insolvency proceedings on 03.02.2020. An Interim Resolution Professional (IRP) was appointed, later replaced by a Resolution Professional (RP) on 10th June, 2020. The RP filed IA No.31 of 2021 for approval of the resolution plan. IA No.293 of 2020 was filed by an applicant seeking direction to the RP to place a revised resolution plan before the Committee of Creditors (CoC). The CoC rejected the applicant's revised plan submitted on 15.11.2020, leading to allegations of arbitrary and biased approach by the RP and CoC.

## Facts

Insolvency proceedings were initiated against Rathi Graphic Technologies Limited on 03.02.2020. An IRP was appointed and later replaced by an RP. Form G was published, inviting expressions of interest. The last date for submission of resolution plans was extended to 03.11.2020. The applicant submitted a revised resolution plan on 15.11.2020, which was rejected by the RP/CoC because it was submitted after the deadline. The CoC expressed concerns that the resolution plans were below liquidation value. The voting lines were opened on 15.11.2020 and extended multiple times, finally concluding on 15.12.2020. The applicant alleged that the RP and CoC were working in tandem to oust the applicant from the process and that the applicant was not informed about the preponement of

…

## Issues and analysis

### Issue 1: Whether principles of natural justice are applicable to the processes/ proceedings under IBC, 2016 …

**Ratio:** The IBC, 2016 is designed on the basis of “creditors in control” as against the earlier

…

**Reasoning:** The Adjudicating Authority reasoned that the institutions created under IBC carry out

…

**Interpretation:** The Adjudicating Authority interpreted that the principles of natural justice,

…

**Application:** The Adjudicating Authority applied this ratio by stating that the CoC and RP

…

## Parties

- **Judges:** Rajasekha…; Virendra Kumar…
- **Respondents:** Rathi Graphic…; RAJ KUMAR…

## Timeline

- **2020-02-03 — Insolvency proceedings…**: Insolvency proceedings against the Corporate Debtor commenced vide order of this…
- **2020-06-10 — RP appoi…**: IRP was replaced by current RP vide order of this Adjudication Authority dated 10th June,…

## 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)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/rathi-graphic-technologies-limited-ia-no312021-in-cp-ib-no325ald2019-9042c6ea