# 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-02255. The case involves insolvency proceedings against Rathi Graphic Technologies Limited. An…

- **Court:** NCLT
- **Order date:** 13 Jun 2022
- **Citation:** TCN-2022-NCLT-02255
- **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-cbf076db

## Summary

### Background

The case involves insolvency proceedings against Rathi Graphic Technologies Limited. An application was filed by the Resolution Professional (RP) for approval of a resolution plan. Another application was filed seeking directions to the RP to place a revised resolution plan before the Committee of Creditors (CoC) and reschedule the e-voting. The insolvency proceedings were initiated on 03.02.2020. The Interim Resolution Professional (IRP) was appointed and later replaced by the current RP on 10th June, 2020. Form G was published on 18.04.2020, and subsequently another Form G was published on 24.08.2020. The 4th CoC meeting was held on 20.10.2020, and the 5th CoC meeting was held on 05.11.2020. The 6th CoC meeting was held on 07.11.2020, and the 7th CoC meeting was held

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## Facts

Insolvency proceedings were initiated against Rathi Graphic Technologies Limited on 03.02.2020. An Interim Resolution Professional (IRP) was appointed and later replaced by the current RP. The RP filed an application for approval of the resolution plan. Another application was filed seeking directions to the RP to place a revised resolution plan before the CoC and reschedule the e-voting. Form G was published twice, and several CoC meetings were held. The last date for submission of the resolution plan was extended to 03.11.2020 at the request of the Successful Resolution Applicant (SRA). The applicant submitted a revised resolution plan on 15.11.2020, which was not considered by the RP/CoC because it was submitted after the deadline. The CoC extended the voting time

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## 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

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**Reasoning:** The Adjudicating Authority considered various judicial pronouncements and the structure

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**Interpretation:** The interpretation of IBC, 2016 and CIRP Regulations, 2016 suggests that while

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**Application:** In this case, the Adjudicating Authority found that the CoC's decision to

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## Parties

- **Judges:** Rajasekha…; Virendra Kumar…
- **Appellants:** RAJ KUMAR…
- **Respondents:** Rathi Graphic…; ANSHUL GUPTA (RP…

## Timeline

- **2020-02-03 — Insolvency proceedings…**: Insolvency proceedings against the Corporate Debtor commenced vide order of the…
- **2020-06-10 — RP appoi…**: The current RP was appointed vide…

## 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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