# In the matter of S. R. Industries Limited IA No. 1782-2022 In CP (IB) No. 198-Chd-Pb-2021
In the matter of S. R. Industries Limited IA No. 1782-2022 In CP (IB) No. 198-Chd-Pb-2021

> NCLT judgment dated 2023-03-31. Citation: TCN-2023-NCLT-03947. The case involves an application filed under Section 60(5) of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 31 Mar 2023
- **Citation:** TCN-2023-NCLT-03947
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/s-r-industries-limited-ia-no-1782-2022-in-cp-ib-no-198-chd-pb-2021-in-the-matter-615d7c58

## Summary

### Background

The case involves an application filed under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, by Anil Khandelwal, a Resolution Applicant, against the Resolution Professional of SR Industries Limited. The applicant sought to set aside a modified Form G dated 05.12.2022, arguing that it was illegal and bad in law. The Corporate Debtor, SR Industries Limited, was admitted into CIRP on 21.12.2021. The applicant's resolution plan was pending before the Committee of Creditors (CoC). The Resolution Professional published a modified Form G on 05.12.2022, allegedly disregarding Regulation 36A (4A) of the CIRP Regulations. The applicant contended that the modified Form G violated the regulations and aimed to favor a specific prospective applicant. The Resolution

…

## Facts

1. Anil Khandelwal, a Resolution Applicant, filed an application under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, against the Resolution Professional of SR Industries Limited.
2. SR Industries Limited was admitted into CIRP on 21.12.2021.
3. Khandelwal's resolution plan was pending before the Committee of Creditors (CoC).
4. The Resolution Professional published a modified Form G dated 05.12.2022.
5. Khandelwal argued that the modified Form G was illegal and violated Regulation 36A (4A) of the CIRP Regulations, which allows only one modification to the invitation for expression of interest.
6. Khandelwal claimed the modified Form G was intended to favor a specific prospective applicant.
7. The Resolution Professional argued that the CoC had the right to

…

## Issues and analysis

### Issue 1: Whether the issuance of a fresh Form G by the Committee of Creditors (CoC) constitutes a …

**Ratio:** Regulation 36A (4A) of the CIRP Regulations, 2016, restricts the modification of an

…

**Reasoning:** The Adjudicating Authority reasoned that the word 'modification' under Regulation 36A

…

**Interpretation:** The interpretation of Regulation 36A (4A) is that it aims to prevent frequent

…

**Application:** In this case, the CoC's decision to publish a fresh Form G was not considered a

…

## Parties

- **Judges:** Harnam Singh…; SUBRATA KUM…
- **Appellants:** Anil Khan…
- **Respondents:** SR Industries…; KDA Corporater…

## Timeline

- **2021-12-21 — CIRP Admi…**: Corporate Debtor, SR Industries Limited, admitted into Corporate Insolvency Resolution…
- **2022-06-17 — Modified…**: Modified Form…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 60(5) — Adjudicating Authority for corporate persons](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-60)

---

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/s-r-industries-limited-ia-no-1782-2022-in-cp-ib-no-198-chd-pb-2021-in-the-matter-615d7c58