# In the matter of Sarita Synthetics and Industries Limited I.A (IBC) No. 321-2022 in TCP (IB) No. 87-7-AMR-2019

> NCLT judgment dated 2022-11-21. Citation: TCN-2022-NCLT-00387. The case pertains to an application filed by the Resolution Professional (RP) of Sarita…

- **Court:** NCLT
- **Order date:** 21 Nov 2022
- **Citation:** TCN-2022-NCLT-00387
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/sarita-synthetics-and-industries-limited-ia-ibc-no-321-2022-in-tcp-ib-no-87-7-am-69c29f1c

## Summary

### Background

The case pertains to an application filed by the Resolution Professional (RP) of Sarita Synthetics & Industries Limited, the Corporate Debtor, seeking approval of the Resolution Plan under Section 30(6) of the Insolvency and Bankruptcy Code, 2016. The Corporate Insolvency Resolution Process (CIRP) was initiated on 01.10.2019, but the order was set aside by NCLAT on 07.02.2020. The Financial Creditor, Stressed Assets Stabilisation Fund, Mumbai, appealed to the Supreme Court, which remanded the matter back to NCLAT on 15.04.2021. NCLAT confirmed the validity of the CIRP order on 11.04.2022, resuming the CIRP. The RP made a public announcement inviting claims, constituted a Committee of Creditors (CoC), and sought an extension of the CIRP period. The CoC approved the

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## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against Sarita Synthetics & Industries Limited on 01.10.2019. The initial order was set aside by NCLAT on 07.02.2020, leading to an appeal to the Supreme Court by Stressed Assets Stabilisation Fund. The Supreme Court remanded the matter to NCLAT on 15.04.2021, and NCLAT confirmed the CIRP's validity on 11.04.2022. The Interim Resolution Professional (IRP) made a public announcement on 05.10.2019, with a claim submission deadline of 17.10.2019. Claims amounting to Rs. 181,63,09,450/- were admitted. The Committee of Creditors (CoC) was formed with Stressed Assets Stabilisation Fund (93.54%) and PEC Limited (6.46%). The 1st CoC meeting on 30.10.2019 appointed the applicant as Resolution Professional

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by the Resolution Applicant meets the requirements of the …

**Ratio:** Section 30(2) of the IBC, 2016, and Regulation 38 (1A) and applicable CIRP Regulations

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**Reasoning:** The Adjudicating Authority perused the Resolution Plan and related documents, finding

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**Interpretation:** Section 30(2) outlines mandatory provisions for a resolution plan, ensuring

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**Application:** The Resolution Plan provides for the payment of CIRP costs, repayment of debts

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## Parties

- **Judges:** TELAPROLU…
- **Respondents:** Sarita Synthetics…

## Timeline

- **2019-10-01 — CIRP Init…**: Corporate Insolvency Resolution Process (CIRP)…
- **2020-02-07 — NCLAT Or…**: NCLAT set aside the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 14 — Moratorium](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-14)

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