# In the matter of Serampore Belting Works Private Limited IA (IB) No.965-KB-2020 in CP (IB) No.1493-KB-2018

> NCLT judgment dated 2022-04-19. Citation: TCN-2022-NCLT-03223. The case involves an application under Section 30(6) and Section 31(1) of the Insolvency &…

- **Court:** NCLT
- **Order date:** 19 Apr 2022
- **Citation:** TCN-2022-NCLT-03223
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/serampore-belting-works-private-limited-ia-ib-no965-kb-2020-in-cp-ib-no1493-kb-2-230d5968

## Summary

### Background

The case involves an application under Section 30(6) and Section 31(1) of the Insolvency & Bankruptcy Code, 2016, read with regulation 39(4) of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, for the approval of a Resolution Plan for Serampore Belting Works Private Limited. The underlying Company Petition in CP (IB) No.1493/KB/2018 was filed by Sree Tycofab Pvt Ltd, the Operational Creditor, against Serampore Belting Works Private Limited, the Corporate Debtor, under section 9 of the Code, which was admitted vide order dated 09 August 2019. Mr. Joydev Sengupta was appointed as the Interim Resolution Professional (IRP) and later as the Resolution Professional (RP). The IRP made a public

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## Facts

Sree Tycofab Pvt Ltd, an Operational Creditor, initiated Corporate Insolvency Resolution Process (CIRP) against Serampore Belting Works Private Limited, the Corporate Debtor, under Section 9 of the Insolvency and Bankruptcy Code, 2016. The application was admitted on August 9, 2019. Joydev Sengupta was appointed as the Interim Resolution Professional (IRP) and later as the Resolution Professional (RP). Public announcement was made on August 17, 2019, inviting claims from creditors. The Committee of Creditors (CoC) was constituted on August 30, 2019, and later reconstituted. The Resolution Applicant, Ashish Baldwa, submitted a Resolution Plan, which was revised multiple times based on discussions with the CoC. The CoC approved the Resolution Plan with 100% voting share.

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by the Resolution Applicant complies with the provisions of …

**Ratio:** A Resolution Plan must comply with the mandatory requirements of Section 30(2) of the

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**Reasoning:** The Adjudicating Authority perused the documents on record and found that the Resolution

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**Interpretation:** Sections 30 and 31 of the IBC outline the requirements for a valid Resolution

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**Application:** The Adjudicating Authority applied the provisions of Sections 30 and 31 to the

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## Parties

- **Judges:** Rajasekha…; Balraj…
- **Respondents:** Serampore Belting…

## Timeline

- **2018-01-01 — CP (IB) No.1493/KB/2018…**: The underlying Company Petition in CP (IB) No.1493/KB/2018 was filed by Sree Tycofab Pvt…
- **2019-08-09 — Admission of Company…**: The Company Petition was admitted…

## 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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