# 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-03229. The case involves an application for approval of a Resolution Plan for Serampore Belting Works…

- **Court:** NCLT
- **Order date:** 19 Apr 2022
- **Citation:** TCN-2022-NCLT-03229
- **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-2-5af6964e

## Summary

### Background

The case involves an application for approval of a Resolution Plan for Serampore Belting Works Private Limited under Section 30(6) and Section 31(1) of the Insolvency & Bankruptcy Code, 2016. The Corporate Insolvency Resolution Process (CIRP) was initiated following a petition filed by Sree Tycofab Pvt Ltd, an Operational Creditor, against Serampore Belting Works Private Limited, the Corporate Debtor, under Section 9 of the Code. The petition was admitted on 09 August 2019. Joydev Sengupta was appointed as the Interim Resolution Professional (IRP) and later as the Resolution Professional (RP). The Committee of Creditors (CoC) was constituted, and several meetings were held to discuss and evaluate resolution plans. The RP received one Expression of Interest (EoI)

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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 & Bankruptcy Code, 2016. The petition was admitted on August 9, 2019. Joydev Sengupta was appointed as the Interim Resolution Professional (IRP) and later as the Resolution Professional (RP). A public announcement was made on August 17, 2019, inviting claims from creditors. The Committee of Creditors (CoC) was constituted on August 30, 2019, and subsequently reconstituted. Thirteen CoC meetings were held during the CIRP period. The total amount of claims admitted was ₹6,09,27,443/-, comprising both financial and operational creditors. Mr. Ashis Baldwa

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by Mr. Ashish Baldwa complies with the provisions of the …

**Ratio:** The Resolution Plan must comply with Section 30(2) of the IBC, which mandates provisions

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**Reasoning:** The Adjudicating Authority examined the Resolution Plan to ensure it met the mandatory

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**Interpretation:** The interpretation of Section 30(2) and Regulation 38 requires a comprehensive

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**Application:** The Adjudicating Authority found that the Resolution Plan complied with the

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## Parties

- **Judges:** Rajasekha…; Balraj…
- **Appellants:** Sree Tycofab Pvt…
- **Respondents:** Serampore Belting…

## Timeline

- **2018-01-01 — CP (IB) No.149…**: Underlying Company Petition filed by Sree Tycofab Pvt Ltd against Serampore Belting Works…
- **2019-08-09 — Admission of…**: The underlying Company Petition in CP (IB) No.1493/KB/2018 was admitted vide order dated…

## 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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