# In the matter of Shreebhav Polyknits Pvt. Ltd. IA No. 1021-AHM-2022 in CP (IB) 386-AHM-2020

> NCLT judgment dated 2023-02-07. Citation: TCN-2023-NCLT-04732. The case pertains to an application filed by Mr. Vikash Jain, the Resolution Professional of…

- **Court:** NCLT
- **Order date:** 7 Feb 2023
- **Citation:** TCN-2023-NCLT-04732
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/shreebhav-polyknits-pvt-ltd-ia-no-1021-ahm-2022-in-cp-ib-386-ahm-2020-0c6e1491

## Summary

### Background

The case pertains to an application filed by Mr. Vikash Jain, the Resolution Professional of Shreebhav Polyknits Pvt. Ltd., under Section 30(6) read with Section 31(1) of the Insolvency & Bankruptcy Code, 2016, and Regulation 39(4) of the IBBI Regulations, seeking approval of the Resolution Plan approved by the Committee of Creditors (CoC). The Corporate Debtor was admitted into Corporate Insolvency Resolution Process (CIRP) by the Adjudicating Authority on 27.09.2021, following an application by the financial creditor, State Bank of India, under Section 7 of the Code. CA Nirav Tarkas was initially appointed as Interim Resolution Professional (IRP), later replaced by Mr. Vikash Gautamchand Jain as Resolution Professional. An application for exclusion of CIRP period

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## Facts

The Corporate Debtor, Shreebhav Polyknits Pvt. Ltd., underwent Corporate Insolvency Resolution Process (CIRP) initiated by State Bank of India under Section 7 of the Insolvency and Bankruptcy Code, 2016. The CIRP was triggered by an order dated 2021-09-27. Initially, CA Nirav Tarkas was appointed as the Interim Resolution Professional (IRP), but he was later replaced by Mr. Vikash Gautamchand Jain. The Committee of Creditors (CoC), consisting solely of State Bank of India, approved a resolution plan submitted by Novatis Fashion Pvt. Ltd. & Gargi Texofab Pvt. Ltd. (in consortium) with 100% voting share. The resolution plan offered a total amount of Rs. 13,59,88,000/-, including CIRP costs of Rs. 31,38,000/-. The average Fair Value and Liquidation Value of the

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## Issues and analysis

### Issue 1: Whether the resolution plan submitted by Novatis Fashion Pvt. Ltd. & Gargi Texofab Pvt. Ltd. …

**Ratio:** Section 30(2) of the Insolvency and Bankruptcy Code, 2016, read with the CIRP

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**Reasoning:** The Adjudicating Authority examined the resolution plan to determine whether it met the

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**Interpretation:** Section 30(2) of the Code and the related CIRP Regulations are interpreted to

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**Application:** The Adjudicating Authority found that the resolution plan submitted by Novatis

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## Parties

- **Judges:** DEEPTI M…; Ajai Das Me…
- **Appellants:** Vikash…
- **Respondents:** Shreebhav…; State Bank of…

## Timeline

- **2021-09-27 — Admission in…**: Corporate Debtor admitted into Corporate Insolvency Resolution Process (CIRP) by the…
- **2021-09-27 — Moratorium…**: Order of moratorium passed by…

## 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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