# In the matter of Shreechem Pharmaceuticals Private Limited IA-2228-2021 In C.P.(IB)-433(MB)2018

> NCLT judgment dated 2022-08-12. Citation: TCN-2022-NCLT-01384. The case involves an application filed under Section 30(6) of the Insolvency & Bankruptcy Code,…

- **Court:** NCLT
- **Order date:** 12 Aug 2022
- **Citation:** TCN-2022-NCLT-01384
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/shreechem-pharmaceuticals-private-limited-ia-2228-2021-in-cpib-433mb2018-f4fa1dae

## Summary

### Background

The case involves an application filed under Section 30(6) of the Insolvency & Bankruptcy Code, 2016, for the approval of a Resolution Plan. The Committee of Creditors (CoC) had already approved the plan in its 16th meeting with a 100% majority under Section 30(4) of the Code. The Corporate Insolvency Resolution Process (CIRP) was initiated against Shreechem Pharmaceuticals Private Limited based on a petition filed by Rukson Packaging Private Limited under Section 9 of the Code. Prakash D Naringrekar was appointed as the Interim Resolution Professional and later confirmed as the Resolution Professional. The Resolution Professional appointed registered valuers to determine the valuation of assets. The applicant issued an invitation for Expression of Interest (EoI)

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## Facts

Rukson Packaging Private Limited initiated CIRP against Shreechem Pharmaceuticals Private Limited under Section 9 of the IBC. The CIRP was admitted on 2019-05-08. Prakash D Naringrekar was appointed as the Interim Resolution Professional and later confirmed as the Resolution Professional. The CoC approved the Resolution Plan in its 16th meeting with 100% voting share. The fair value of the company was ₹18.95 Crore, and the liquidation value was ₹14.29 Crore. The total consideration amount under the Resolution Plan was INR 1618.1 Lacs, with INR 1500 Lacs allocated to Financial Creditors and INR 56.2 Lacs to Operational Creditors. Phoenix ARC Private Limited, the sole member of the CoC, filed an application seeking an exclusion of the CIRP period and an extension of

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## Issues and analysis

### Issue 1: Whether the Resolution Plan complies with the mandatory requirements of Section 30(2) of the …

**Ratio:** Section 30(2) of the Insolvency and Bankruptcy Code, 2016, specifies the conditions that

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**Reasoning:** The Tribunal examined the Resolution Plan to ensure it complied with the mandatory

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**Interpretation:** Section 30(2) is interpreted as setting out the minimum standards that a

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**Application:** The Tribunal found that the Resolution Plan complied with Section 30(2) because

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## Parties

- **Judges:** P.N. Deshmukh…; Shyam Babu…
- **Appellants:** Prakash D…
- **Respondents:** Shreechem…

## Timeline

- **2018-01-01 — C.P.(IB)/433(…**: Case filed under…
- **2019-05-08 — CIRP Init…**: Corporate Insolvency Resolution Process (CIRP) initiated against Shreechem…

## 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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