# In the matter of Sindhura Paper Private Limited IA(IBC)-367-2022 in CP (IB) No. 60-9-AMR-2020

> NCLT judgment dated 2022-12-15. Citation: TCN-2022-NCLT-00145. The Resolution Professional (RP) of M/s. Sindhura Paper Private Limited (the Corporate Debtor)…

- **Court:** NCLT
- **Order date:** 15 Dec 2022
- **Citation:** TCN-2022-NCLT-00145
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/sindhura-paper-private-limited-iaibc-367-2022-in-cp-ib-no-60-9-amr-2020-04f5ab66

## Summary

### Background

The Resolution Professional (RP) of M/s. Sindhura Paper Private Limited (the Corporate Debtor) sought approval of the Resolution Plan. The Corporate Insolvency Resolution Process (CIRP) was initiated on 07.03.2022, and Ms. Narala Varalakshmi was appointed as Interim Resolution Professional (IRP). The IRP made a public announcement on 10.03.2022, inviting claims from creditors. Claims amounting to Rs.90,38,79,328/- were received and admitted. The IRP constituted a Committee of Creditors (CoC) with three members: State Bank of India (48.60%), Union Bank of India (26.77%), and India Bank (24.63%). The IRP was replaced by Mr. B. Naga Bhushan as Resolution Professional (RP) on 04.04.2022. The CoC approved eligibility criteria for Prospective Resolution Applicants (PRAs) and

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## Facts

The Corporate Debtor, M/s. Sindhura Paper Private Limited, underwent Corporate Insolvency Resolution Process (CIRP) initiated by the NCLT Amaravati Bench. Ms. Narala Varalakshmi was initially appointed as the Interim Resolution Professional (IRP) and later replaced by Mr. B. Naga Bhushan as the Resolution Professional (RP). A public announcement was made to invite claims from creditors, and claims amounting to Rs.90,38,79,328/- were admitted. A Committee of Creditors (CoC) was formed, consisting of State Bank of India, Union Bank of India, and India Bank. The CoC conducted multiple meetings to evaluate Prospective Resolution Applicants (PRAs) and their resolution plans. M/s. Trinox Infrastructure and Developers Private Limited submitted a Resolution Plan that was

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by M/s. Trinox Infrastructure and Developers Private Limited …

**Ratio:** Section 30(2) of the IBC outlines the mandatory requirements that a resolution plan must

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**Reasoning:** The Adjudicating Authority examined the Resolution Plan and the Compliance Certificate

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**Interpretation:** Section 30(2) of the IBC sets out the minimum standards that a resolution plan

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**Application:** In this case, the Adjudicating Authority found that the Resolution Plan

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## Parties

- **Judges:** TELAPROLU…
- **Respondents:** Sindhura Paper…; Chevuri Enterprise…

## Timeline

- **2022-03-07 — Initiation…**: NCLT directed initiation of Corporate Insolvency Resolution Process (CIRP) of the…
- **2022-03-10 — Public Annou…**: IRP made a public announcement inviting…

## 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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