# In the matter of SMS Paryavaran Limited IA No. 3878(PB)-2021 in CP (IB) No.1935(PB) 2019

> NCLT judgment dated 2023-02-21. Citation: TCN-2023-NCLT-04512. The case pertains to an application filed under sections 30(6) and 31(1) of the Insolvency and…

- **Court:** NCLT
- **Order date:** 21 Feb 2023
- **Citation:** TCN-2023-NCLT-04512
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/sms-paryavaran-limited-ia-no-3878pb-2021-in-cp-ib-no1935pb-2019-d9c28627

## Summary

### Background

The case pertains to an application filed under sections 30(6) and 31(1) of the Insolvency and Bankruptcy Code, 2016, for the approval of a resolution plan for SMS Paryavaran Limited. The Corporate Insolvency Resolution Process (CIRP) was initiated following a petition filed by ICICI Bank Limited under Section 7 of the Code. The CIRP was admitted on 2020-01-03, and Mr. Sajeve Bhushan Deora was appointed as the Interim Resolution Professional (IRP), later confirmed as the Resolution Professional (RP) on 2020-03-05. The RP made a public announcement on 2020-01-09, inviting claims from creditors. The Committee of Creditors (CoC) was constituted on 2020-01-24 and reconstituted on multiple occasions. The RP received two resolution plans, one from Rean Group and another from

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## Facts

ICICI Bank Limited initiated Corporate Insolvency Resolution Process (CIRP) against SMS Paryavaran Limited under Section 7 of the Insolvency and Bankruptcy Code, 2016. The CIRP was admitted on 2020-01-03. Sajeve Bhushan Deora was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). Public announcement was made on 2020-01-09, inviting claims from creditors. The Committee of Creditors (CoC) was constituted on 2020-01-24 and reconstituted several times. The RP received two resolution plans, one from Rean Group and another from SNM Group. SNM Group requested consideration of their plan without an Earnest Money Deposit (EMD) as they were promoters of the corporate debtor, which is an MSME, but this was rejected by

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## Issues and analysis

### Issue 1: Whether the resolution plan submitted by SNM Group complies with the requirements of the Insolvency …

**Ratio:** The resolution plan must comply with Section 30(2) of the Code, which requires it to

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

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**Interpretation:** The resolution plan must adhere to the mandatory requirements of the IBC and

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**Application:** The Adjudicating Authority determined that the resolution plan submitted by SNM

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## Parties

- **Judges:** Chief Justice…; AVINASH K.…
- **Respondents:** SMS Paryavaran…; Consortium of Mr.…

## Timeline

- **2020-01-03 — Admission o…**: Corporate Insolvency Resolution Process (CIRP) was admitted following a petition filed by…
- **2020-01-09 — Public Annou…**: The RP made a public announcement,…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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