# In the matter of Sri Balaji Forest Products Private Limited I.A. No. 319-KB-2021 in CP (IB) No. 518-KB-2018

> NCLT judgment dated 2022-07-04. Citation: TCN-2022-NCLT-01898. The case pertains to an application filed under Section 30(6) read with Section 31(1) of the…

- **Court:** NCLT
- **Order date:** 4 Jul 2022
- **Citation:** TCN-2022-NCLT-01898
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/sri-balaji-forest-products-private-limited-ia-no-319-kb-2021-in-cp-ib-no-518-kb-0773395f

## Summary

### Background

The case pertains to an application filed under Section 30(6) read with Section 31(1) of the Insolvency and Bankruptcy Code, 2016, for the approval of a resolution plan for Sri Balaji Forest Products Private Limited. The corporate insolvency resolution process (CIRP) was initiated following a petition filed by Bank of India under Section 7 of the IBC, which was admitted on 18.10.2019. The Resolution Professional (RP), Aditya Kumar Tibrewal, was appointed and later confirmed by the Committee of Creditors (CoC). Public announcements were made, and claims were invited from creditors. Seventeen CoC meetings were held during the CIRP period. The RP sought expressions of interest (EoIs) from potential resolution applicants, but initially, no EoIs were received. Subsequently,

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## Facts

Bank of India initiated CIRP against Sri Balaji Forest Products Private Limited under Section 7 of IBC, admitted on 18.10.2019. Aditya Kumar Tibrewal appointed as RP, confirmed by CoC on 04.12.2019. Public announcement made on 24.10.2019, inviting claims till 02.11.2019. Seventeen CoC meetings held. Invitations for EoIs issued on 11.02.2020, extended multiple times. No EoIs received until 26.11.2020. M/s. Swadeshi Marketing Private Limited filed application, directed by Tribunal on 02.12.2020 to be accepted. Swadeshi Marketing furnished EMD of Rs. 50,00,000. Resolution plan presented, voted on from 14.02.2021 to 08.03.2021, approved by CoC with 93.46% vote on 09.03.2021; ICICI Bank voted against. Swadeshi Marketing furnished Performance Bank Guarantee of Rs.

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## Issues and analysis

### Issue 1: Whether the resolution plan submitted by M/s. Swadeshi Marketing Private Limited complies with the …

**Ratio:** The ratio is that a resolution plan must comply with Sections 30 and 31 of the IBC and

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**Reasoning:** The court perused the documents on record and found that the resolution plan was approved

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**Interpretation:** This means that the resolution plan must adhere to the mandatory requirements

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**Application:** The court applied this ratio by examining the resolution plan and the documents

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## Parties

- **Judges:** RohitKa…; Harish Chander…
- **Appellants:** Bank of…
- **Respondents:** Balaji Forest…
- **Advocates:** Joy S…; Sidhartha…; +9 more

## Timeline

- **2018-01-01 — CP (IB) NO. 51…**: Case number assigned to…
- **2019-10-18 — Admission o…**: Corporate Insolvency Resolution Process of Sri Balaji Forest Products Private Limited…

## 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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