# In the matter of Super Shiv Shakti Chemicals Private Limited IA No. 41-JPR-2021 in Company Petition No. (IB)-59-7-JPR-2019

> NCLT judgment dated 2022-04-29. Citation: TCN-2022-NCLT-02939. The case pertains to the Corporate Insolvency Resolution Process (CIRP) of Super Shiv Shakti…

- **Court:** NCLT
- **Order date:** 29 Apr 2022
- **Citation:** TCN-2022-NCLT-02939
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/super-shiv-shakti-chemicals-private-limited-ia-no-41-jpr-2021-in-company-petitio-653b06ae

## Summary

### Background

The case pertains to the Corporate Insolvency Resolution Process (CIRP) of Super Shiv Shakti Chemicals Private Limited. Punjab National Bank (formerly Oriental Bank of Commerce) initiated the CIRP under Section 7 of the Insolvency and Bankruptcy Code, 2016. The application was admitted by the Adjudicating Authority, and Mr. Brajesh Kumar Varma was appointed as the Interim Resolution Professional (IRP). Subsequently, Mr. Rishabh Chand Lodha replaced Mr. Varma as the Resolution Professional (RP). The RP then filed an application seeking approval of the resolution plan approved by the Committee of Creditors (CoC).

## Facts

Punjab National Bank (formerly Oriental Bank of Commerce) initiated CIRP against Super Shiv Shakti Chemicals Private Limited under Section 7 of the Insolvency and Bankruptcy Code, 2016. The application was admitted, and Mr. Brajesh Kumar Varma was appointed as the IRP, later replaced by Mr. Rishabh Chand Lodha. Public announcements were made on 2020-01-15, inviting claims from creditors. The CoC was constituted on 2020-02-03, with Punjab National Bank holding 100% voting rights. Several CoC meetings were held to discuss and approve the resolution plan. The RP admitted claims from two financial creditors, four workmen & employees, and twelve operational creditors. The CoC approved the resolution application of Resolution Applicant No. 1. The fair value of the

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## Issues and analysis

### Issue 1: Whether the Resolution Plan meets the requirements of Section 30(2) of the Insolvency and …

**Ratio:** Section 30(2) of the Code specifies the mandatory requirements that a resolution plan

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**Reasoning:** The Adjudicating Authority examined the Resolution Plan to ensure compliance with Section

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**Interpretation:** Section 30(2) is interpreted to ensure that the resolution plan adequately

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**Application:** The Resolution Plan was found to have provisions for payment of insolvency

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## Parties

- **Judges:** Deep Chandr…; RAGHU N…; +1 more
- **Respondents:** Super Shiv Shakti…
- **Advocates:** Saurav Ag…

## Timeline

- **2019-01-01 — Company Petiti…**: Company Petition No.…
- **2020-01-10 — CIRP Initiati…**: CIRP proceedings initiated against the Corporate Debtor, and Mr. Brajesh Kumar Varma was…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 60(5) — Adjudicating Authority for corporate persons](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-60)

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