# In the matter of Sushitex Industries Private Limited

> NCLT judgment dated 2025-02-27. Citation: TCN-2025-NCLT-00427. The case involves an application (I.A. 25/2024) filed by the Resolution Professional of…

- **Court:** NCLT
- **Order date:** 27 Feb 2025
- **Citation:** TCN-2025-NCLT-00427
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/sushitex-industries-private-limited-ea5ae04d

## Summary

### Background

The case involves an application (I.A. 25/2024) filed by the Resolution Professional of Sushitex Industries Pvt. Ltd. ('the Corporate Debtor') under Sections 30(6) and 31 of the Insolvency and Bankruptcy Code, 2016, seeking approval of a revised resolution plan submitted by a consortium of HDR Import Export Pvt. Ltd. along with Mr. Prem Ramchandani ('SRA'). The application was filed after the Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor based on an application by Bank of India ('Financial Creditor') under Section 7 of the Code. The IRP was appointed on 10.04.2023, and a public announcement was made on 18.04.2023. The Committee of Creditors (CoC) was constituted, with Bank of India holding 100% voting share. The resolution

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## Facts

1. The Resolution Professional of Sushitex Industries Pvt. Ltd. filed an application (I.A. 25/2024) seeking approval of a revised resolution plan.
2. CIRP was initiated against Sushitex Industries Pvt. Ltd. based on an application by Bank of India under Section 7 of the Code.
3. Mr. Kamal Kishor Gurnani was appointed as the Interim Resolution Professional (IRP) on 10.04.2023.
4. A public announcement was made on 18.04.2023.
5. The Committee of Creditors (CoC) was constituted, with Bank of India holding 100% voting share.
6. HDR Import Export Pvt. Ltd. along with Mr. Prem Ramchandani submitted a resolution plan.
7. HDR Consortium was not initially part of the final list of Prospective Resolution Applicants (PRAs).
8. The CoC approved the resolution plan submitted by HDR

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## Issues and analysis

### Issue 1: Whether the CoC can consider a resolution plan from an applicant who was not part of the final list …

**Ratio:** Regulation 39(1B)(b) of the CIRP Regulations explicitly states that the committee shall

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**Reasoning:** The court reasoned that the mandate of Regulation 39(1B)(b) is clear and unambiguous.

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**Interpretation:** The interpretation of Regulation 39(1B)(b) is strict and literal. The

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**Application:** In this case, HDR Consortium was not initially included in the final list of

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## Parties

- **Judges:** LAKSHMI G…; Charanjeet Singh…
- **Appellants:** Kamal Kishor…
- **Respondents:** Sushitex Industrie…; Bank of…

## Timeline

- **2023-04-10 — Appointment…**: Mr. Kamal Kishor Gurnani was appointed as the…
- **2023-04-18 — Public Annou…**: A public announcement…

## 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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