# In the matter of Suzuki Textiles Limited

> NCLT judgment dated 2023-01-18. Citation: TCN-2023-NCLT-05002. The case pertains to the Corporate Insolvency Resolution Process (CIRP) of Suzuki Textiles…

- **Court:** NCLT
- **Order date:** 18 Jan 2023
- **Citation:** TCN-2023-NCLT-05002
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/suzuki-textiles-limited-1b7e4cd6

## Summary

### Background

The case pertains to the Corporate Insolvency Resolution Process (CIRP) of Suzuki Textiles Limited. The CIRP was initiated based on an application filed by Sangam (India) Limited under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC). The Resolution Professional (RP), Mr. Prashant Agrawal, was appointed to manage the CIRP. The Committee of Creditors (CoC) was formed, and various steps were taken, including public announcements, verification of claims, and appointment of registered valuers. Several Interim Applications (IAs) were filed during the CIRP, addressing issues such as control of assets, avoidance transactions, and claims adjudication. The CoC approved a resolution plan submitted by M/s Sai Leela Synthetics Private Limited with a 99.99% voting share.

## Facts

Suzuki Textiles Limited was admitted into Corporate Insolvency Resolution Process (CIRP) by the NCLT Jaipur Bench on 31.01.2022, based on an application filed by Sangam (India) Limited. Mr. Prashant Agrawal was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). Public announcements were made to invite claims from creditors. The Committee of Creditors (CoC) was constituted, and meetings were held to discuss the progress of the CIRP. The RP presented eligibility criteria for prospective resolution applicants and invited resolution plans. Several expressions of interest were received, but only a few resolution plans were submitted. The CoC evaluated the resolution plans based on a scoring matrix and declared M/s

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by M/s Sai Leela Synthetics Private Limited meets the …

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

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**Reasoning:** The NCLT perused the records and found that the Resolution Plan confirmed to the criteria

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**Interpretation:** Section 30(2) ensures that the resolution plan is fair, equitable, and

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**Application:** The NCLT found that the Resolution Plan provided for the payment of insolvency

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## Parties

- **Judges:** Deep Chandr…; Prasanta Kumar…
- **Respondents:** Suzuki Textiles…; Abhishek Naik,…

## Timeline

- **2019-01-01 — CP No. (IB)- 275/9/JPR/2…**: Filing of the main…
- **2022-01-31 — Admission in…**: Suzuki Textiles Limited admitted into…

## 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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