# In the matter of Swastik Oil Refinery Pvt. Ltd.

> NCLT judgment dated 2024-01-03. Citation: TCN-2024-NCLT-03333. The case involves an application under section 30(6) and section 31(1) of the Insolvency &…

- **Court:** NCLT
- **Order date:** 3 Jan 2024
- **Citation:** TCN-2024-NCLT-03333
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/swastik-oil-refinery-pvt-ltd-9e7b3989

## Summary

### Background

The case involves an application under section 30(6) and section 31(1) of the Insolvency & Bankruptcy Code, 2016, read with regulation 39(4) of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, for approval of a Resolution Plan. The court is reviewing the resolution plan submitted by the applicant.

## Facts

Meher Oil Industries Pvt. Ltd. is the Operational Creditor. Swastik Oil Refinery Pvt. Ltd. is the Corporate Debtor. Tapan Chakraborty is the Resolution Professional of Swastik Oil Refinery Pvt. Ltd and is the Resolution Professional/Applicant. Uma Exports Ltd. is the Resolution Applicant. The Committee of Creditors (CoC) allegedly approved the resolution plan in response to the voting agenda of the 13th CoC meeting dated 2023-01-04. However, records indicate no meeting took place on that date. The 13th CoC meeting took place on 2023-01-05, but the voting result attached is from a meeting dated 2022-11-04. Similar discrepancies exist for the 12th and 11th CoC meetings. Form H mentions the date of approval of the resolution plan as 2023-02-23, but there is no document

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## Issues and analysis

### Issue 1: Whether the resolution plan approval process is valid given the discrepancies in the dates of the …

**Ratio:** The validity of a resolution plan hinges on the adherence to the procedural requirements

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**Reasoning:** The court observed inconsistencies in the dates of the CoC meetings and the voting

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**Interpretation:** The interpretation of the IBC and its regulations requires strict compliance

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**Application:** In this case, the discrepancies in the dates of the CoC meetings and voting

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## Parties

- **Judges:** RohitKa…; Balraj…
- **Appellants:** Tapan Chakr…
- **Respondents:** Swastik Oil…; Meher Oil…

## Timeline

- **2023-01-03 — Date of prono…**: Date of pronouncement…
- **2023-01-04 — Alleged Date of CoC…**: According to the submissions, the Committee of Creditors (CoC) approved the resolution…

## 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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