# In the matter of Web Tech Packaging (India) Pvt. Ltd. {Cont. Pet. 40-2023, IA-2078-2023 IA-5756-2020 in IB-984(ND)2019]

> NCLT judgment dated 2023-08-02. Citation: TCN-2023-NCLT-02194. The case involves a contempt petition (Cont. Pet. 40/2023) and two interlocutory applications…

- **Court:** NCLT
- **Order date:** 2 Aug 2023
- **Citation:** TCN-2023-NCLT-02194
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/web-tech-packaging-india-pvt-ltd-cont-pet-40-2023-ia-2078-2023-ia-5756-2020-in-i-02d78c65

## Summary

### Background

The case involves a contempt petition (Cont. Pet. 40/2023) and two interlocutory applications (IA-2078/2023 and IA-5756/2020) before the National Company Law Tribunal (NCLT), New Delhi Bench. The matter arises from a previous order dated 12.11.2021, where the Successful Resolution Applicant (SRA) was found responsible for fraudulent transactions under Section 66 of the IBC, 2016. The forensic audit identified misappropriation of funds amounting to Rs. 29,75,73,550 by the respondents, intending to defraud the creditors of the corporate debtor. The NCLT is considering the approval of the Resolution Plan and related issues.

## Facts

1. M/s. A. C. Goel Paper Distributing Co. (P) Ltd. filed a contempt petition and interlocutory applications.
2. M/s. Webtech Packaging (India) Pvt. Ltd. is the respondent.
3. An order dated 12.11.2021 found the Successful Resolution Applicant (SRA) responsible for fraudulent transactions under Section 66 of the IBC, 2016.
4. A forensic audit identified misappropriation of Rs. 29,75,73,550 by the respondents, intending to defraud the creditors of the corporate debtor.
5. The respondents/Suspended Board of Directors of the Corporate Debtor carried on the business with intent to defraud the creditors.
6. The RP/Applicant was directed to institute a criminal prosecution against the respondents under Section 69 of the IBC.
7. The SRA is the promoter/ex-director of the Corporate

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by the Successful Resolution Applicant (SRA) can be approved, …

**Ratio:** Section 29A(g) of the IBC, 2016, disqualifies individuals involved in fraudulent

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**Reasoning:** The court reasoned that the SRA, having been found involved in fraudulent transactions in

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**Interpretation:** Section 29A(g) is interpreted strictly to exclude individuals with a history of

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**Application:** The ratio and reasoning were applied to the specific facts of the case, where

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## Parties

- **Judges:** SHRI. ASHOK KUMAR…; Shri. L. N.…
- **Appellants:** M/s. A. C. Goel…
- **Respondents:** M/s. Webtech…
- **Advocates:** Ashish Ko…; Nihar…; +6 more

## Timeline

- **2021-11-12 — Previous…**: Order passed in IA-102/2021 finding the Successful Resolution Applicant responsible for…
- **2023-08-02 — Order Del…**: Order delivered rejecting the Resolution Plan and ordering liquidation of the Corporate…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 9 — Application for initiation of corporate insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-9)

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