# Mr. Krishna Chamadia vs. Guruanand Silk Mills Private Limited

> NCLT judgment dated 2026-09-30. Citation: TCN-2026-NCLT-01135. Mr. Krishna Chamadia, the Resolution Professional (RP) of Guruanand Silk Mills Private Limited…

- **Court:** NCLT
- **Order date:** 30 Sept 2026
- **Citation:** TCN-2026-NCLT-01135
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-mumbai/approval-of-resolution-plan-guruanand-silk-mills-private-limited-yimb6

## Summary

### Background

Mr. Krishna Chamadia, the Resolution Professional (RP) of Guruanand Silk Mills Private Limited (Corporate Debtor), filed IA (I.B.C) (Plan) No. 107/MB/2025 seeking approval of the Resolution Plan under Sections 30(6) and 31 of the IBC. The Corporate Debtor was admitted into Corporate Insolvency Resolution Process (CIRP) on 14.11.2024. Mr. Mukesh Kumar Jain was initially appointed as Interim Resolution Professional (IRP) but was later replaced by Mr. Krishna Chamadia. Claims totaling Rs. 31,98,31,971/- were received, leading to the constitution of the Committee of Creditors (CoC) with Axis Bank Limited as the sole Financial Creditor. Siddhachal Fab Private Limited was identified as the Successful Resolution Applicant (SRA) after its plan was approved by 100% of the CoC

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## Facts

IA (I.B.C) (Plan) No. 107/MB/2025 was filed by Mr. Krishna Chamadia, Resolution Professional of Guruanand Silk Mills Private Limited, on 23.09.2025.

The application seeks approval of the Resolution Plan under Sections 30(6) and 31 of the IBC, read with Regulation 39(4) of CIRP Regulations and Rule 11 of NCLT Rules, 2016.

The Resolution Plan was submitted by Siddhachal Fab Private Limited, the Successful Resolution Applicant (SRA).

The CoC approved the Resolution Plan by 100% of the voting share during e-voting, which concluded on 04.07.2025.

An unsuccessful Resolution Applicant, Dipesh Silk Mills Private Limited, challenged the plan via I.A. No. 3240 of 2025, which was dismissed by the Tribunal on 07.11.2025.

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by Siddhachal Fab Private Limited complies with the …

**Ratio:** A Resolution Plan must comply with the mandatory requirements of Section 30(2) of the IBC

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**Reasoning:** The Tribunal meticulously perused the Resolution Plan and the Compliance Certificate in

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**Interpretation:** Compliance with Section 30(2) and associated regulations ensures that the plan

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**Application:** The NCLT found that the Resolution Plan submitted by Siddhachal Fab Private

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## Parties

- **Judges:** ASHISH KALIA,…; BANWARI LAL…
- **Appellants:** Krishna Ch…; Dipesh Silk Mills…
- **Respondents:** Guruanand Silk…
- **Other parties:** Committee of…; Harsh H…; +3 more
- **Advocates:** IC Legal Advocates…

## Timeline

- **2024-11-14 — CIRP Admission and IRP…**: Order in C.P.(IB) No. 1069/MB/2023 admitting Guruanand Silk Mills Private Limited into…
- **2024-11-26 — Public Announcement for…**: A public announcement in Form A was published in newspapers inviting claims under Section…

## 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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