# Approval of Resolution Plan - Siddharth World Trade Private Limited (IA. No. 1239-2022 in CP(IB)No. 4289-MB-C-II-2018)

> NCLT judgment dated 2023-06-23. Citation: TCN-2023-NCLT-05420. The Interlocutory application was filed by Mr. Shekhar Kumar Agrawal, the Resolution…

- **Court:** NCLT
- **Order date:** 23 Jun 2023
- **Citation:** TCN-2023-NCLT-05420
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-mumbai/approval-of-resolution-plan-siddharth-world-trade-private-limited-ia-no-1239-202-0819ab3e

## Summary

### Background

The Interlocutory application was filed by Mr. Shekhar Kumar Agrawal, the Resolution Professional of M/s Siddharth World Trade Private Limited & Ors., the Corporate Debtor, for approval of the resolution plan submitted by M/s Sharad Milk and Milk Products.

## Facts

The application was filed under section 30(6) r/w Regulation 39(4) of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, r/w Rule 11 of the NCLT Rules, 2016.

Edelweiss Asset Reconstruction Company Limited initiated CIRP against Siddharth World Trade Private Limited under Section 7 of the Code on 13.05.2021.

Mr. Sameer Kakar was appointed as the Interim Resolution Professional (IRP) and later replaced by Mr. Shekhar Kumar Agrawal as the Resolution Professional.

The Resolution Plan submitted by M/s Sharad Milk and Milk Products was approved by 100% of the Committee of Creditors (CoC).

The total amount to be infused into the Corporate Debtor was Rs. 6.70 Crores payable over one year, later increased to Rs. 8 Crores payable within 3 months.

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by M/s Sharad Milk and Milk Products meets the requirements …

**Ratio:** Section 30(2) of the Code specifies the requirements that a resolution plan must meet for

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**Reasoning:** The Adjudicating Authority perused the Resolution Plan and found that it provides for the

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**Interpretation:** The Resolution Plan must comply with all the requirements of Section 30(2) of

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**Application:** The Adjudicating Authority was satisfied that the Resolution Plan met the

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## Parties

- **Judges:** Kuldip Kumar…; Shyam Babu…
- **Appellants:** Shekhar Kumar…
- **Respondents:** Siddharth World…
- **Other parties:** Edelweiss Asset…; Sameer…
- **Advocates:** Nausher…

## Timeline

- **2021-05-13 — CIRP Init…**: Edelweiss Asset Reconstruction Co. Ltd initiated CIRP against the Corporate Debtor under…
- **2021-09-03 — Publication o…**: The erstwhile IRP published Form – G in English and Marathi newspapers, inviting…

## 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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