# In the matter of UNIQUE SUGARS LIMITED

> NCLT judgment dated 2025-07-09. Citation: TCN-2025-NCLT-00810. An Interlocutory Application was filed under Section 33 read with Section 60(5) of the…

- **Court:** NCLT
- **Order date:** 9 Jul 2025
- **Citation:** TCN-2025-NCLT-00810
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-mumbai/unique-sugars-limited-17da5750

## Summary

### Background

An Interlocutory Application was filed under Section 33 read with Section 60(5) of the Insolvency and Bankruptcy Code, 2016, and Rule 11 of the National Company Law Tribunal Rules, 2016, by Mr. Kailash Shah, the Resolution Professional, seeking an order to initiate the liquidation of Unique Sugars Limited.

## Facts

An application bearing CP(IB) No.128/2018 was filed against Unique Sugars Limited for initiation of Corporate Insolvency Resolution Process (CIRP) under Section 9 of the Code.

The Company Petition was admitted on 28.02.2019, directing initiation of CIRP, and Mr. Javadsha K. Vasa was appointed as the Interim Resolution Professional (IRP).

The IRP issued a public announcement dated 08.03.2019, inviting claims from creditors, with the last date for submission being 21.03.2019.

MA 3156/2019 was filed for appointment of IRP as the Resolution Professional and the same was approved by Tribunal order dated 30.09.2019.

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## Issues and analysis

### Issue 1: Whether the resolution plan submitted by Rawalwasia Yarn Dyeing Private Limited was compliant with …

**Ratio:** The resolution plan was not compliant with Section 30(2)(b) and Regulations 38(1) of the

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**Reasoning:** The Bench noted that there were no financial creditors of the Corporate Debtor, and the

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**Interpretation:** Section 30(2)(b) and Regulations 38(1) of the CIRP Regulations require that the

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**Application:** The Adjudicating Authority rejected the resolution plan due to its

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## Parties

- **Judges:** ASHISH…; SANJIV…
- **Appellants:** Kailash…
- **Respondents:** Unique Sugars…
- **Other parties:** Pawan Kumar…; Javadsha K…; +1 more
- **Advocates:** T.N. Chandr…

## Timeline

- **2018 — CP(IB) No.128…**: An application bearing CP(IB) No.128/2018 was filed against the Corporate Debtor for…
- **2019-02-28 — Admission of Company…**: The Company Petition was admitted by this Tribunal on 28.02.2019 directing initiation of…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 33 — Initiation of liquidation](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-33)

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