Induskleed Exports Private Limited Vs Pala Decor Private Limited (NCLT Chandigarh)
The National Company Law Tribunal (NCLT), Chandigarh Bench, approved the Resolution Plan submitted by Ms. Geeta Jain, the Successful Resolution Applicant (SRA), for Pala Decor Private Limited under Section 30(6) and Section 31 of the Insolvency and Bankruptcy Code, 2016 (IBC). The approval followed the recommendation of the Resolution Professional (RP), Ms. Nisha Malpani, and the Committee of Creditors (CoC) comprising Privy Capital Limited, the sole financial creditor.
Background of the Case
The insolvency process began with a petition filed by Induskleed Exports Private Limited, an operational creditor, under Section 9 of the IBC, which was admitted on 15.03.2023. Mr. Naveen Singal was appointed as the Interim Resolution Professional (IRP). The CoC was duly constituted with Privy Capital Ltd. as the only financial creditor.
In the first CoC meeting (15.04.2023), Mr. Kailash Chand Gupta was appointed as Resolution Professional, but due to personal reasons, he was replaced by Ms. Nisha Malpani on 02.06.2023 after 100% CoC approval.
The third CoC meeting (01.07.2023) resolved to invite Expressions of Interest (EOIs) for resolution plans. Since Mr. Gupta’s replacement delayed proceedings, the NCLT granted an exclusion of 47 days from the CIRP period (28.04.2023–14.06.2023).
