HINDUSTAN ADHESIVE AND CHEMICALS vs ALISHAN VENEER AND PLYWOOD PRIVATE LIMITED

Judicial Analysis Court Copy Headnote Facts Arguments Court observation

2025 Supreme(Online)(NCLT) 8287

NATIONAL COMPANY LAW TRIBUNAL
Shri. Labh Singh, Ms. Rekha Kantilal Shah, JJ
HINDUSTAN ADHESIVE AND CHEMICALS – Appellant
Versus
ALISHAN VENEER AND PLYWOOD PRIVATE LIMITED – Respondent

Advocates:
Mr. Rishav Banerjee, Adv. , Mr. Shaunak Mitra, Adv. , Ms. Shreya Choudhury, Adv. , Ms. Rachna Jhunjunwala, RP. , Ms. Manju Bhuteria, Sr. Adv. , Mr. Rahul Auddy, Adv. , Mr. Aditya Gooptu, Adv. , Ms. Arundhati Barman Roy, Adv.

Table of Content
1. details about corporate debtor and insolvency initiation. (Para 1 , 3 , 4 , 5 , 6)
2. valuation process and its implications in insolvency proceedings. (Para 10 , 11 , 12)
3. eligibility of resolution applicant and decision-making process. (Para 16 , 19 , 20 , 21 , 22)
4. approval and implications of the resolution plan. (Para 23 , 35 , 36)
5. final orders and directions from the adjudicating authority. (Para 69 , 70 , 71 , 72)

ORDER

Per: Rekha Kantilal Shah, Member (Technical)

1. This Application has been preferred by the Rachna Jhunjhunwala, Resolution Professional (‘RP’) of the Corporate Debtor, Alishan Veneer and Plywood Private Limited under section 30(6) and 31 of the Insolvency and Bankruptcy Code, 2016 (‘IBC’), seeking direction for final approval of Resolution Plan submitted by Mr. Harsh Agarwal.

Prologue

2. The CoC at its 22nd Meeting convened on 20.05.2025 has approved the Resolution Plan submitted by Mr. Harsh Agarwal, one of the Promoter Director (suspended board of director) of the Corporate Debtor, by 100% voting share and a Letter of Intent (‘LoI’) was issued on 24.06.2025, which was unconditionally accepted by Mr. Harsh Agarwal on 26.06.2025. The same i