# Approval of Resolution Plan - Net 4 India Limited

> NCLAT judgment dated 18 Aug 2023. Citation: TCN-2023-NCLAT-00275. This application was filed by the Resolution Professional under Section 30(6) read with…

- **Court:** NCLAT
- **Order date:** 18 Aug 2023
- **Citation:** TCN-2023-NCLAT-00275
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/approval-of-resolution-plan-net-4-india-limited-0b073e29

## Summary

### Background

This application was filed by the Resolution Professional under Section 30(6) read with Section 31 and Section 60(5) of the Insolvency and Bankruptcy Code, 2016, seeking approval of the Resolution Plan for the Corporate Debtor, Net4 India Limited.

## Facts

M/s. Edelweiss Asset Reconstruction Company Limited, the Financial Creditor, initiated a Corporate Insolvency Resolution Process (CIRP) against M/s. Net 4 India Limited, the Corporate Debtor, by filing an application under Section 7 of the Insolvency and Bankruptcy Code, 2016. The Company Petition (IB) 409/(PB)/2017 was admitted on March 8, 2019, leading to the imposition of a moratorium under Section 14 of the Code. Mr. Vikram Bajaj was appointed as the Interim Resolution Professional (IRP).

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## Issues and analysis

### Issue 1: Whether the Resolution Plan complies with the requirements of Section 30(2) of the Insolvency and…

**Ratio:** A Resolution Plan approved by the Committee of Creditors with the requisite majority, and…

**Reasoning:** The Resolution Professional filed a compliance certificate in Form H, confirming that the…

**Interpretation:** The court interpreted Section 30(2) as setting out the mandatory requirements…

**Application:** The Resolution Plan explicitly provides for CIRP costs in priority, considers…

## Parties

- **Judges:** BACHU VENKAT…; RAHUL BHA…
- **Advocates:** For the Applicant:…; Maha…

## Timeline

- **March 8, 2019 — CIRP Admi…**: Company Petition (IB) 409/(PB)/2017 admitted, initiating CIRP against Net4 India Limited…
- **March 11, 2019 — Public Annou…**: Interim Resolution Professional made a public announcement in Form-A in 'Business…

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