# Approval of Resolution Plan - Classic Corrugations Private Limited

> NCLT judgment dated 2026-03-16. Citation: TCN-2026-NCLT-00338. The case involves an application (IA(PLAN)/2(AHM)2026) filed for the approval of a Resolution…

- **Court:** NCLT
- **Order date:** 16 Mar 2026
- **Citation:** TCN-2026-NCLT-00338
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-ahmedabad/approval-of-resolution-plan-classic-corrugations-private-limited-29c4f9b2

## Summary

### Background

The case involves an application (IA(PLAN)/2(AHM)2026) filed for the approval of a Resolution Plan submitted by Sonal Sumit Mehta jointly with Credex Trading for Classic Corrugations Private Limited, the Corporate Debtor. The Resolution Plan was approved by the Committee of Creditors (CoC).

## Facts

An application IA(PLAN)/2(AHM)2026 was filed on 01.01.2026 seeking approval of the Resolution Plan.

The Resolution Plan was submitted by Sonal Sumit Mehta jointly with Credex Trading for Classic Corrugations Private Limited.

The CoC approved the Resolution Plan on 06.12.2025.

The CIRP was initiated pursuant to an Admission Order dated 09.01.2025.

Ashish Anantray Shah was initially appointed as the Interim Resolution Professional (IRP).

Ravi Kapoor was appointed as the Resolution Professional (RP) after the CoC resolved to replace the IRP.

The CoC consists of State Bank of India with 100% voting share.

The Resolution Plan provides for payment of CIRP costs, treatment of operational creditors, and management of the Corporate Debtor.

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## Issues and analysis

### Issue 1: Whether the Resolution Plan meets the …

**Ratio:** Section 30(2) of the IBC specifies the mandatory requirements that a resolution plan must

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**Reasoning:** The Resolution Professional examined the Resolution Plan and certified that it provides

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**Interpretation:** The Tribunal interpreted Section 30(2) to ensure that the Resolution Plan

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**Application:** The Tribunal found that the Resolution Plan met the requirements of Section

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## Parties

- **Judges:** SHAMMI…; SANJEEV S…
- **Appellants:** Ravi Kapoor,…; M/s. Arham…; +1 more
- **Respondents:** Classic Corrugatio…
- **Other parties:** State Bank of…; Ravi Ka…; +10 more
- **Advocates:** Tirth N…

## Timeline

- **09.01.2025 — Initiation…**: Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor was initiated…
- **09.01.2025 — Public Annou…**: Interim Resolution Professional…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 30 — Submission of resolution plan](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-30)

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