# Approval of Resolution Plan - Gajanand Corporation Pvt. Ltd.

> NCLT judgment dated 2025-05-14. Citation: TCN-2025-NCLT-00965. An application was filed under Section 30(6) of the Insolvency & Bankruptcy Code, 2016 by the…

- **Court:** NCLT
- **Order date:** 14 May 2025
- **Citation:** TCN-2025-NCLT-00965
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-ahmedabad/approval-of-resolution-plan-gajanand-corporation-pvt-ltd-509eddaf

## Summary

### Background

An application was filed under Section 30(6) of the Insolvency & Bankruptcy Code, 2016 by the Resolution Professional of the corporate debtor, seeking approval of the Revised Resolution Plan dated 16.08.2022 along with its addendum dated 26.02.2024 submitted by the Resolution Applicants M/s. Timbor Furnitech Private Limited (Formerly known as Thakurji International Private Limited) as agreed upon by the requisite majority of the CoC by 67.88% votes.

## Facts

The Operational Creditor had filed an insolvency application under Section 9 of the Code for initiation of Corporate Insolvency Resolution Process ("CIRP") against the Corporate Debtor which was admitted vide Order dated 22.02.2022.

Mr. Dhaval Jitendrakumar Mistry was appointed as IRP.

The public announcement inviting the claims from creditors of the Corporate Debtor was made in Form-A on 28.02.2022 wherein the last date for submission of claims was 11.03.2023.

The IRP constituted the Committee of Creditors ("CoC") on 17.03.2022.

The CoC comprised of the Financial Creditors along with their respective voting shares.

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## Issues and analysis

### Issue 1: Whether the Resolution Plan is in compliance with Section 30(2) of the Code and Regulation 38 (1A) …

**Ratio:** The applicant stated that the Resolution Plan of Successful Resolution Applicant is in

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**Reasoning:** The applicant further submitted undertaking qua Section 29A among others. The applicant

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**Interpretation:** This implies that the Resolution Plan adheres to the statutory requirements for

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**Application:** The Adjudicating Authority relied on this compliance to approve the Resolution

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## Parties

- **Judges:** Chitra Ha…; Velamur G Venkata…
- **Appellants:** CA Dhaval…
- **Respondents:** Gajanand Corporati…
- **Other parties:** ICICI…; TVS Credit…; +5 more
- **Advocates:** Atul Sh…

## Timeline

- **2022-02-22 — CIRP Init…**: Order passed for initiation of Corporate Insolvency Resolution Process (CIRP) against the…
- **2022-02-28 — Public Annou…**: Public announcement made in Form-A…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 14 — Moratorium](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-14)

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