# Approval of Resolution Plan - Cengres Tiles Limited

> NCLT judgment dated 13 Sept 2023. Citation: TCN-2023-NCLT-01652. This application was filed by the Resolution Professional for the approval of a resolution…

- **Court:** NCLT
- **Order date:** 13 Sept 2023
- **Citation:** TCN-2023-NCLT-01652
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/approval-of-resolution-plan-cengres-tiles-limited-2ff3beb0

## Summary

### Background

This application was filed by the Resolution Professional for the approval of a resolution plan submitted by Thirdeye Tradelink Private Limited (in consortium) for the corporate debtor, M/s Cengres Tiles Limited, under Section 30(6) of the Insolvency & Bankruptcy Code, 2016.

## Facts

The corporate debtor, M/s Cengres Tiles Limited, was admitted into Corporate Insolvency Resolution Process (CIRP) on April 27, 2022. Mr. Navin Kanjwani was initially appointed as the Interim Resolution Professional (IRP). A public announcement of the CIRP was made on April 30, 2022, inviting claims from creditors. Subsequently, the Committee of Creditors (CoC) was constituted, comprising financial creditors such as State Bank of India (62.69%), Axis Bank Limited (31.72%), Edelweiss Asset Reconstruction Company Limited (5.45%), and Dhani Loans & Services Limited (0.14%), totaling 100% voting share.

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## Issues and analysis

### Issue 1: Whether the resolution plan provides for the payment of insolvency resolution process costs in…

**Ratio:** The resolution plan complies with Section 30(2)(a) of the IBC, 2016, by prioritizing the…

**Reasoning:** The resolution plan explicitly provides for the payment of CIRP costs amounting to Rs.…

**Interpretation:** Section 30(2)(a) mandates that a resolution plan must provide for the payment…

**Application:** The plan allocates Rs. 20,00,000/- for CIRP costs, to be paid within 30 days,…

## Parties

- **Judges:** SHAMMI…; KAUSHALENDRA…
- **Advocates:** For the Applicant:…; Navin Pahwa, a.w.…; +3 more

## Timeline

- **April 27, 2022 — CIRP Admi…**: The corporate debtor, M/s Cengres Tiles Limited, was admitted into Corporate Insolvency…
- **April 30, 2022 — Public Announcement of…**: The Interim Resolution Professional (IRP) made a public announcement of the CIRP,…

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