# Approval of Resolution Plan - Circar Jute Mills Private Limited

> NCLT judgment dated 16 Jan 2025. Citation: TCN-2025-NCLT-00617. The present application was filed by Mr. Kurapati Singarayya Chowdary, the Resolution…

- **Court:** NCLT
- **Order date:** 16 Jan 2025
- **Citation:** TCN-2025-NCLT-00617
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/approval-of-resolution-plan-circar-jute-mills-private-limited-76c98095

## Summary

### Background

The present application was filed by Mr. Kurapati Singarayya Chowdary, the Resolution Professional (RP) for M/s. Circar Jute Mills Private Limited (Corporate Debtor), seeking approval of a Resolution Plan. This plan was submitted by M/s. Bindawala Banijya Limited (Successful Resolution Applicant or SRA) and had received 100% approval from the Committee of Creditors (CoC). The application was filed under Section 30(6) and Section 31(1) of the Insolvency and Bankruptcy Code, 2016, read with Regulation 39(4) of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Person) Regulations, 2016.

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## Facts

The Corporate Insolvency Resolution Process (CIRP) for M/s. Circar Jute Mills Private Limited commenced on April 4, 2022, following a petition filed by a Financial Creditor. Mr. Ajay Kumar Jain was initially appointed as the Interim Resolution Professional (IRP). A public announcement in Form-A was issued, and the Committee of Creditors (CoC) was constituted as per section 21 of the Code. The first CoC meeting was held on May 4, 2022.

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by M/s. Bindawala Banijya Limited complies with the…

**Ratio:** A Resolution Plan, to be approved, must satisfy all conditions stipulated in Section…

**Reasoning:** The court reasoned that the Resolution Professional had meticulously examined the plan…

**Interpretation:** The court interpreted Section 30(2) as a comprehensive checklist for the…

**Application:** The Resolution Plan submitted by M/s. Bindawala Banijya Limited was found to…

## Parties

- **Judges:** Rajeev Bh…; Sanjay…
- **Advocates:** Mummaneni Vazra…

## Timeline

- **April 4, 2022 — CIRP Commen…**: The Tribunal admitted the petition filed by the Financial Creditor, commencing the CIRP…
- **May 4, 2022 — First CoC M…**: The first meeting of the Committee of Creditors (CoC) was conducted, where the CoC…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 30(6) — Submission of resolution plan](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-30)

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