# Approval of Resolution Plan - Franco Leone Limited

> Read the full IBC case summary for Approval of Resolution Plan - Franco Leone Limited. NCLT judgment dated 2025-02-12. Citation: TCN-2025-NCLT-01106.

- **Court:** NCLT
- **Order date:** 12 Feb 2025
- **Citation:** TCN-2025-NCLT-01106
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/approval-of-resolution-plan-franco-leone-limited-9b720905

## Summary

### Background

The application was filed by the Resolution Professional for the approval of a Resolution Plan for the Corporate Debtor, M/s Franco Leone Limited, which was unanimously approved by the Committee of Creditors.

## Facts

The Corporate Insolvency Resolution Process (CIRP) for M/s Franco Leone Limited was initiated by an order dated May 9, 2022, which also served as the Insolvency Commencement Date. Mr. Vijender Sharma was initially appointed as the Interim Resolution Professional (IRP). However, in the first Committee of Creditors (CoC) meeting on June 1, 2022, Mr. Anil Kohli was unanimously appointed as the Resolution Professional (RP), a change subsequently approved by the Adjudicating Authority on July 27, 2022.

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by Mr. Harish Manocha is compliant with the provisions of the…

**Ratio:** The Resolution Plan, having been approved by the CoC with 100% voting and found compliant…

**Reasoning:** The Resolution Professional analyzed the plan and found it compliant. The CoC, with 100%…

**Interpretation:** The NCLT interpreted its role as limited to scrutinizing the resolution plan…

**Application:** The NCLT applied this interpretation by approving the plan after verifying its…

## Parties

- **Judges:** MANNI SANKARIAH…; Sanjeev R…
- **Advocates:** Abhishek…; Karan K…; +2 more

## Timeline

- **May 9, 2022 — CIRP Admissio…**: The Corporate Insolvency Resolution Process (CIRP) for M/s Franco Leone Limited was…
- **May 10, 2022 — Public Annou…**: The Resolution Professional published a public announcement in Form A, inviting claims…

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