# Approval of Resolution Plan - Pala Decor Private Limited

> NCLT judgment dated 2025-11-06. Citation: TCN-2025-NCLT-01592. The case involves an application for approval of a resolution plan for Pala Decor Private…

- **Court:** NCLT
- **Order date:** 6 Nov 2025
- **Citation:** TCN-2025-NCLT-01592
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/approval-of-resolution-plan-pala-decor-private-limited-b45489dc

## Summary

### Background

The case involves an application for approval of a resolution plan for Pala Decor Private Limited, the Corporate Debtor, submitted by the Successful Resolution Applicant (SRA), Ms. Geeta Jain. The Corporate Insolvency Resolution Process (CIRP) was initiated following a petition by Induskleed Exports Private Limited, the Operational Creditor.

## Facts

Induskleed Exports Private Limited filed a petition against Pala Decor Private Limited, leading to the initiation of CIRP.

Mr. Naveen Singal was initially appointed as the Interim Resolution Professional (IRP).

The Committee of Creditors (CoC) was constituted with Privy Capital Limited as the sole financial creditor.

Mr. Kailash Chand Gupta was appointed as the Resolution Professional (RP) but later sought to be relieved due to personal difficulties.

Ms. Nisha Malpani was appointed as the new Resolution Professional (RP).

The CoC approved the resolution plan submitted by Ms. Geeta Jain with a 100% voting share.

The resolution plan includes provisions for payment of CIRP costs, debts of operational creditors, and management of the Corporate Debtor.

…

## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by Ms. Geeta Jain complies with the requirements of Section …

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

…

**Reasoning:** The Adjudicating Authority examined the Resolution Plan to ensure that it complies with

…

**Interpretation:** The Resolution Plan must provide for the payment of insolvency resolution

…

**Application:** The Resolution Plan was found to comply with Section 30(2) as it provided for

…

## Parties

- **Judges:** KHETRABASI…; SHISHIR A…
- **Appellants:** Nisha Ma…; Induskleed…
- **Respondents:** Pala Decor…
- **Other parties:** Privy Capital…; Puneet…; +2 more
- **Advocates:** Anurag…; Varun I…

## Timeline

- **2023-03-15 — Initiation…**: Date of Initiation of…
- **2023-03-15 — Appointment…**: Date of Appointment of…

## 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)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-chandigarh/approval-of-resolution-plan-pala-decor-private-limited-b45489dc