# Approval of Resolution Plan - Palogix Infrastructure Pvt. Ltd.

> NCLT judgment dated 2018-02-12. Citation: TCN-2018-NCLT-01845. The case involves an application under Section 30(6) read with Section 31 of the Insolvency and…

- **Court:** NCLT
- **Order date:** 12 Feb 2018
- **Citation:** TCN-2018-NCLT-01845
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/approval-of-resolution-plan-palogix-infrastructure-pvt-ltd-b639e9b8

## Summary

### Background

The case involves an application under Section 30(6) read with Section 31 of the Insolvency and Bankruptcy Code, 2016, seeking approval of a resolution plan for Palogix Infrastructure Pvt. Ltd. ICICI Bank Ltd., a financial creditor, initiated the corporate insolvency resolution process (CIRP) under Section 7 of the IBC. The application by the financial creditor was admitted on 2017-05-16. Mamta Binani was appointed as the interim resolution professional and later re-appointed as the Resolution Professional (RP) after approval by the Committee of Creditors (CoC). The RP convened 11 CoC meetings and submitted two resolution plans. The resolution plan of Sanjay Kumar Mishra was approved by the CoC with 100% voting.

## Facts

ICICI Bank Ltd. initiated corporate insolvency resolution process (CIRP) against Palogix Infrastructure Pvt. Ltd. under Section 7 of the Insolvency and Bankruptcy Code, 2016. The application was admitted on 2017-05-16. Mamta Binani was appointed as the interim resolution professional and later re-appointed as the Resolution Professional (RP). The RP convened 11 meetings of the Committee of Creditors (CoC). Two resolution plans were submitted, and the plan of Sanjay Kumar Mishra was approved by the CoC with 100% voting. The period for submission of the resolution plan was extended by 180 days, expiring on 2018-02-09. An operational creditor, Palogix Infrastructure Pvt. Ltd., claimed that its claim was not fully accepted by the RP. The RP stated that the corporate

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## Issues and analysis

### Issue 1: Whether the resolution plan meets the requirements as referred to in sub-section (2) of Sec.30 of …

**Ratio:** Section 30(2) of the Insolvency and Bankruptcy Code outlines the requirements that a

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**Reasoning:** The court examined the resolution plan to determine if it satisfied the requirements of

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**Interpretation:** Section 30(2) sets out the criteria for a valid resolution plan, including

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**Application:** The court found that the resolution plan met the requirements of Section 30(2)

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## Parties

- **Judges:** Jinan…
- **Appellants:** Mamta B…
- **Respondents:** Palogix Infrastruc…

## Timeline

- **2017-05-16 — Admission of Ap…**: Application filed by the…
- **2018-02-12 — Order Del…**: Order delivered…

## Legal provisions

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

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