# Approval of Resolution Plan - Quantum Ltd.

> NCLT judgment dated 2018-08-10. Citation: TCN-2018-NCLT-00955. The case involves an application filed by the Resolution Professional under Section 30(6) of…

- **Court:** NCLT
- **Order date:** 10 Aug 2018
- **Citation:** TCN-2018-NCLT-00955
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/approval-of-resolution-plan-quantum-ltd-0ab53ee1

## Summary

### Background

The case involves an application filed by the Resolution Professional under Section 30(6) of the Insolvency and Bankruptcy Code, 2016, seeking approval of a Resolution Plan. The Company Petition under Section 7 of the IBC was admitted on May 29, 2017, and an Interim Resolution Professional was appointed. The Committee of Creditors (CoC) was constituted on December 4, 2017, comprising various financial institutions. Two valuers assessed the assets of the company, providing liquidation values. The Resolution Professional satisfied that the Resolution Plan complied with Section 30(2) of the I&B Code, 2016, and the CoC approved it with 97% voting on March 5, 2018.

## Facts

The Resolution Professional filed an application under Section 30(6) of the IBC, seeking approval of a Resolution Plan. The Company Petition under Section 7 of the IBC was admitted on May 29, 2017. The Interim Resolution Professional took over the management of the company, and their candidature was later confirmed. The Committee of Creditors was constituted on December 4, 2017, comprising JM Financial Asset Reconstruction Company Pvt. Ltd., Indus Capital Pvt. Ltd., Indus Finance Ltd., and others. Two valuers provided liquidation values for the debtor company's assets. The Resolution Professional averaged these values. The Resolution Plan was approved by the CoC with 97% voting on March 5, 2018. The Resolution Plan included provisions for the Resolution Professional's

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by the Resolution Applicant complies with the requirements of …

**Ratio:** Section 30(2) of the I&B Code, 2016, specifies the requirements for a Resolution Plan

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**Reasoning:** The court considered the valuation reports, the composition of the Committee of

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**Interpretation:** Section 30(2) of the I&B Code is interpreted to ensure that the Resolution

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**Application:** In this case, the Resolution Professional satisfied that the Resolution Plan

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## Parties

- **Judges:** B.S.V. Prakash…; Ravikumar…; +1 more
- **Respondents:** Quantum…; Rohit G…

## Timeline

- **2017-05-29 — Admission of Company…**: The Company Petition under Section 7 of the Insolvency & Bankruptcy Code, 2016 was…
- **2017-11-16 — Confirmation of…**: The applicant's candidature was…

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