# Approval of Resolution Plan - Shree Radha Raman Packaging Pvt. Ltd.

> NCLT judgment dated 2018-02-15. Citation: TCN-2018-NCLT-01819. The case involves a resolution plan presented for approval before the National Company Law…

- **Court:** NCLT
- **Order date:** 15 Feb 2018
- **Citation:** TCN-2018-NCLT-01819
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/approval-of-resolution-plan-shree-radha-raman-packaging-pvt-ltd-fd259bb5

## Summary

### Background

The case involves a resolution plan presented for approval before the National Company Law Tribunal (NCLT), New Delhi Bench. The resolution plan addresses the outstanding dues to the Oriental Bank of Commerce, the sole financial creditor in this case. The plan proposes to repay the amount due to the bank by June 2018 through the sale of a property.

## Facts

The case involves M/s Steel India Corporation Vs. M/s Shree Radha Raman Packaging Pvt. Ltd. A resolution plan has been proposed to address the outstanding dues to Oriental Bank of Commerce, which is the only financial creditor. The resolution plan proposes to repay the amount due to the bank by June 2018 through the sale of property located at 22/17/2, Industrial Area, Nathu Pur, Sonepat, measuring 2420 sq. yards to M/s. S. K. Auto Components. The total agreed purchase price is Rs. 245 lakhs, which will cover the payment of Rs. 95 lakhs to the Bank. Mr. Mukul Sahay, AGM, Oriental Bank of Commerce, was present in court and had no objections to the terms and conditions of the resolution plan.

## Issues and analysis

### Issue 1: Whether the proposed resolution plan should be approved given the consent of the sole financial …

**Ratio:** A resolution plan can be approved if it is deemed feasible and has the consent of the

…

**Reasoning:** The court approved the resolution plan because the Oriental Bank of Commerce, the sole

…

**Interpretation:** The interpretation hinges on the principle that the consent of the financial

…

**Application:** In this case, the court applied the ratio by considering the consent of the

…

## Parties

- **Judges:** DeepaKr…; Ina Mal…
- **Appellants:** M/s. Steel India…
- **Respondents:** M/s. Shree Radha…

## Timeline

- **2018-02-15 — Hearing…**: Hearing before the New Delhi Bench of…
- **2018-06-01 — Repayment D…**: The amount due to Oriental Bank of…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 9 — Application for initiation of corporate insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-9)

---

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-shree-radha-raman-packaging-pvt-ltd-fd259bb5