# Approval of Resolution Plan - Supraja Textiles Private Limited

> NCLT judgment dated 2020-04-29. Citation: TCN-2020-NCLT-01393. The case pertains to an application filed under Section 30(6) of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 29 Apr 2020
- **Citation:** TCN-2020-NCLT-01393
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/approval-of-resolution-plan-supraja-textiles-private-limited-0d4bd508

## Summary

### Background

The case pertains to an application filed under Section 30(6) of the Insolvency and Bankruptcy Code, 2016, regarding the Corporate Insolvency Resolution Process (CIRP) of M/s Supraja Textiles Private Limited. The Resolution Professional (RP) sought approval of the Resolution Plan. The CIRP was initiated following an order dated 23.08.2018, and the RP was appointed as the Interim Resolution Professional (IRP). The Committee of Creditors (CoC) later appointed him as the RP. The RP engaged registered valuers, prepared an Information Memorandum, and sought Expressions of Interest (EoI) from prospective Resolution Applicants (RAs). One shareholder challenged the CIRP before the NCLAT, but the appeal was dismissed. The CIRP period was extended, and the CoC considered plans

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## Facts

M/s Supraja Textiles Private Limited underwent Corporate Insolvency Resolution Process (CIRP). The CIRP was initiated on 23.08.2018. An Interim Resolution Professional (IRP) was appointed, who was later appointed as the Resolution Professional (RP). The RP engaged registered valuers to determine the fair and liquidation value of the corporate debtor (CD). An Information Memorandum was prepared. The RP sought Expressions of Interest (EoI) from prospective Resolution Applicants (RAs). Four prospective RAs furnished Eols. One of the shareholders filed an appeal before the NCLAT challenging the CIRP, which was dismissed on 13.03.2019. The CIRP period was extended by 90 days. Priyanka Cotton Mill submitted a resolution plan, which was revised and approved by the CoC with

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by the Resolution Professional meets the requirements of …

**Ratio:** Section 30(2) of the Insolvency and Bankruptcy Code, 2016, specifies the requirements

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**Reasoning:** The NCLT observed that the Resolution Plan provided for payment of CIRP costs, repayment

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**Interpretation:** Section 30(2) sets out mandatory requirements for a resolution plan to be

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**Application:** In this case, the NCLT found that the Resolution Plan met the requirements of

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## Parties

- **Judges:** Janab Mohammed…
- **Appellants:** J. Maniv…
- **Respondents:** M/s Supraja…

## Timeline

- **2018-08-23 — Initiation…**: Authority directed initiation of Corporate…
- **2018-09-25 — Appointment…**: Committee of Creditors (CoC) resolved…

## 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)

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