# Approval of Resolution Plan - Synergies Dooray Automotive Ltd.

> NCLT judgment dated 2017-08-02. Citation: TCN-2017-NCLT-00671. The case involves an application for approval of a resolution plan submitted by Synergies…

- **Court:** NCLT
- **Order date:** 2 Aug 2017
- **Citation:** TCN-2017-NCLT-00671
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/approval-of-resolution-plan-synergies-dooray-automotive-ltd-18b282b3

## Summary

### Background

The case involves an application for approval of a resolution plan submitted by Synergies Castings Ltd. (SCL) for the insolvency resolution of Synergies Dooray Automotive Ltd. (SDAL) under Sections 30(6) and 31 of the Insolvency and Bankruptcy Code, 2016 (IBC). The resolution plan was approved by the Committee of Creditors (CoC) in their meeting held on 24.06.2017. Edelweiss Asset Reconstruction Company Limited (EARCL), a financial creditor, filed an objection to the resolution plan.

## Facts

Synergies Dooray Automotive Limited ('SDAL') underwent Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Code, 2016 ('IBC'). Ms. Mamta Binani was appointed as the Resolution Professional. The Resolution Professional invited claims from creditors and constituted a Committee of Creditors (CoC). Synergies Castings Ltd. (SCL) submitted a resolution plan for SDAL, which was approved by the CoC with a majority vote of 90.16%. The resolution plan involved the amalgamation of SDAL with SCL, restructuring of debts, payment to creditors, and infusion of fresh funds. Edelweiss Asset Reconstruction Company Limited (EARCL) filed an objection to the resolution plan, alleging contravention of Section 13(4) of IBC and questioning the inclusion of

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## Issues and analysis

### Issue 1: Whether the resolution plan submitted by Synergies Castings Ltd. complies with the requirements of …

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

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**Reasoning:** The Tribunal examined the resolution plan and found that it complied with the

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**Interpretation:** Section 30(2) of the IBC sets out the mandatory requirements for a resolution

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**Application:** The Tribunal applied the provisions of Section 30(2) of the IBC to the

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## Parties

- **Judges:** Rajeswara Rao…; RavikumarDu…
- **Appellants:** Mamta B…
- **Respondents:** Synergies-Dooray…; Shekhar…

## Timeline

- **2017-01-23 — Tribunal…**: The Tribunal admitted the Petition filed by the Corporate Debtor seeking initiation of…
- **2017-02-22 — First Meeting of…**: The first meeting of Committee of Creditors was called on 22.02.2017, on which date, the…

## 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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