# Approval of Resolution Plan - Tebma Shipyard Limited

> NCLT judgment dated 2020-03-04. Citation: TCN-2020-NCLT-01675. The case involves an application (MA/06/2020) filed by the Resolution Professional, V.…

- **Court:** NCLT
- **Order date:** 4 Mar 2020
- **Citation:** TCN-2020-NCLT-01675
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/approval-of-resolution-plan-tebma-shipyard-limited-0d46f668

## Summary

### Background

The case involves an application (MA/06/2020) filed by the Resolution Professional, V. Balakrishnan, of the Corporate Debtor, Tebma Shipyard Limited, under Section 30(6) of the Insolvency and Bankruptcy Code (IBC), 2016, seeking approval of the Resolution Plan submitted by the successful Resolution Applicant, Cochin Shipyard Limited. An earlier application under Section 9 of IBC, 2016, was filed by Jotun India Private Limited against Tebma Shipyard, which led to the initiation of the Corporate Insolvency Resolution Process (CIRP).

## Facts

M/s. Tebma Shipyard Limited is undergoing Corporate Insolvency Resolution Process (CIRP) following an application under Section 9 of the IBC, 2016, by M/s. Jotun India Private Limited. Balakrishnan Venkatachalam is the Resolution Professional (RP). The Committee of Creditors (CoC) was formed, and several meetings were held. The RP filed MA/06/2020 seeking approval of the Resolution Plan submitted by Cochin Shipyard Limited. The Expression of Interest (EoI) was issued on 25.02.2019, and the last date was fixed as 12.03.2019. The CIRP period was extended multiple times. The CoC approved the Resolution Plan with 95.49% voting share on 26.12.2019. The Resolution Applicant, Cochin Shipyard Limited, is a third party and Public Sector undertaking. The Resolution Plan includes

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by Cochin Shipyard Limited should be approved under Section …

**Ratio:** The Adjudicating Authority must ascertain that the Resolution Plan meets the requirements

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**Reasoning:** The court relied on the Supreme Court's judgment in K. Sashidhar -Vs- Indian Overseas

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**Interpretation:** Section 30(6) of the IBC mandates the Adjudicating Authority to approve a

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**Application:** The Adjudicating Authority analyzed the Resolution Plan and found that it

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## Parties

- **Judges:** R. VARADH…; Anil Ku…
- **Appellants:** Balakrishnan…
- **Respondents:** Tebma Shipyard…; Cochin Shipyard…

## Timeline

- **2018-09-25 — Application A…**: Authority admitted the application filed under Section 9 of IBC, 2016, by M/s. Jotun…
- **2018-10-31 — First CoC M…**: The first Committee of…

## 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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