# Approval of Resolution Plan - Tebma Shipyard Limited

> NCLT judgment dated 2020-03-04. Citation: TCN-2020-NCLT-01665. 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-01665
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/approval-of-resolution-plan-tebma-shipyard-limited-6030debc

## 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 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) and the appointment of N. Kumar as the Interim Resolution Professional (IRP).

## Facts

M/s. Tebma Shipyard Limited faced insolvency proceedings initiated by Jotun India Private Limited under Section 9 of the IBC, 2016. The Corporate Insolvency Resolution Process (CIRP) commenced, and Mr. N. Kumar was appointed as the Interim Resolution Professional (IRP). Balakrishnan Venkatachalam was later appointed as the Resolution Professional (RP). The Committee of Creditors (CoC) was formed, with the State Bank of India holding the largest voting share (56.31%). The CIRP period was extended multiple times. Cochin Shipyard Limited submitted a Resolution Plan, which was approved by the CoC with 95.49% voting share. The Resolution Plan included provisions for the treatment of 'Excluded Ships' and proposed a payment of Rs. 65 Crores to stakeholders. The Resolution

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by Cochin Shipyard Limited complies with the requirements of …

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

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**Reasoning:** The Adjudicating Authority analyzed the Resolution Plan and found that it complied with

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**Interpretation:** Section 30(2) and 30(4) of the IBC, 2016, prescribe the mandatory requirements

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**Application:** In this case, the Adjudicating Authority found that the Resolution Plan

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## Parties

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

## Timeline

- **2018-09-25 — Application A…**: Authority admitted application under Section 9 of IBC filed by Jotun India Private…
- **2018-10-31 — First CoC M…**: 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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