# Approval of Resolution Plan - Thexa Pharma Pvt. Ltd.

> NCLT judgment dated 2019-12-11. Citation: TCN-2019-NCLT-00242. The case involves an application (IA No. 399/2019) filed under Section 30 of the Insolvency and…

- **Court:** NCLT
- **Order date:** 11 Dec 2019
- **Citation:** TCN-2019-NCLT-00242
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/approval-of-resolution-plan-thexa-pharma-pvt-ltd-14cf52fb

## Summary

### Background

The case involves an application (IA No. 399/2019) filed under Section 30 of the Insolvency and Bankruptcy Code (IBC), 2016, seeking approval of a resolution plan for Thexa Pharma Private Limited. The Corporate Debtor was admitted for CIRP on 28.08.2018. Mr. G. Madhusudhan Rao was appointed as Interim Resolution Professional (IRP) on 03.09.2018 and the same was confirmed as RP. The Resolution Professional (RP) issued an Invitation for Expression of Interest in Newspapers on 15.11.2018. The resolution plan was submitted by M/s. Cymex Life Sciences Private Limited and approved by the Committee of Creditors (CoC).

## Facts

M/s. Shree G.Engineering Corporation initiated Corporate Insolvency Resolution Process (CIRP) against M/s. Thexa Pharma Private Limited. The Corporate Debtor was admitted into CIRP on 28.08.2018. Mr. G. Madhusudhan Rao was appointed as the Interim Resolution Professional (IRP) on 03.09.2018, later confirmed as the Resolution Professional (RP). The RP issued an invitation for Expression of Interest on 15.11.2018. In the 4th CoC meeting held on 23rd January 2019, the RP circulated the Resolution Plan received to the COC members. In the 5th CoC meeting held on 25th January 2019, COC members discussed, reviewed and selected one Resolution Plan submitted by M/s. Cymex Life Sciences Private Limited. The Resolution Professional circulated a copy of section 29A of the

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by M/s. Cymex Life Sciences Private Limited meets the …

**Ratio:** Section 30(2) of the IBC, 2016, specifies the requirements that a resolution plan must

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**Reasoning:** The Adjudicating Authority observed that the Resolution Plan placed for consideration

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**Interpretation:** Section 30(2) is interpreted as setting out mandatory conditions for a

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**Application:** The Adjudicating Authority applied the requirements of Section 30(2) to the

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## Parties

- **Judges:** K. Anantha…; BINOD KUMAR…
- **Appellants:** Shree G.Engineerin…
- **Respondents:** Thexa Pharma Pvt…

## Timeline

- **2018-08-28 — CIRP Admi…**: The Corporate Debtor, Thexa Pharma Pvt Ltd, was admitted for Corporate Insolvency…
- **2018-09-03 — Appointment…**: Mr. G. Madhusudhan Rao was appointed as the…

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