# Approval of Resolution Plan - Worlds Window Infrastructure And  Logistics Pvt Ltd

> NCLT judgment dated 29 Apr 2024. Citation: TCN-2024-NCLT-01538. The present application, IA No. 3389 of 2023, was filed by Manish Agarwal, the Resolution…

- **Court:** NCLT
- **Order date:** 29 Apr 2024
- **Citation:** TCN-2024-NCLT-01538
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/approval-of-resolution-plan-worlds-window-infrastructure-and-logistics-pvt-ltd-7bf810af

## Summary

### Background

The present application, IA No. 3389 of 2023, was filed by Manish Agarwal, the Resolution Professional (RP) for M/s Worlds Window Infrastructure & Logistics Pvt. Ltd. (the Corporate Debtor), under Section 30(6) of the Insolvency and Bankruptcy Code, 2016 (IBC). The RP sought approval of the Resolution Plan submitted by RKG Fund I, which had been approved by the Committee of Creditors (CoC) with an 81% voting share. The application also requested an order under Section 31(1) of the IBC to approve the Resolution Plan, asserting that it met the requirements of Section 30(2) of the IBC.

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## Facts

The present application, IA No. 3389 of 2023, was filed by Manish Agarwal, the Resolution Professional (RP) of M/s Worlds Window Infrastructure & Logistics Pvt. Ltd., under Section 30(6) of IBC, 2016. The RP sought approval for the Resolution Plan submitted by RKG Fund I, which had been approved by the Committee of Creditors (CoC) with an 81% voting share. The application also requested an order under Section 31(1) of the Code for approval of the Resolution Plan, asserting that it met the requirements of sub-section (2) of section 30 of the IBC.

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by RKG Fund I meets the requirements of Section 30(2) of the…

**Ratio:** A Resolution Plan that has been approved by the Committee of Creditors with the requisite…

**Reasoning:** The court reasoned that the Resolution Plan had been approved by the Committee of…

**Interpretation:** The court interpreted Section 30(2) of the IBC to mean that a Resolution Plan…

**Application:** In this case, the Resolution Plan by RKG Fund I received an 81% voting share…

## Parties

- **Judges:** Sh. Ashok Kumar…; SUBRATA KUM…
- **Advocates:** For RP: Sh.…

## Timeline

- **March 7, 2022 — CIRP Init…**: The Adjudicating Authority admitted the petition under Section 7 of IBC, 2016, initiating…
- **May 12, 2022 — Demise o…**: Mr. Navjit Singh, the Interim Resolution…

## 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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