# In the  matter of Sri Vasavi Industries Limited IA No. 16-2021 in TCP (IB) No. 40-7-AMR-2019 in {CP (IB) No. 325-7-HDB-2018)

> NCLT judgment dated 2021-11-10. Citation: TCN-2021-NCLT-00543. The case involves an application seeking approval of a Resolution Plan for Sri Vasavi…

- **Court:** NCLT
- **Order date:** 10 Nov 2021
- **Citation:** TCN-2021-NCLT-00543
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/sri-vasavi-industries-limited-ia-no-16-2021-in-tcp-ib-no-40-7-amr-2019-in-cp-ib-6314eda1

## Summary

### Background

The case involves an application seeking approval of a Resolution Plan for Sri Vasavi Industries Limited under Section 30(6) and Section 31 of the Insolvency and Bankruptcy Code, 2016 (IBC). The Resolution Professional (RP) was appointed by the Tribunal on 2019-10-28. The RP visited the Corporate Debtor's manufacturing plant and office in November 2019. The Committee of Creditors (CoC) was formed, and an Expression of Interest (EoI) was invited. After revisions and modifications to the plan, the CoC approved the Resolution Plan in its 15th meeting with a majority of 74.47% of the voting share of the Financial Creditors.

## Facts

Sri Vasavi Industries Limited was undergoing Corporate Insolvency Resolution Process (CIRP). The Resolution Professional (RP), Mr. Girish Siriram Juneja, was appointed on 2019-10-28. The RP invited Expressions of Interest (EoI) but initially received no responses. An interested party, Mr. Sudhakar Bodugu, later expressed interest. The CoC approved an extension for submitting the Resolution Plan. The Resolution Applicant submitted a plan, which was revised multiple times based on CoC recommendations. The 15th CoC meeting approved the Resolution Plan with 74.47% majority. The Resolution Applicant is an industrialist from Chittoor District, AP, with a business venture named M/s.Ratna Packaging India Private Limited. The Resolution Plan involves a settlement of Rs.16.80

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by the Resolution Applicant meets the requirements of Section …

**Ratio:** The legal principle is that a Resolution Plan must meet the requirements of Section 30(2)

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**Reasoning:** The court reasoned that the Resolution Plan submitted by the Resolution Applicant was

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**Interpretation:** Section 30(2) of the IBC sets out the conditions that a resolution plan must

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**Application:** In this case, the court applied the ratio by examining the Resolution Plan and

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## Parties

- **Judges:** TELAPROLU…
- **Respondents:** Vasavi Industries…

## Timeline

- **2019-10-28 — Appointment…**: The Tribunal appointed the…
- **2019-11-01 — RP Visit…**: The RP visited Bishnupur (West Bengal) and Kolkata to inspect the Corporate Debtor's…

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