# Approval of Resoluiton Plan - KVR Industries Private Limited

> NCLT judgment dated 2024-09-06. Citation: TCN-2024-NCLT-00655. The application was filed under Section 30(6) read with Section 31(1) of the Insolvency &…

- **Court:** NCLT
- **Order date:** 6 Sept 2024
- **Citation:** TCN-2024-NCLT-00655
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/approval-of-resoluiton-plan-kvr-industries-private-limited-2d7f1860

## Summary

### Background

The application was filed under Section 30(6) read with Section 31(1) of the Insolvency & Bankruptcy Code, 2016, along with Regulation 39 of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. The Resolution Professional (RP) of M/s. KVR Industries Private Limited sought approval for the Resolution Plan submitted by Mr. Bhumai Reddy Gari Mohan Reddy, Mr. Rajendra Kumar Goel, and Mr. Naveen Srinivasa Yalamanchili (Consortium). The Committee of Creditors (CoC) approved the plan on 04.04.2023 with 100% voting shares through e-voting. The Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor was initiated on 18.02.2022, and Mr. Purushotam Behra was appointed as Interim Resolution

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## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against KVR Industries Private Limited on 18.02.2022. Mr. Purushotam Behra was initially appointed as the Interim Resolution Professional (IRP), later replaced by Mr. Maligi Madhusudhana Reddy. The IRP prepared a list of creditors based on claims received following a public announcement on 21.02.2022. The Committee of Creditors (CoC) was constituted, and later reconstituted on 23.08.2022, after considering a financial creditor representing 53.86% of the voting share as a related party. The Resolution Professional appointed valuers for the corporate debtor's assets, including plant and machinery, land and building, and securities of financial assets. The Resolution Professional published an Expression of

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## Issues and analysis

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

**Ratio:** Section 30(2) of the Code specifies the conditions that a resolution plan must meet,

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**Reasoning:** The Tribunal examined the Resolution Plan and found that it complied with the

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**Interpretation:** Section 30(2) ensures that the resolution plan adequately addresses the

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**Application:** The Tribunal applied Section 30(2) to the specific details of the Resolution

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## Parties

- **Judges:** Rajeev Bh…; Sanjay…
- **Appellants:** Maligi Madhusudhan…
- **Respondents:** M/s. KVR Industrie…

## Timeline

- **2022-02-18 — Initiation…**: Corporate Insolvency Resolution Process…
- **2022-02-21 — Public Annou…**: Public Announcement was made for…

## 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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