# Approval of Resolution Plan - Adico Forge Private Limited

> NCLT judgment dated 2024-05-02. Citation: TCN-2024-NCLT-01466. The case pertains to an application filed by the Resolution Professional (RP) of Adico Forge…

- **Court:** NCLT
- **Order date:** 2 May 2024
- **Citation:** TCN-2024-NCLT-01466
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/approval-of-resolution-plan-adico-forge-private-limited-aaa19a5a

## Summary

### Background

The case pertains to an application filed by the Resolution Professional (RP) of Adico Forge Private Limited under Section 30(6) and Section 31 of the Insolvency and Bankruptcy Code (IBC), 2016, read with Regulation 39(4) of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, seeking approval of the Resolution Plan. The Resolution Plan was approved by the Committee of Creditors (CoC) with a majority of 92.87% in its 9th meeting. The Corporate Insolvency Resolution Process (CIRP) was initiated following an application under Section 9 of the IBC, 2016, filed by Sunflag Iron & Steel Company Limited, an Operational Creditor. The application was admitted on 23.06.2022. The RP then invited claims from creditors, conducted CoC meetings, and

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## Facts

1. An application was filed by the Resolution Professional (RP) under Section 30(6) and Section 31 of the Insolvency and Bankruptcy Code (IBC), 2016, seeking approval of the Resolution Plan.
2. The Committee of Creditors (CoC) approved the Resolution Plan with a majority of 92.87% in its 9th meeting.
3. The Corporate Insolvency Resolution Process (CIRP) was initiated following an application under Section 9 of the IBC, 2016, filed by Sunflag Iron & Steel Company Limited, an Operational Creditor.
4. The application was admitted on 23.06.2022, and Mr. Valkati Balasubramanyam Reddy was appointed as Interim Resolution Professional (IRP).
5. Public announcement in Form A was published inviting claims from all the creditors on or before 29.07.2023.
6. The 1st CoC meeting was

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by Trinity India Forgetech Pvt. Ltd. meets the requirements …

**Ratio:** Section 30(2) of the IBC outlines the mandatory requirements that a resolution plan must

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**Reasoning:** The Adjudicating Authority examined the Resolution Plan to ensure it complied with the

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**Interpretation:** Section 30(2) is interpreted as setting a minimum threshold for the

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

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## Parties

- **Judges:** Charanjeet Singh…; Smt Lakshmi…
- **Appellants:** Ramchandra…
- **Respondents:** Adico Forge…; Sunflag Iron &…

## Timeline

- **2022-06-23 — Admission of Application…**: Application under section 9 of IB Code, 2016 was filed against the Corporate Debtor i.e.,…
- **2023-07-29 — Last Date for…**: Public Announcement in Form A was published inviting claims from all the creditors on or…

## 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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