# Approval of Resolution Plan - Airen Copper Private Limited

> NCLT judgment dated 2024-02-29. Citation: TCN-2024-NCLT-02308. The case involves an application for approval of a resolution plan for Airen Copper Private…

- **Court:** NCLT
- **Order date:** 29 Feb 2024
- **Citation:** TCN-2024-NCLT-02308
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/approval-of-resolution-plan-airen-copper-private-limited-2ddd4cd4

## Summary

### Background

The case involves an application for approval of a resolution plan for Airen Copper Private Limited, a corporate debtor undergoing the Corporate Insolvency Resolution Process (CIRP). The CIRP was initiated following an application by the corporate debtor itself under Section 10 of the Insolvency and Bankruptcy Code (IBC). An Interim Resolution Professional (IRP) was appointed, and a Committee of Creditors (CoC) was constituted. The CoC deliberated on various resolution plans and ultimately approved the plan submitted by Aaditya Finchem Private Limited. The application for approval of this resolution plan is now before the Adjudicating Authority.

## Facts

Airen Copper Private Limited initiated Corporate Insolvency Resolution Process (CIRP) under Section 10 of the IBC. Mr. Vishnu Upadhyay was appointed as the Interim Resolution Professional (IRP). A public announcement was made inviting claims from creditors. The Committee of Creditors (CoC) was formed, consisting of Union Bank of India and Bank of Baroda. Several meetings of the CoC were held, addressing issues such as the replacement of the IRP. Mr. Satyendra Prasad Khorania was appointed as the new IRP. The CoC approved a resolution plan submitted by Aaditya Finchem Private Limited with 85.46% votes. The Employees Provident Fund Organization (EPFO) filed a claim for Rs. 3,326, which was initially rejected by the Resolution Professional due to a format issue. The

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## Issues and analysis

### Issue 1: Whether the resolution plan submitted by Aaditya Finchem Private Limited meets the requirements of …

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

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**Reasoning:** The Adjudicating Authority examined the resolution plan to ensure that it complied with

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

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**Application:** The Adjudicating Authority found that the resolution plan generally complied

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## Parties

- **Judges:** Deep Chandr…; RAJEEV ME…
- **Appellants:** Satyendra Prasad…
- **Respondents:** AIREN COPPER…; AADITYA FINCHEM…

## Timeline

- **2021-10-01 — CP Filed…**: CP No. (IB)- 33/10/JPR/2…
- **2022-02-18 — CIRP Init…**: CIRP initiated under…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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