# Approval of Resolution Plan - Anderson Printing House Private Limited

> NCLT judgment dated 2024-06-26. Citation: TCN-2024-NCLT-01115. The application was filed under section 30(6) and section 31 of the Insolvency & Bankruptcy…

- **Court:** NCLT
- **Order date:** 26 Jun 2024
- **Citation:** TCN-2024-NCLT-01115
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/approval-of-resolution-plan-anderson-printing-house-private-limited-7426ff51

## Summary

### Background

The application was filed under section 30(6) and section 31 of the Insolvency & Bankruptcy Code, 2016 read with regulation 39(4) of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 for approval of a Resolution Plan for Anderson Printing House Private Limited. The Corporate Insolvency Resolution Process (CIRP) was initiated, and Mr. Uttam Tekriwal was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). The Committee of Creditors (CoC) approved the Resolution Plan submitted by Darpan Conclave Pvt. Ltd. with 82.38% of the voting share.

## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against Anderson Printing House Private Limited. Mr. Uttam Tekriwal was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). The applicant made a public announcement in Form 'A' on 11.11.2022. The last date for submissions of proof of claim was 21.11.2022. The Committee of Creditors (CoC) was constituted with six members. The CoC held 11 meetings during the CIRP. Two registered valuers were appointed to estimate the realisable values of the Corporate Debtor's assets. The Resolution Plan submitted by Darpan Conclave Pvt. Ltd. was approved by the CoC with 82.38% of the voting share in their 9th meeting held on 03.10.2023. The resolution plan was for

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by Darpan Conclave Pvt. Ltd. complies with 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 reviewed the Resolution Plan to ensure it meets the criteria

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**Interpretation:** Section 30(2) sets the minimum standards for a resolution plan to be considered

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**Application:** The Resolution Plan was assessed to ensure it adequately addresses the payment

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## Parties

- **Judges:** BIDISHA BA…; D. Ar…
- **Appellants:** Print Sales…
- **Respondents:** Anderson Printing…

## Timeline

- **2022-11-11 — Public Annou…**: The Applicant duly made a public…
- **2022-11-21 — Last Date for…**: The last date for submissions of…

## 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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