# Approval of Resolution Plan - Apollo Polyvinyl Private Limited

> NCLT judgment dated 2024-06-24. Citation: TCN-2024-NCLT-01126. The case pertains to an application filed under Section 30(6) and 31 of the Insolvency and…

- **Court:** NCLT
- **Order date:** 24 Jun 2024
- **Citation:** TCN-2024-NCLT-01126
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/approval-of-resolution-plan-apollo-polyvinyl-private-limited-9f29369f

## Summary

### Background

The case pertains to an application filed under Section 30(6) and 31 of the Insolvency and Bankruptcy Code, 2016 (IBC) for approval of a resolution plan for Apollo Polyvinyl Private Limited. The Corporate Insolvency Resolution Process (CIRP) was initiated following an application under Section 7 of the IBC by a Financial Creditor. The Resolution Professional (RP) was appointed, and a Committee of Creditors (CoC) was constituted. The RP received claims from financial and operational creditors, and the CoC approved eligibility criteria for prospective resolution applicants. After several CoC meetings, the resolution plan submitted by Cleena Industries Private Limited was approved with 100% voting share.

## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against Apollo Polyvinyl Private Limited based on an application under Section 7 of the IBC, 2016, by a Financial Creditor. Ashok Seshadri was appointed as the Resolution Professional (RP). Claims were received from two Financial Creditors: State Bank of India and Canara Bank, leading to the formation of a Committee of Creditors (CoC) with voting shares of 57.95% and 42.05%, respectively. Operational Creditors submitted claims amounting to Rs. 1,19,75,262, of which Rs. 65,42,449 was admitted. Other creditors submitted claims of Rs. 25,57,60,853, with Rs. 11,45,38,351.50 admitted. The RP received Expressions of Interest (EoI) from 16 Prospective Resolution Applicants (PRAs), but only 6 provided detailed

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by Cleena Industries Private Limited complies with the …

**Ratio:** The resolution plan must comply with Section 30(2) of the IBC, which mandates provisions

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**Reasoning:** The Adjudicating Authority reviewed the Resolution Plan to ensure it meets the statutory

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**Interpretation:** Section 30(2) of the IBC sets out the mandatory requirements that a resolution

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**Application:** The Adjudicating Authority found that the Resolution Plan submitted by Cleena

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## Parties

- **Judges:** JYOTI KUMAR…; RAVICHANDRAN…
- **Appellants:** Ashok Ses…
- **Respondents:** Apollo Polyvinyl…; Cleena Industries…

## Timeline

- **2023-04-24 — CIRP Init…**: CIRP initiated against Apollo…
- **2023-04-27 — Paper Publi…**: Paper publication of…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 66 — Fraudulent trading or wrongful trading](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-66)

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