# Approval of Resolution Plan - Aqua Electronics & Solutions Private Limited

> NCLT judgment dated 2025-03-17. Citation: TCN-2025-NCLT-00358. The case involves an application (IA-7/2025) filed in the Corporate Insolvency Resolution…

- **Court:** NCLT
- **Order date:** 17 Mar 2025
- **Citation:** TCN-2025-NCLT-00358
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/approval-of-resolution-plan-aqua-electronics-solutions-private-limited-659956d5

## Summary

### Background

The case involves an application (IA-7/2025) filed in the Corporate Insolvency Resolution Process (CIRP) of Aqua Electronics & Solutions Private Limited. Savitur Infrastructure Private Limited initiated the CIRP as a financial creditor. The resolution professional (RP) sought approval for a resolution plan submitted by Gateway Investment Management Services (DIFC) Limited, which was approved by the Committee of Creditors (CoC) with a 100% voting share. The application details the various steps taken during the CIRP, including public announcements, constitution of the CoC, invitation for expression of interest (EOI) from prospective resolution applicants (PRAs), evaluation of resolution plans, and approval of the resolution plan by the CoC.

## Facts

Savitur Infrastructure Private Limited initiated Corporate Insolvency Resolution Process (CIRP) against Aqua Electronics & Solutions Private Limited, the Corporate Debtor, under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. The CIRP was initiated after Aqua Electronics defaulted on its debt obligations to Savitur Infrastructure. Shamsher Bahadur Singh was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). The RP made public announcements inviting claims from creditors. The Committee of Creditors (CoC) was constituted, and several meetings were held to discuss the resolution process. The RP invited Expressions of Interest (EOIs) from prospective resolution applicants (PRAs). Gateway

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by Gateway Investment Management Services (DIFC) Limited …

**Ratio:** Section 30(2) of the IBC mandates that a resolution plan must comply with certain

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**Reasoning:** The Adjudicating Authority reviewed the Resolution Plan and the certificate issued by the

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**Interpretation:** The interpretation of Section 30(2) and Regulation 38 requires a detailed

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

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## Parties

- **Judges:** Sh. Ashok Kumar…; Reena Sinh…
- **Appellants:** Savitur Infrastruc…
- **Respondents:** Aqua Electronics…

## Timeline

- **2024-04-01 — Admission of Company…**: The Hon'ble Adjudicating Authority admitted the Company Petition (IB) 130/ND/2024 filed…
- **2024-04-01 — Moratorium Declared and…**: The Hon'ble Adjudicating Authority declared a moratorium and appointed Mr. Shamsher…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 14 — Moratorium](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-14)

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