# Approval of Resolution Plan -  ARC Lamicraft Private Limited

> NCLT judgment dated 2024-04-05. Citation: TCN-2024-NCLT-01813. The case involves multiple applications (IAs) related to the Corporate Insolvency Resolution…

- **Court:** NCLT
- **Order date:** 5 Apr 2024
- **Citation:** TCN-2024-NCLT-01813
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/approval-of-resolution-plan-arc-lamicraft-private-limited-68ff21f2

## Summary

### Background

The case involves multiple applications (IAs) related to the Corporate Insolvency Resolution Process (CIRP) of ARC Lamicraft Private Limited. The CIRP was initiated following a petition filed by MP Resources under Section 9 of the IBC, 2016. The IAs include approval of a resolution plan submitted by Sun Chemicals, rejection of the same plan sought by MP Resources, exclusion of certain periods from the CIRP, and other related matters. The CoC was formed, and several meetings were held to discuss and approve the resolution plan. The resolution plan was approved by the CoC with 100% voting share.

## Facts

ARC Lamicraft Private Limited was admitted into CIRP following a petition by MP Resources. An Interim Resolution Professional (IRP) was appointed, and a public announcement was made inviting claims from creditors. The Committee of Creditors (CoC) was constituted, with Union Bank of India holding 100% voting share. Several CoC meetings were held to discuss and approve a resolution plan. Sun Chemicals submitted a resolution plan, which was later revised. MP Resources filed an application seeking rejection of the resolution plan, alleging non-compliance with Section 29A of the IBC and related party transactions. The Resolution Professional (RP) filed a reply, stating that the Corporate Debtor was a registered MSME and that the partner of Sun Chemicals was not a related

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## Issues and analysis

### Issue 1: Whether the Resolution Plan complies with Section 29A of the IBC, 2016, regarding related party …

**Ratio:** Section 29A of the IBC disqualifies certain persons from submitting a resolution plan if

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**Reasoning:** The Tribunal considered the objections raised by the Operational Creditor regarding the

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**Interpretation:** The interpretation of Section 29A involves determining whether a person is a

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**Application:** The Tribunal applied the ratio to the facts of the case and concluded that the

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## Parties

- **Judges:** SHAMMI…; SAMEER…
- **Appellants:** Chirag R.…
- **Respondents:** ARC Lamicraft…; MP Reso…

## Timeline

- **2020-06-03 — CIRP Init…**: ARC Lamicraft Private Limited admitted to…
- **2020-06-05 — Public Annou…**: IRP made a public announcement…

## 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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