# Approval of Resolution Plan - Associated Composite Materials Private Limited

> NCLT judgment dated 2025-01-16. Citation: TCN-2025-NCLT-00620. The case pertains to the resolution plan of M/s. Associated Composite Materials Private…

- **Court:** NCLT
- **Order date:** 16 Jan 2025
- **Citation:** TCN-2025-NCLT-00620
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/approval-of-resolution-plan-associated-composite-materials-private-limited-72cbabf2

## Summary

### Background

The case pertains to the resolution plan of M/s. Associated Composite Materials Private Limited, the Corporate Debtor, under the Insolvency and Bankruptcy Code, 2016. An application under Section 7 of the IBC was filed by the Financial Creditor, M/s. Alchemist Assets Reconstruction Co. Limited, which was admitted on 2023-12-06. Mr. Shamsher Bahadur Singh was appointed as the Interim Resolution Professional and later confirmed as the Resolution Professional. The resolution plan submitted by Mr. Arjun Nath, the Successful Resolution Applicant, was approved by the Committee of Creditors (CoC) with a 100% vote in its 14th meeting held on 2024-10-28. The Adjudicating Authority considered the resolution plan for approval, examining its compliance with the provisions of the

…

## Facts

M/s. Associated Composite Materials Private Limited (the 'Corporate Debtor') underwent Corporate Insolvency Resolution Process (CIRP) following an application filed by M/s. Alchemist Assets Reconstruction Co. Limited (the 'Financial Creditor') under Section 7 of the Insolvency and Bankruptcy Code (IBC), which was admitted on 2023-12-06. Mr. Shamsher Bahadur Singh was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). The RP conducted the CIRP, including making public announcements, collating claims, and constituting the Committee of Creditors (CoC). The CoC comprised of Alchemist Asset Reconstruction Co. ltd. with 100% voting share. The RP invited Expression of Interest (EOI) for prospective resolution

…

## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by the Successful Resolution Applicant complies with the …

**Ratio:** The resolution plan must comply with Sections 25(2)(h), 29A, 30(2), 30(4), and 31(1) of

…

**Reasoning:** The Adjudicating Authority perused the documents on record and was satisfied that the

…

**Interpretation:** This legal issue concerns the fundamental requirement that a resolution plan

…

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

…

## Parties

- **Judges:** BACHU VENKAT…; ATUL CHAT…
- **Respondents:** M/s. Associated…

## Timeline

- **2023-12-06 — Admission of Application…**: The application filed by the Financial Creditor, M/s. Alchemist Assets Reconstruction Co.…
- **2023-12-06 — Moratorium Declared and…**: A moratorium was declared, and Mr. Shamsher Bahadur Singh was appointed as the Interim…

## Legal provisions

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

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/approval-of-resolution-plan-associated-composite-materials-private-limited-72cbabf2