# Approval of Resolution Plan - Balaji Paper & Newsprint Private Limited

> NCLT judgment dated 2024-01-12. Citation: TCN-2024-NCLT-03133. The case involves an application under Section 30(6) and 31(1) of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 12 Jan 2024
- **Citation:** TCN-2024-NCLT-03133
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/approval-of-resolution-plan-balaji-paper-newsprint-private-limited-17835875

## Summary

### Background

The case involves an application under Section 30(6) and 31(1) of the Insolvency and Bankruptcy Code, 2016, read with Regulation 39(4) of the Insolvency and Bankruptcy (Insolvency Resolution Process for Corporate Persons), 2016, seeking approval and final sanction of the Resolution Plan for Balaji Paper and Newsprint Private Limited, the Corporate Debtor. The CIRP was initiated following an application by Jai Kishore Gupta under Section 9 of the I&B Code, 2016. The CoC approved a resolution plan submitted by Pinax Paper Mills Private Limited and Pinax Steel Industries Private Limited with a 100% voting share.

## Facts

Jai Kishore Gupta, an Operational Creditor, initiated Corporate Insolvency Resolution Process (CIRP) against Balaji Paper and Newsprint Private Limited, the Corporate Debtor, under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016. The Adjudicating Authority admitted the application on 06.05.2022. Mr. Bijay Murmuria was initially appointed as the Interim Resolution Professional (IRP), later replaced by Mrs. Rachna Jhunjhunwala on 09.08.2023. The Committee of Creditors (CoC) comprised two secured financial creditors: Indian Bank with 58.62% voting share and Indian Overseas Bank with 41.38% voting share. The CoC conducted 13 meetings, and in the 13th meeting held on 26.09.2023, approved the Resolution Plan submitted by Pinax Paper Mills Private Limited and

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by Pinax Paper Mills Private Limited and Pinax Steel …

**Ratio:** Section 30(2) of the I&B Code, 2016, specifies the mandatory requirements that a

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**Reasoning:** The Adjudicating Authority examined the Resolution Plan and found that it provides for

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**Interpretation:** Section 30(2) ensures that the resolution plan addresses the essential

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**Application:** The Resolution Plan was found to comply with Section 30(2) as it included

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## Parties

- **Judges:** BIDISHA BA…; D. AR…
- **Appellants:** Jai Kishore…
- **Respondents:** Balaji Paper and…

## Timeline

- **2022-05-06 — Admission of Ap…**: Adjudicating Authority admitted the application filed by Jai Kishore Gupta under Section…
- **2022-06-02 — First CoC M…**: First meeting of the…

## 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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