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

> NCLT judgment dated 2024-01-12. Citation: TCN-2024-NCLT-03103. The Resolution Professional of Balaji Paper and Newsprint Private Limited, the Corporate…

- **Court:** NCLT
- **Order date:** 12 Jan 2024
- **Citation:** TCN-2024-NCLT-03103
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/approval-of-resolution-plan-balaji-paper-newsprint-private-limited-1cc17f78

## Summary

### Background

The Resolution Professional of Balaji Paper and Newsprint Private Limited, the Corporate Debtor, filed an application seeking approval and final sanction of the Resolution Plan. The Resolution Plan was submitted by Pinax Paper Mills Private Limited and Pinax Steel Industries Private Limited (SRA) and approved by the Committee of Creditors (CoC) with 100% voting share. The CIRP was initiated following an application by Jai Kishore Gupta under Section 9 of the I&B Code, and Mr. Bijay Murmuria was initially appointed as the Interim Resolution Professional (IRP), later replaced by Mrs. Rachna Jhunjhunwala.

## Facts

Jai Kishore Gupta filed an application under Section 9 of the I&B Code, 2016, leading to the initiation of the Corporate Insolvency Resolution Process (CIRP) for Balaji Paper and Newsprint Private Limited. The application was admitted on 2022-05-06, and Mr. Bijay Murmuria was appointed as the Interim Resolution Professional (IRP). Subsequently, Mrs. Rachna Jhunjhunwala replaced him as the Resolution Professional (RP) on 2023-08-09. The Committee of Creditors (CoC) was formed, consisting of Indian Bank (58.62% voting share) and Indian Overseas Bank (41.38% voting share). Several meetings of the CoC were held, and the Resolution Plan submitted by Pinax Paper Mills Private Limited and Pinax Steel Industries Private Limited (SRA) was approved with 100% voting share on

…

## Issues and analysis

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

**Ratio:** The Resolution Plan must comply with Sections 30 and 31 of the I&B Code, 2016, and

…

**Reasoning:** The NCLT perused the documents on record and found that the Resolution Plan submitted by

…

**Interpretation:** Sections 30 and 31 of the I&B Code outline the requirements for approval of

…

**Application:** The NCLT applied the provisions of Sections 30 and 31 of the I&B Code and

…

## Parties

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

## Timeline

- **2022-05-06 — CIRP Init…**: Application by Jai Kishore Gupta under Section 9 of the I&B Code admitted, initiating…
- **2022-05-06 — Appointment…**: Mr. Bijay Murmuria appointed as…

## 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)

---

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-balaji-paper-newsprint-private-limited-1cc17f78