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

> NCLT judgment dated 2024-01-12. Citation: TCN-2024-NCLT-03148. The Resolution Professional of Balaji Paper and Newsprint Private Limited, the Corporate…

- **Court:** NCLT
- **Order date:** 12 Jan 2024
- **Citation:** TCN-2024-NCLT-03148
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/approval-of-resolution-plan-balaji-paper-newsprint-private-limited-3b7579e8

## 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 approved by the Committee of Creditors (CoC). 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 initiated the Corporate Insolvency Resolution Process (CIRP) against Balaji Paper and Newsprint Private Limited by filing an application under Section 9 of the I&B Code, 2016. The Adjudicating Authority admitted the application on 06.05.2022. Initially, Mr. Bijay Murmuria was appointed as the Interim Resolution Professional (IRP), but later, Mrs. Rachna Jhunjhunwala was appointed as the new Resolution Professional (RP) on 09.08.2023. The Committee of Creditors (CoC) was constituted, comprising two Secured Financial Creditors: Indian Bank with 58.62% voting share and Indian Overseas Bank with 41.38% voting share. The RP published Form G, inviting Expression of Interest (EoI), and received eleven Eols initially. The last date for submitting the plan

…

## 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, mandates that the Resolution Plan must comply

…

**Reasoning:** The Adjudicating Authority reviewed the Resolution Plan and found that it complied with

…

**Interpretation:** Section 30(2) ensures that the Resolution Plan addresses the essential aspects

…

**Application:** The Resolution Plan was found to meet the criteria outlined in Section 30(2),

…

## Parties

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

## Timeline

- **2022-05-06 — CIRP Init…**: Adjudicating Authority admitted the application for CIRP against Balaji Paper and…
- **2022-06-02 — First CoC M…**: First meeting of the Committee…

## 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-3b7579e8