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

> NCLT judgment dated 2024-01-12. Citation: TCN-2024-NCLT-03092. The Resolution Professional of Balaji Paper and Newsprint Private Limited, the Corporate…

- **Court:** NCLT
- **Order date:** 12 Jan 2024
- **Citation:** TCN-2024-NCLT-03092
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/approval-of-resolution-plan-balaji-paper-newsprint-private-limited-6426460a

## 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. Initially, Mr. Bijay Murmuria was appointed as the Interim Resolution Professional (IRP), later replaced by Mrs. Rachna Jhunjhunwala. 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 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. Mr. Bijay Murmuria was initially appointed as the Interim Resolution Professional (IRP) but was later replaced by Mrs. Rachna Jhunjhunwala. The Committee of Creditors (CoC) was constituted, comprising Indian Bank and Indian Overseas Bank. The CoC approved a Resolution Plan submitted by Pinax Paper Mills Private Limited and Pinax Steel Industries Private Limited with 100% voting share. The Resolution Professional issued a Letter of Intent (LoI) to the Successful Resolution Applicant (SRA), who furnished a Performance Security of Rs. 5,40,00,000/-. The Corporate

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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 requirements for a Resolution

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

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**Interpretation:** The Resolution Plan must adhere to the statutory requirements outlined in the

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**Application:** The NCLT's finding that the Resolution Plan complies with the I&B Code and

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## Parties

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

## Timeline

- **2019-01-01 — Company Petition (IB)…**: Company Petition (IB) No.…
- **2022-05-06 — CIRP Init…**: Adjudicating Authority admitted 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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