# Approval of Resolution Plan - Best News Company Private Limited

> NCLT judgment dated 2024-09-04. Citation: TCN-2024-NCLT-00679. The case involves an application (I.A. 07 of 2024) filed by Mr. Hemant Sharma, the Resolution…

- **Court:** NCLT
- **Order date:** 4 Sept 2024
- **Citation:** TCN-2024-NCLT-00679
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/approval-of-resolution-plan-best-news-company-private-limited-480810c9

## Summary

### Background

The case involves an application (I.A. 07 of 2024) filed by Mr. Hemant Sharma, the Resolution Professional (RP) of M/s. Best News Company Private Limited (Corporate Debtor), seeking approval of the Resolution Plan submitted by AKB Ventures Private Limited, the Successful Resolution Applicant (SRA). The application is filed under Section 30(6) of the Insolvency & Bankruptcy Code, 2016, read with Regulation 39(4) of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. The Corporate Debtor was admitted into Corporate Insolvency Resolution Process (CIRP) following a petition filed by M/s Sharma Gandhi Hire Purchase Ltd. under Section 7 of the Code. The RP was appointed, and a public announcement was made inviting claims from creditors. The

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## Facts

The Corporate Debtor, Best News Company Private Limited, was incorporated on 23.12.2011 with an authorized capital of Rs. 55,00,00,000/- and a paid-up capital of Rs. 29,00,00,000/-. Its primary business involves motion picture, radio, television, and other entertainment activities. M/s Sharma Gandhi Hire Purchase Ltd. (Financial Creditor) initiated CIRP against the Corporate Debtor under Section 7 of the Insolvency and Bankruptcy Code, 2016. The CIRP was initiated on 17.05.2023. Hemant Sharma was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). Public announcement was made on 19.05.2023, inviting claims from creditors, with a deadline of 31.05.2023. The RP verified the claims and constituted a Committee of

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by AKB Ventures Private Limited should be approved under …

**Ratio:** Section 30(6) of the Insolvency and Bankruptcy Code, 2016, read with Regulation 39(4) of

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**Reasoning:** The Adjudicating Authority considered the submissions made by the Resolution

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**Interpretation:** Section 30(6) mandates that the Adjudicating Authority must be satisfied that

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**Application:** In this case, the Adjudicating Authority found that the resolution plan met the

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## Parties

- **Judges:** Ramalingam…; AVINASH K.…
- **Appellants:** M/S SHARMA GANDHI…
- **Respondents:** Best News Company…; M/S BEST NEWS…

## Timeline

- **2011-12-23 — Incorporation of…**: Best News Company Private…
- **2023-05-17 — Admission in…**: Corporate Debtor admitted into Corporate…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 43 — Preferential transactions and relevant time](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-43)

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