# Approval of Resolution Plan - Bionext Pharma Private Limited

> NCLT judgment dated 2025-02-19. Citation: TCN-2025-NCLT-00465. The case pertains to an application filed by the Resolution Professional (RP), Mr. Mahesh Kumar…

- **Court:** NCLT
- **Order date:** 19 Feb 2025
- **Citation:** TCN-2025-NCLT-00465
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/approval-of-resolution-plan-bionext-pharma-private-limited-669c255c

## Summary

### Background

The case pertains to an application filed by the Resolution Professional (RP), Mr. Mahesh Kumar Gupta, seeking approval of the Resolution Plan submitted by M/s Shreeji Pipes for Bionext Pharma Private Limited, the Corporate Debtor (CD). The Corporate Debtor's CIRP was initiated following an application under Section 9 of the Insolvency and Bankruptcy Code (IBC) by M/s V. Navin. The RP conducted multiple meetings of the Committee of Creditors (CoC), which consisted of a sole secured financial creditor, DMK Jaoli Sahkari Bank Ltd. The resolution plan was approved by the CoC with 100% voting shares.

## Facts

1. An application was filed by the Resolution Professional, Mr. Mahesh Kumar Gupta, seeking approval of the Resolution Plan for Bionext Pharma Private Limited.
2. The Corporate Debtor, Bionext Pharma Private Limited, was admitted into CIRP following an application under Section 9 of the IBC by M/s V. Navin.
3. Mr. Mahesh Kumar Gupta was appointed as the Interim Resolution Professional (IRP) and later as the Resolution Professional (RP).
4. Public announcements were made, and claims from creditors were received.
5. The Committee of Creditors (CoC) was constituted, consisting of a sole secured financial creditor, DMK Jaoli Sahkari Bank Ltd., holding 100% voting shares.
6. The RP conducted 19 meetings of the CoC to discuss various aspects of the CIRP, including the appointment

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by M/s Shreeji Pipes complies with the requirements of …

**Ratio:** Section 30(2) of the IBC specifies the mandatory requirements that a Resolution Plan must

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**Reasoning:** The NCLT examined the Resolution Plan and the compliance certificate submitted by the RP

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**Interpretation:** Section 30(2) is interpreted to mean that a Resolution Plan must, at a minimum,

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**Application:** The NCLT found that the Resolution Plan submitted by M/s Shreeji Pipes complied

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## Parties

- **Judges:** V.G. B…; Prabhat…
- **Appellants:** Mahesh Kuma…
- **Respondents:** Bionext Pharma…; M/s. V.…

## Timeline

- **2018-01-01 — CP(IB) No.4308…**: Filing of CP(IB)…
- **2024-03-20 — Initiation…**: Date of Initiation of…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 60(5) — Adjudicating Authority for corporate persons](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-60)

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