# Approval of Resolution Plan - BKM Industries Limited

> NCLT judgment dated 2023-09-19. Citation: TCN-2023-NCLT-01550. The case involves an application under Section 30(6) and Section 31(1) of the Insolvency &…

- **Court:** NCLT
- **Order date:** 19 Sept 2023
- **Citation:** TCN-2023-NCLT-01550
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/approval-of-resolution-plan-bkm-industries-limited-96526f25

## Summary

### Background

The case involves an application under Section 30(6) and Section 31(1) of the Insolvency & Bankruptcy Code, 2016, for approval of a resolution plan for BKM Industries Limited. The Corporate Insolvency Resolution Process (CIRP) was initiated by Trimurti Associates Private Limited, the Financial Creditor, against BKM Industries Limited, the Corporate Debtor. The application was filed by the Resolution Professional (RP), Pratim Bayal, after the resolution plan was approved by the Committee of Creditors (CoC).

## Facts

Trimurti Associates Private Limited, a Financial Creditor, initiated Corporate Insolvency Resolution Process (CIRP) against BKM Industries Limited (Corporate Debtor) under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. The CIRP was admitted on 30 December 2020. Kanchan Dutta was initially appointed as the Interim Resolution Professional (IRP), later replaced by Pratim Bayal as the Resolution Professional (RP). The IRP made public announcements to invite claims from financial and operational creditors. The Committee of Creditors (CoC) was formed, comprising eleven financial creditors. Sixteen CoC meetings were held during the CIRP. The RP received two resolution plans from Uniglobal Paper Private Limited and G.S. Global Projects Private Limited. Uniglobal

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by Uniglobal Papers Private Limited meets the requirements of …

**Ratio:** Section 30(2) of the IBC outlines the requirements that a resolution plan must adhere to,

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**Reasoning:** The Adjudicating Authority examined the Resolution Plan to ensure it complied with the

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**Interpretation:** Section 30(2) is interpreted as setting a baseline standard for the

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**Application:** The Resolution Plan was found to meet the requirements of Section 30(2) as it

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## Parties

- **Judges:** BIDISHA BA…; Balraj…
- **Respondents:** BKM INDUSTRIES…

## Timeline

- **2019-01-01 — CP (IB)…**: CP (IB) No. 2078/KB/2019…
- **2020-12-30 — CIRP Adm…**: Corporate Insolvency Resolution…

## 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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