# Approval of Resolution Plan - Bostin Engineers Private Limited

> NCLT judgment dated 2025-05-22. Citation: TCN-2025-NCLT-00056. The case pertains to an application filed under sections 30(6) and 31(1) of the Insolvency and…

- **Court:** NCLT
- **Order date:** 22 May 2025
- **Citation:** TCN-2025-NCLT-00056
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/approval-of-resolution-plan-bostin-engineers-private-limited-69d7f33c

## Summary

### Background

The case pertains to an application filed under sections 30(6) and 31(1) of the Insolvency and Bankruptcy Code, 2016, seeking approval of a resolution plan for Bostin Engineers Private Limited. The Corporate Insolvency Resolution Process (CIRP) was initiated following a petition filed by Indian Bank, the Financial Creditor, under section 7 of the IBC, which was admitted on 2024-04-01. Public announcements were made to invite claims from creditors. The Committee of Creditors (CoC) was formed with Indian Bank as the sole member. The resolution plan submitted by Algoquant Financials LLP was approved by the CoC with 100% voting share. The resolution plan was submitted on 2024-12-18.

## Facts

Indian Bank, the Financial Creditor, filed a petition under Section 7 of the IBC, 2016, against Bostin Engineers Private Limited, the Corporate Debtor, leading to the initiation of CIRP. The petition was admitted on 2024-04-01. Rachna Jhunjhunwala was appointed as the Resolution Professional (RP). Public announcements were made to invite claims from creditors. The RP received only one claim from the secured financial creditor, Indian Bank. The CoC was constituted with Indian Bank as the sole member. Balaji Niryat Private Limited initially showed interest but later withdrew from the resolution process. Algoquant Financials LLP submitted a resolution plan that was approved by the CoC with 100% voting share on 2024-12-18. Algoquant Financial LLP submitted an

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## Issues and analysis

### Issue 1: Whether the resolution plan submitted by Algoquant Financials LLP complies with the provisions of …

**Ratio:** The resolution plan must adhere to the requirements outlined in Section 30(2) of the IBC,

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**Reasoning:** The Adjudicating Authority reviewed the resolution plan to ensure it meets the statutory

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**Interpretation:** Section 30(2) of the IBC and regulations 38 and 39 of the IBBI Regulations set

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**Application:** The Adjudicating Authority found that the resolution plan submitted by

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## Parties

- **Judges:** Labh S…; Rekha Kantilal…
- **Respondents:** Bostin Engineers…
- **Advocates:** A.K. Upa…; Diptomoy Ta…; +5 more

## Timeline

- **1990-07-25 — Date of Incor…**: Bostin Engineers Private…
- **2023-04-01 — Admission o…**: Company Petition in CP (IB)…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 66 — Fraudulent trading or wrongful trading](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-66)

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