# Approval of Resolution Plan - BTT Industries Private Limited

> NCLT judgment dated 2025-04-28. Citation: TCN-2025-NCLT-00168. The case pertains to the Corporate Insolvency Resolution Process (CIRP) of BTT Industries…

- **Court:** NCLT
- **Order date:** 28 Apr 2025
- **Citation:** TCN-2025-NCLT-00168
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/approval-of-resolution-plan-btt-industries-private-limited-8070ad0c

## Summary

### Background

The case pertains to the Corporate Insolvency Resolution Process (CIRP) of BTT Industries Private Limited. The CIRP was initiated based on an application filed by Bharat Tubes & Tin Printers under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. The Resolution Professional (RP) filed an application seeking approval of the resolution plan submitted by Mr. Mukul Agarwall, the Successful Resolution Applicant (SRA). The Committee of Creditors (CoC) approved the resolution plan with 100% voting share. The RP sought approval from the NCLT for the resolution plan.

## Facts

Bharat Tubes & Tin Printers initiated CIRP against BTT Industries Private Limited under Section 7 of IBC. An order was passed on 15.10.2019. Gonugunta Murali was appointed as Interim Resolution Professional. The IRP issued a public announcement on 18.10.2019. The CoC was constituted on 18.11.2019 with operational creditors V.S. Rao & Co. and TSSPDCL Mahabubnagar. The IRP was confirmed as Resolution Professional on 03.01.2022. The RP did not issue a public announcement of Invitation for Expression of Interest (EOI) initially due to lack of assets. IA No. 75/2021 was filed seeking liquidation, but the Tribunal directed issuance of Form G. The CoC approved publication of EOI on 21.05.2024. The RP received seven EOIs, rejecting three and admitting four. The RP

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## Issues and analysis

### Issue 1: Whether the resolution plan submitted by Mr. Mukul Agarwall meets the requirements of Section 30(2) …

**Ratio:** Section 30(2) of the IBC specifies the requirements that a resolution plan must meet,

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**Reasoning:** The NCLT relied on the compliance report filed by the Resolution Professional, which

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**Interpretation:** Section 30(2) is interpreted to mean that the Adjudicating Authority must

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**Application:** In this case, the Resolution Professional affirmed that the resolution plan

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## Parties

- **Judges:** SH. RAMMURTI…; SH. CHARAN…
- **Appellants:** Bharat Tubes &…
- **Respondents:** BTT Industries…; BTT Industries…

## Timeline

- **2019-10-15 — Order for CIRP…**: Order passed for initiating Corporate Insolvency Resolution Process (CIRP) in CP(IB) No.…
- **2019-10-18 — Public Annou…**: IRP issued Public Announcement in FORM – A…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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