# Approval of Resolution Plan - Ceasan Glass Private Limited

> NCLT judgment dated 2024-06-06. Citation: TCN-2024-NCLT-01219. The case involves a resolution plan for M/s Ceasan Glass Private Limited, a corporate debtor…

- **Court:** NCLT
- **Order date:** 6 Jun 2024
- **Citation:** TCN-2024-NCLT-01219
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/approval-of-resolution-plan-ceasan-glass-private-limited-bd47b6c5

## Summary

### Background

The case involves a resolution plan for M/s Ceasan Glass Private Limited, a corporate debtor undergoing Corporate Insolvency Resolution Process (CIRP). The CIRP was initiated on 24.12.2021. The resolution plan was submitted by M/s Omega Glass Private Limited. The suspended director, Mr. Ch. V.N. Raghurama Gupta, filed an application (IA(IBC)/133/2023) seeking to implead himself in the resolution plan application (IA(IBC)/399/2022), alleging bias by the Committee of Creditors (CoC) and improprieties in the selection of the resolution applicant. The CoC, primarily consisting of DBS Bank, is accused of favoring a pre-determined resolution applicant, M/s. Emerge Glass India Pvt. Ltd. The suspended director also challenged the inclusion of personal guarantee land as

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## Facts

M/s Ceasan Glass Private Limited is a corporate debtor undergoing CIRP, initiated on 24.12.2021. Mr. Gonugunta Murali is the Interim Resolution Professional (IRP). Mr. Ch. V.N. Raghurama Gupta, the suspended director, filed IA(IBC)/133/2023 seeking to implead himself in the resolution plan application IA(IBC)/399/2022. The CoC, primarily DBS Bank, is alleged to have acted in a biased manner, favoring M/s. Emerge Glass India Pvt. Ltd as the resolution applicant. The suspended director claims the CoC disregarded a higher offer from him and improperly included personal guarantee land as assigned debt in the resolution plan. The IRP issued Form G on 09.03.2022, inviting Expression of Interest (EoI). The CoC approved the resolution plan with 100% voting rights. The

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## Issues and analysis

### Issue 1: Whether the Applicant/Suspended Director is entitled to participate in the proceedings and be heard …

**Ratio:** The discretion of the Adjudicating Authority is circumscribed by Section 31 of the IB

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**Reasoning:** The Tribunal cannot ordinarily intervene with the Committee of Creditors' decision-making

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**Interpretation:** The Adjudicating Authority's role is limited to ensuring that the resolution

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**Application:** The applicant, being the suspended director, does not have the right to

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## Parties

- **Judges:** Rajeev Bh…; Sanjay…
- **Appellants:** Ch. V. N.…; Ch.V.N. Raghurama…
- **Respondents:** Ceasan Glass…; M/s. Ceasan Glass…

## Timeline

- **2021-12-24 — CIRP Init…**: Corporate Insolvency Resolution Process (CIRP) initiated against Ceasan Glass Private…
- **2021-12-24 — Appointment…**: Mr. Gonugunta Murali appointed as…

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