# Approval of Resolution Plan - Cengres Tiles Limited

> NCLT judgment dated 2023-09-13. Citation: TCN-2023-NCLT-01640. This case involves an application filed on 2023-03-20 under Section 30(6) of the Insolvency &…

- **Court:** NCLT
- **Order date:** 13 Sept 2023
- **Citation:** TCN-2023-NCLT-01640
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/approval-of-resolution-plan-cengres-tiles-limited-98e2ce5a

## Summary

### Background

This case involves an application filed on 2023-03-20 under Section 30(6) of the Insolvency & Bankruptcy Code, 2016 by Pradeep Kumar Kabra, the Resolution Professional (RP) of the corporate debtor, M/s Cengres Tiles Limited, seeking approval of the resolution plan submitted by Thirdeye Tradelink Private Limited (in consortium with Turba International LLP, Baluram Lahoti, Radheshyam Nuwal). The corporate debtor was admitted into Corporate Insolvency Resolution Process (CIRP) on 2022-04-27, with Mr. Navin Kanjwani initially appointed as the Interim Resolution Professional (IRP). A public announcement of the CIRP was made on 2022-04-30, inviting creditors to submit their claims. The Committee of Creditors (CoC) was constituted, and later, Pradeep Kumar Kabra was

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## Facts

On 2023-03-20, Pradeep Kumar Kabra, the Resolution Professional (RP) of M/s Cengres Tiles Limited, filed an application under Section 30(6) of the Insolvency & Bankruptcy Code, 2016, seeking approval of a resolution plan submitted by Thirdeye Tradelink Private Limited (in consortium with Turba International LLP, Baluram Lahoti, Radheshyam Nuwal). M/s Cengres Tiles Limited was admitted into Corporate Insolvency Resolution Process (CIRP) on 2022-04-27. Initially, Mr. Navin Kanjwani was appointed as the Interim Resolution Professional (IRP), but later Pradeep Kumar Kabra replaced him as the RP. A public announcement of the CIRP was made on 2022-04-30, inviting creditors to submit their claims. The Committee of Creditors (CoC) was constituted, comprising State Bank of

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## Issues and analysis

### Issue 1: Whether the resolution plan submitted by Thirdeye Tradelink Private Limited complies with the …

**Ratio:** Section 30(2) of the IBC and CIRP Regulation 38 outline the mandatory requirements for a

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**Reasoning:** The Adjudicating Authority examined the resolution plan to ensure it met all the

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**Interpretation:** Section 30(2) and CIRP Regulation 38 are interpreted as setting out the minimum

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**Application:** The Adjudicating Authority found that the resolution plan complied with the

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## Parties

- **Judges:** SHAMMI…; KAUSHALENDRA…
- **Appellants:** Pradeep Kumar…
- **Respondents:** Cengres Tiles…; COC of Cengres…

## Timeline

- **2023-03-20 — Application…**: Application filed under Section 30(6) of IBC, 2016 by RP Pradeep Kumar Kabra for approval…
- **2022-04-27 — CIRP Commen…**: Corporate debtor admitted into Corporate…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 30(6) — Submission of resolution plan](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-30)

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