# Approval of Resolution Plan - Chiraayush Stock Consultants Pvt. Ltd.

> NCLT judgment dated 2024-02-22. Citation: TCN-2024-NCLT-02450. The case pertains to an application (IA No. 222/JPR/2021) filed for the approval of a…

- **Court:** NCLT
- **Order date:** 22 Feb 2024
- **Citation:** TCN-2024-NCLT-02450
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/approval-of-resolution-plan-chiraayush-stock-consultants-pvt-ltd-575e8fca

## Summary

### Background

The case pertains to an application (IA No. 222/JPR/2021) filed for the approval of a Resolution Plan under Section 31 of the Insolvency and Bankruptcy Code (IBC) for Chiraayush Stock Consultants Pvt. Ltd., the Corporate Debtor. The Corporate Debtor itself initiated the Corporate Insolvency Resolution Process (CIRP) under Section 10 of the IBC. The Adjudicating Authority admitted the application on 2020-11-25 and appointed Mr. Sanjay Badrilal Punglia as the Interim Resolution Professional (IRP). Public announcements were made to invite claims from creditors. The Committee of Creditors (CoC) was formed, and meetings were held to discuss and approve the Resolution Plan.

## Facts

Chiraayush Stock Consultants Pvt. Ltd. (Corporate Debtor) underwent Corporate Insolvency Resolution Process (CIRP) initiated under Section 10 of the Insolvency and Bankruptcy Code (IBC). Mr. Sanjay Badrilal Punglia was appointed as the Interim Resolution Professional (IRP). Public announcements were made to invite claims from creditors. The IRP received claims from four Financial Creditors and one Operational Creditor. The Committee of Creditors (CoC) was formed, consisting of Satyamitra Stock Consultants Pvt. Ltd. with 100% voting rights. Several CoC meetings were held to discuss the Resolution Plan. Mrs. Tejashree Kunal Nagrani submitted a Resolution Plan, which was approved by the CoC with 100% voting share. The Resolution Professional certified the eligibility of

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by Mrs. Tejashree Kunal Nagrani meets the requirements of …

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

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**Reasoning:** The Adjudicating Authority examined the Resolution Plan and found that it complied with

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**Interpretation:** Section 30(2) is interpreted as setting out the minimum standards for a

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**Application:** In this case, the Resolution Plan was found to have met all the requirements of

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## Parties

- **Judges:** Deep Chandr…; RAJEEV ME…
- **Appellants:** Sanjay Badrilal…
- **Respondents:** Chiraayush Stock…

## Timeline

- **2019-01-01 — CP No. (IB)- 266/10/JPR/…**: Main application filed…
- **2020-11-25 — Application A…**: Adjudicating Authority admitted the Application vide Order dated 25.11.2020 wherein the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 14 — Moratorium](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-14)

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