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

> NCLT judgment dated 2024-02-22. Citation: TCN-2024-NCLT-02486. 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-02486
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/approval-of-resolution-plan-chiraayush-stock-consultants-pvt-ltd-f451656d

## 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) concerning Chiraayush Stock Consultants Pvt. Ltd. The Corporate Debtor itself initiated the Corporate Insolvency Resolution Process (CIRP) under Section 10 of the Code. The Adjudicating Authority admitted the application on 25.11.2020 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 the resolution plan. Mrs. Tejashree Kunal Nagrani submitted a resolution plan, which was placed before the CoC for consideration.

## Facts

Chiraayush Stock Consultants Pvt. Ltd. underwent Corporate Insolvency Resolution Process (CIRP) initiated by the Corporate Debtor itself under Section 10 of the IBC. Mr. Sanjay Badrilal Punglia was appointed as the Interim Resolution Professional (IRP) on 25.11.2020. Public announcements were made in newspapers to invite claims from creditors. Four Financial Creditors and one Operational Creditor submitted claims. The Committee of Creditors (CoC) was formed, consisting of M/s Satyamitra Stock Consultants Pvt. Ltd. with 100% voting rights. Several CoC meetings were held to discuss and evaluate 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

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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 specifies the mandatory contents of a resolution plan, including

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**Reasoning:** The Adjudicating Authority examined the Resolution Plan to ensure compliance with Section

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**Interpretation:** Section 30(2) is interpreted to require a resolution plan to address all

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**Application:** The Resolution Plan was found to comply with Section 30(2) as it provided for

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## Parties

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

## Timeline

- **2007-02-09 — Incorporation of…**: The Corporate Debtor, Chiraayush Stock…
- **2019-01-01 — CP No. (IB)-266/10/JPR/2…**: Main application filed as CP…

## 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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