# Approval of Resolution Plan - CICIL Biochem Private Limited

> NCLT judgment dated 2023-10-19. Citation: TCN-2023-NCLT-01099. The case pertains to an application filed by Arun Kapoor, the Resolution Professional (RP) of…

- **Court:** NCLT
- **Order date:** 19 Oct 2023
- **Citation:** TCN-2023-NCLT-01099
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/approval-of-resolution-plan-cicil-biochem-private-limited-9e048367

## Summary

### Background

The case pertains to an application filed by Arun Kapoor, the Resolution Professional (RP) of CICIL Biochem Private Limited, the Corporate Debtor, seeking approval of the resolution plan under section 30(6) of the Insolvency and Bankruptcy Code, 2016 (IBC) read with Regulation 39(4) of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. The Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor following an application by Kalyan Janata Sahakari Bank Limited, the Financial Creditor, under Section 7 of the IBC. The resolution plan was approved by 98.34% of the Committee of Creditors (CoC) in its 9th CoC meeting held on 24.02.2021.

## Facts

Kalyan Janata Sahakari Bank Limited initiated Corporate Insolvency Resolution Process (CIRP) against CICIL Biochem Private Limited under Section 7 of the Insolvency and Bankruptcy Code (IBC). The CIRP was initiated on 01.10.2019, and Arun Kapoor was appointed as the Interim Resolution Professional (IRP). Subsequently, the Committee of Creditors (CoC) was constituted on 04.11.2019, and Arun Kapoor was confirmed as the Resolution Professional (RP). The RP published a public announcement on 08.10.2019, inviting claims, with 19.10.2019 as the last date for receipt of claims. The RP appointed registered valuers to determine the liquidation value and fair value of the Corporate Debtor's assets. The 2nd CoC meeting was held on 12.12.2019, where the RP presented the Expression

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by Mr. Rikin Rameshchandra Parekh meets the requirements of …

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

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**Reasoning:** The Adjudicating Authority observed that the Resolution Plan provides for the payment of

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**Interpretation:** Section 30(2) sets out mandatory requirements for a resolution plan to be

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**Application:** The Adjudicating Authority applied the requirements of Section 30(2) to the

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## Parties

- **Judges:** ANIL RAJ C…; Kuldip Kumar…
- **Appellants:** Arun Ka…
- **Respondents:** Cicil Biochem…; Kalyan Janata…

## Timeline

- **2019-10-01 — CIRP Init…**: Corporate Insolvency Resolution Process (CIRP)…
- **2019-10-08 — Public Annou…**: Public announcement for…

## 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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