# Approval of Resolution Plan - Clarion Township Pvt. Ltd.

> NCLT judgment dated 2024-07-04. Citation: TCN-2024-NCLT-01068. The application was filed under Section 30(6) read with Section 31(1) of the Insolvency &…

- **Court:** NCLT
- **Order date:** 4 Jul 2024
- **Citation:** TCN-2024-NCLT-01068
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/approval-of-resolution-plan-clarion-township-pvt-ltd-1ab15189

## Summary

### Background

The application was filed under Section 30(6) read with Section 31(1) of the Insolvency & Bankruptcy Code, 2016, read with Regulation 39(4) of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, by Mr. Mukesh Gupta, the Resolution Professional (RP) of M/S Clarion Townships Pvt. Ltd & Linaks Micro Electronics Ltd. The RP sought approval of the Resolution Plan submitted by a consortium of Lala Jugal Kishore Jewellers, M/s Evanka Construction India Private Limited, M/s Smoothway Realtors LLP, and M/s LJK Construction India Private Limited, which was approved by the Committee of Creditors (CoC) in its 10th CoC Meeting held on 09.09.2023 with 100% voting shares. An application bearing Company Petition

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## Facts

Ms. Manjula Tripathi and other financial creditors filed an application (IB) No. 638(ND)/2020 under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of CIRP against M/S Clarion Townships Pvt. Ltd ('Corporate Debtor No.1'). Canara Bank filed an application C.P. (IB) No. 410(ND) of 2020 under Section 7 of the Code seeking initiation of CIRP against M/s Linaks Microelectronics Limited ('Corporate Debtor No. 2'). The Adjudicating Authority allowed both applications. The Adjudicating Authority consolidated the CIRP(s) of the Corporate Debtor No. 1 and Corporate Debtor No. 2 on 20.10.2022. Mr. Mukesh Gupta, the Resolution Professional (RP), filed an application seeking approval of the Resolution Plan submitted by a consortium of Lala Jugal Kishore

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by the consortium meets the requirements of Section 30(2) of …

**Ratio:** Section 30(2) of the Insolvency and Bankruptcy Code, 2016, specifies the requirements

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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 to ensure that the resolution plan is fair,

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

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## Parties

- **Judges:** MAHENDRA KHANDELWA…; RAHUL BHA…
- **Appellants:** MANJULA TR…
- **Respondents:** M/S Clarion…

## Timeline

- **2020-01-01 — Filing of Company…**: Ms. Manjula Tripathi & other financial creditors filed Company Petition (IB) No. 638(ND)…
- **2020-01-01 — Filing of C.P. (IB) No.…**: Canara Bank filed C.P. (IB) No. 410(ND) of 2020 under Section 7 of the Code seeking…

## 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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