# Approval of Resolution Plan - Cura Technologies Ltd.

> NCLT judgment dated 2023-09-14. Citation: TCN-2023-NCLT-01619. The case involves Corporate Insolvency Resolution Process (CIRP) initiated against M/s.Cura…

- **Court:** NCLT
- **Order date:** 14 Sept 2023
- **Citation:** TCN-2023-NCLT-01619
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/approval-of-resolution-plan-cura-technologies-ltd-448ac539

## Summary

### Background

The case involves Corporate Insolvency Resolution Process (CIRP) initiated against M/s.Cura Technologies Limited (Corporate Debtor) by M/s. Alphasoft Technologies Inc., (Operational Creditor) under Section 9 of the IBC, 2016. The petition was admitted on March 16, 2022, and an Interim Resolution Professional (IRP) was appointed. The IRP constituted a Committee of Creditors (CoC) and invited claims from stakeholders, receiving total claims of Rs.3,54,63,275/-. The CoC approved a resolution plan submitted by Mr.S.S.R.R.Mohan Babu. Subsequently, claims from BSE Ltd and Union Bank of India were received after the expiry of the limitation period and initially rejected. These creditors then filed IAs which were allowed, leading to a revised list of claims and distribution

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## Facts

M/s. Alphasoft Technologies Inc., filed CP(IB) No.224/9/HBD/2021 against M/s.Cura Technologies Limited under Section 9 of the IBC, 2016, initiating CIRP. The petition was admitted on March 16, 2022, and an IRP was appointed. The IRP constituted a CoC on May 2, 2022, and in the first CoC meeting on May 10, 2022, Mr.Maligi Madhusudhana Reddy was appointed as Resolution Professional. The IRP received claims totaling Rs.3,54,63,275/-. The CoC approved a resolution plan submitted by Mr.S.S.R.R.Mohan Babu. BSE Ltd and Union Bank of India filed claims after the expiry of the limitation period, which were initially rejected. They filed IA Nos.1044/2022 and IA No.114/2023, which were allowed. The applicant then moved IA No.1472 of 2023 to submit a revised list of claims. The

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## Issues and analysis

### Issue 1: Whether the resolution plan submitted by …

**Ratio:** The resolution plan must meet the requirements of section 30(2) of the IBC, including

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**Reasoning:** The court scrutinized the record and concluded that the resolution plan meets all the

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**Interpretation:** Section 30(2) of the IBC sets out the criteria that a resolution plan must

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**Application:** The court applied the ratio to the facts by examining the resolution plan and

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## Parties

- **Judges:** Rajeev Bh…; Sanjay…
- **Appellants:** Alphasoft…
- **Respondents:** Cura Technologies…; Cura Technologies…

## Timeline

- **2021-01-01 — CP(IB) F…**: CP(IB) No.224/9/HBD/2021 was filed by…
- **2022-03-16 — CIRP Comm…**: CIRP was started against…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 9 — Application for initiation of corporate insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-9)

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