# Approval of Resolution Plan - Decent Laminate Private Limited

> NCLT judgment dated 2023-10-30. Citation: TCN-2023-NCLT-00989. The case involves an application (IA/156/AHM/2022) filed under Section 30(6) and 31 of the…

- **Court:** NCLT
- **Order date:** 30 Oct 2023
- **Citation:** TCN-2023-NCLT-00989
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/approval-of-resolution-plan-decent-laminate-private-limited-14fd5fe2

## Summary

### Background

The case involves an application (IA/156/AHM/2022) filed under Section 30(6) and 31 of the Insolvency and Bankruptcy Code (IBC), 2016, seeking approval of a resolution plan for Decent Laminate Private Limited. The Corporate Insolvency Resolution Process (CIRP) was initiated based on an application filed under Section 9 of the IBC by Royal Synthetics (CP(IB) No.387/AHM/2020), with an order dated 2021-05-03. The Resolution Professional (RP) sought approval for the resolution plan submitted by Rare Asset Reconstruction Limited, including addendums and clarifications. The CoC approved the resolution plan with a majority of 87.71%. The RP also sought declarations that the plan is binding on all stakeholders, discharge from their duties, and appointment of an Implementation

…

## Facts

Decent Laminate Private Limited underwent Corporate Insolvency Resolution Process (CIRP) initiated by Royal Synthetics under Section 9 of IBC, with the order dated 2021-05-03. Jaykumar Pesumal Arlani was appointed as the Resolution Professional (RP). Public announcement was made on 2021-05-07. The Committee of Creditors (CoC) was constituted, and the RP was appointed. Registered valuers were appointed to evaluate the assets. The CoC was reconstituted based on revised claims. The financial creditors claimed Rs. 25,46,35,671, with Rs. 24,68,71,703 admitted. Operational creditors claimed Rs. 9,31,26,690, with Rs. 7,72,63,412 admitted. Form-G was published on 2021-08-07, and five Resolution Applicants submitted plans. The CoC approved the Evolution Matrix and requested a

…

## Issues and analysis

### Issue 1: Whether prior approval of RBI is required for an ARC to participate as a Resolution Co-Applicant …

**Ratio:** Section 238 of the Code prevails over any inconsistent provisions of the SARFAESI Act,

…

**Reasoning:** The tribunal relied on the submissions of the Learned Counsel regarding whether prior

…

**Interpretation:** This interpretation clarifies the interplay between the IBC and SARFAESI Act,

…

**Application:** The tribunal applied this principle to the present case, noting that the CoC

…

## Parties

- **Judges:** SHAMMI…; SAMEER…
- **Appellants:** Jaykumar Pesumal…
- **Respondents:** Decent Laminates…; Navnitkumar…

## Timeline

- **2020-01-01 — CP(IB) 387/A…**: CIRP initiated by Royal…
- **2021-05-03 — CIRP Ord…**: Order passed to…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 61(3) — Appeals and Appellate Authority](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-61)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/approval-of-resolution-plan-decent-laminate-private-limited-14fd5fe2