# Approval of Resolution Plan - Deegee Orchards Private Limited

> NCLT judgment dated 2024-05-16. Citation: TCN-2024-NCLT-01315. The case pertains to an application filed by Mr. Jagdish Kumar, the Resolution Professional…

- **Court:** NCLT
- **Order date:** 16 May 2024
- **Citation:** TCN-2024-NCLT-01315
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/approval-of-resolution-plan-deegee-orchards-private-limited-59847983

## Summary

### Background

The case pertains to an application filed by Mr. Jagdish Kumar, the Resolution Professional (RP) of Deegee Orchards Private Limited, seeking approval of a resolution plan submitted by M/s. Shriniwas Spintex Private Limited under Section 30(6) and Section 31 of the Insolvency and Bankruptcy Code, 2016. The Corporate Debtor's CIRP was initiated on 03.03.2023. The RP had received claims from 6 Banks as Financial Creditors, with admitted claims amounting to Rs. 476,36.87 Lakhs. The CoC was constituted, and multiple meetings were held to evaluate resolution plans. The RP received three resolution plans, deliberated on them, and ultimately approved the resolution plan of M/s. Shrinivas Spintex Industries Private Limited with an 88.44% vote share.

## Facts

The Corporate Debtor, Deegee Orchards Private Limited, underwent Corporate Insolvency Resolution Process (CIRP) initiated on 03.03.2023. Mr. Arundeep Singh Pathania was initially appointed as the Interim Resolution Professional (IRP), later replaced by Mr. Jagdish Kumar as the Resolution Professional (RP). Public announcements were made to invite claims from creditors. The RP received claims from six financial creditors, including UCO Bank and IDBI Bank. The Committee of Creditors (CoC) was formed, and multiple meetings were conducted. The RP appointed registered valuers to determine the fair value (Rs. 5.40 Cr) and liquidation value (Rs. 4.02 Cr) of the Corporate Debtor's assets. Three resolution plans were received from Shri Gopal Sharma, Shriniwas Spintex Industries

…

## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by M/s. Shrinivas Spintex Industries Private Limited complies …

**Ratio:** Section 30(2) of the IBC mandates that a resolution plan must provide for the payment of

…

**Reasoning:** The NCLT perused the Resolution Plan and observed that it provides for the payment of

…

**Interpretation:** Section 30(2) sets out the minimum requirements that a resolution plan must

…

**Application:** The NCLT found that the Resolution Plan submitted by M/s. Shrinivas Spintex

…

## Parties

- **Judges:** Anu Jagmoha…; KISHORE VEMULAPALL…
- **Appellants:** Jagdish…
- **Respondents:** Deegee Orchards…; UCO B…

## Timeline

- **2023-03-03 — Initiation…**: Corporate Debtor's CIRP was initiated…
- **2023-03-08 — Public Annou…**: IRP made a public announcement on…

## 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)

---

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-deegee-orchards-private-limited-59847983