# Approval of Resolution Plan - Feno Plast Limited

> NCLT judgment dated 2025-01-22. Citation: TCN-2025-NCLT-00589. The case pertains to an application (I.A. No. 21/2024) filed by the Resolution Professional…

- **Court:** NCLT
- **Order date:** 22 Jan 2025
- **Citation:** TCN-2025-NCLT-00589
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/approval-of-resolution-plan-feno-plast-limited-6f3a691c

## Summary

### Background

The case pertains to an application (I.A. No. 21/2024) filed by the Resolution Professional (RP) under Section 30(6) and Section 31(1) of the Insolvency and Bankruptcy Code (IBC), 2016, read with Regulation 39(4) of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, seeking approval of the Resolution Plan for M/s. Fenoplast Limited, the Corporate Debtor (CD). The Corporate Insolvency Resolution Process (CIRP) was initiated against the CD following the admission of a petition filed by Canara Bank Limited, the Financial Creditor (FC), under Section 7 of the IBC. The RP was appointed, and a public announcement was made to invite claims from creditors. The RP constituted a Committee of Creditors (COC) and conducted meetings to evaluate

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## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against M/s. Fenoplast Limited after Canara Bank Limited, a Financial Creditor (FC), filed a petition under Section 7 of the Insolvency and Bankruptcy Code (IBC). Ms. G. Kalpana was appointed as the Resolution Professional (RP). A public announcement was made to invite claims from creditors. The RP constituted a Committee of Creditors (COC) comprising Canara Bank (71% voting share) and State Bank of India (29% voting share). The RP requested information from the suspended directors, but they did not cooperate, leading to applications for non-cooperation. The RP conducted 25 COC meetings. Expression of Interest (EOI) was invited twice, and five Prospective Resolution Applicants (PRAs) submitted Resolution

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by the Resolution Applicant meets the requirements of Section …

**Ratio:** The commercial wisdom of the Committee of Creditors (COC) is paramount, and the

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**Reasoning:** The NCLT considered the judgments of the Supreme Court in K. Sashidhar v. Indian Overseas

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**Interpretation:** Section 30(2) of the IBC outlines the requirements that a Resolution Plan must

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**Application:** The NCLT found that the Resolution Plan submitted by Mr. Krishna Kumar

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## Parties

- **Judges:** Rajeev Bh…; Sanjay…
- **Appellants:** Canara Bank…
- **Respondents:** M/s. Fenoplast…; M/s. Feno Plast…

## Timeline

- **2022-01-01 — Company Petiti…**: Company Petition CP(IB) No.…
- **2023-02-07 — CIRP Commen…**: Order dated 07.02.2023 ordering commencement…

## 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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