# Approval of Resolution Plan - Feno Plast Limited

> NCLT judgment dated 2025-01-22. Citation: TCN-2025-NCLT-00596. 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-00596
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/approval-of-resolution-plan-feno-plast-limited-7c4cc722

## 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 the Corporate Debtor (CD), M/s. Fenoplast Limited. 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 took steps such as public announcement of the CIRP, constitution of the Committee of Creditors (COC), and invitation of Expression of Interest (EOI) from Prospective

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## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against M/s. Fenoplast Limited following the admission of a petition filed by Canara Bank Limited under Section 7 of the Insolvency and Bankruptcy Code (IBC). Ms. G. Kalpana was appointed as the Resolution Professional (RP). The RP took steps to constitute the Committee of Creditors (COC), invite Expression of Interest (EOI) from Prospective Resolution Applicants (PRAs), and evaluate the Resolution Plans received. The COC comprised Canara Bank (71% voting share) and State Bank of India (29% voting share). The RP conducted 25 meetings of the COC during the CIRP. Initially, the RP invited EOI-1 and received 3 PRAs, but the plans were non-compliant. Subsequently, EOI-2 was invited, and 16 EOIs were received,

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## Issues and analysis

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

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

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**Reasoning:** The NCLT considered the fact that the COC approved the Resolution Plan with a 100% voting

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

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**Application:** In this case, the NCLT found that the Resolution Plan provides for payment of

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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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