# Approval of Resolution Plan - Fusion Conbuild Private Limited

> NCLT judgment dated 2024-06-12. Citation: TCN-2024-NCLT-01179. The case pertains to the Corporate Insolvency Resolution Process (CIRP) of M/s. Fusion Conbuild…

- **Court:** NCLT
- **Order date:** 12 Jun 2024
- **Citation:** TCN-2024-NCLT-01179
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/approval-of-resolution-plan-fusion-conbuild-private-limited-09eee6a9

## Summary

### Background

The case pertains to the Corporate Insolvency Resolution Process (CIRP) of M/s. Fusion Conbuild Private Limited. The CIRP was initiated following an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) by the financial creditor, M/s. Saivi Finance Private Limited. The application was admitted on 2023-05-16, leading to a moratorium and the appointment of Mr. Devendra Umrao as the Interim Resolution Professional. The Resolution Plan submitted by M/s. Miker Financial Consultants Private Limited was approved by the Committee of Creditors (CoC) with a 100% voting share on 2024-02-12.

## Facts

M/s. Saivi Finance Private Limited initiated CIRP against M/s. Fusion Conbuild Private Limited under Section 7 of IBC. The application was admitted on 2023-05-16, leading to a moratorium and the appointment of Mr. Devendra Umrao as the Interim Resolution Professional. Public announcement was made to invite claims from stakeholders. The Committee of Creditors (CoC) was constituted, and eight CoC meetings were held. The Resolution Professional (RP) published Form-G multiple times to invite prospective resolution applicants. M/s. Miker Financial Consultants Private Limited submitted a Resolution Plan, which was approved by the CoC with 100% voting share on 2024-02-12. The fair value of the Corporate Debtor was determined to be Rs. 22,60,638.77/-, and the liquidation value

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by M/s. Miker Financial Consultants Private Limited should be …

**Ratio:** The commercial wisdom of the CoC is given paramount status, and the Adjudicating

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**Reasoning:** The CoC approved the Resolution Plan with a 100% voting share, indicating their

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**Interpretation:** The Supreme Court has consistently held that the commercial wisdom of the CoC

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**Application:** In this case, the CoC approved the Resolution Plan submitted by M/s. Miker

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## Parties

- **Judges:** BACHU VENKAT…; ATUL CHAT…
- **Respondents:** Fusion Conbuild…

## Timeline

- **2023-05-16 — Admission of Ap…**: Application under Section 7 of IBC admitted, moratorium declared, and Interim Resolution…
- **2023-06-01 — Public Annou…**: Public announcement made in Financial Express and Jansatta to invite claims from…

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