# Approval of Resolution Plan - G R. Multi flex Packaging Pvt. Ltd.

> NCLT judgment dated 2024-10-30. Citation: TCN-2024-NCLT-00313. The application was filed under section 30(6) and section 31 of the Insolvency & Bankruptcy…

- **Court:** NCLT
- **Order date:** 30 Oct 2024
- **Citation:** TCN-2024-NCLT-00313
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/approval-of-resolution-plan-g-r-multi-flex-packaging-pvt-ltd-1c2ee15f

## Summary

### Background

The application was filed under section 30(6) and section 31 of the Insolvency & Bankruptcy Code, 2016, read with regulation 39(4) of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, seeking approval of a Resolution Plan for GR Multiflex Packaging Private Limited. The CIRP process commenced on 19th September 2022. The Committee of Creditors (CoC) approved the Resolution Plan submitted by M/s. Sikkim Organics with 84% voting share, declaring them the Successful Resolution Applicant (SRA). The Resolution Professional (RP) conducted due diligence and confirmed compliance with mandatory provisions of the Code. The RP also confirmed that no preferential, undervalued, extortionate, or fraudulent

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## Facts

The Corporate Debtor, GR Multiflex Packaging Private Limited, underwent Corporate Insolvency Resolution Process (CIRP) initiated under the Insolvency and Bankruptcy Code, 2016. UCO Bank is the Financial Creditor. Mr. Madhur Agarwal served as the Interim Resolution Professional (IRP) and later as the Resolution Professional (RP). M/s. Sikkim Organics submitted a Resolution Plan which was approved by the Committee of Creditors (CoC) with 84% voting share. The CoC met 8 times during the CIRP. The RP shared the Fair Value (Rs. 1,72,70,311/-) and Liquidation Value (Rs. 1,23,59,133/-) of the Corporate Debtor with the CoC. The RP issued a Letter of Intent to Sikkim Organics, who accepted it and deposited Rs. 15,00,000/- as Performance Security. The Resolution Plan provides

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by M/s. Sikkim Organics meets the requirements of Section …

**Ratio:** Section 30(2) of the IBC, 2016 outlines the mandatory requirements that a resolution plan

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**Reasoning:** The Adjudicating Authority examined the Resolution Plan to ensure it complies with all

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**Interpretation:** Section 30(2) is interpreted as setting a minimum threshold for the

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**Application:** The Adjudicating Authority found that the Resolution Plan submitted by Sikkim

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## Parties

- **Judges:** BIDISHA BA…; D. Ar…
- **Respondents:** G R Multiflex…; GR Multiflex…

## Timeline

- **2022-09-19 — CIRP Commen…**: The Corporate Insolvency…
- **2022-09-22 — Public Annou…**: Public announcement made in Financial Express…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 43 — Preferential transactions and relevant time](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-43)

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