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

> NCLT judgment dated 2024-10-30. Citation: TCN-2024-NCLT-00321. The case pertains to an application under Section 30(6) and Section 31 of the Insolvency &…

- **Court:** NCLT
- **Order date:** 30 Oct 2024
- **Citation:** TCN-2024-NCLT-00321
- **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-ccfef47e

## Summary

### Background

The case pertains to an application 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, for the approval of a Resolution Plan for GR Multiflex Packaging Private Limited. The Corporate Insolvency Resolution Process (CIRP) was initiated, and Mr. Madhur Agarwal was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). The Committee of Creditors (CoC) approved the Resolution Plan submitted by M/s. Sikkim Organics with 84% voting share, declaring them as the Successful Resolution Applicant (SRA).

## Facts

UCO Bank, a Financial Creditor, initiated Corporate Insolvency Resolution Process (CIRP) against GR Multiflex Packaging Private Limited, the Corporate Debtor. Mr. Madhur Agarwal was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). The CIRP commenced on 19th September 2022. The Committee of Creditors (CoC) was formed and met eight times. The RP made public announcements and invited claims from creditors. Two participants, Sikkim Organics and Oriclean Private Limited, expressed interest, but only Sikkim Organics submitted the Earnest Money Deposit (EMD). The Resolution Plan submitted by Sikkim Organics was approved by the CoC with 84% voting share. Sikkim Organics was declared the Successful Resolution

…

## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by Sikkim Organics complies with the mandatory provisions of …

**Ratio:** Sections 30(2) and 31 of the Insolvency and Bankruptcy Code, 2016, along with relevant

…

**Reasoning:** The NCLT examined the Resolution Plan to ensure that it meets all the mandatory

…

**Interpretation:** The IBC mandates that a Resolution Plan must adhere to specific criteria to

…

**Application:** The NCLT found that the Resolution Plan submitted by Sikkim Organics generally

…

## 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…

## 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)

---

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-g-r-multi-flex-packaging-pvt-ltd-ccfef47e