# Approval of Resolution Plan - Gajanand Corporation Private Limited

> NCLT judgment dated 2025-05-14. Citation: TCN-2025-NCLT-00071. The case pertains to an application filed under Section 30(6) of the Insolvency & Bankruptcy…

- **Court:** NCLT
- **Order date:** 14 May 2025
- **Citation:** TCN-2025-NCLT-00071
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/approval-of-resolution-plan-gajanand-corporation-private-limited-94e47b16

## Summary

### Background

The case pertains to an application filed under Section 30(6) of the Insolvency & Bankruptcy Code, 2016 (IBC) by the Resolution Professional (RP) of the corporate debtor, Gajanand Corporation Private Limited, seeking approval of the revised resolution plan. The CIRP was initiated following an application by an operational creditor, Eco Green Products Private Limited, under Section 9 of the IBC. The application was admitted on 22.02.2022, and Mr. Dhaval Jitendrakumar Mistry was appointed as the IRP. The CoC was constituted on 17.03.2022, and several meetings were held to discuss and approve the resolution plan. The resolution plan submitted by M/s. Timbor Furnitech Private Limited was approved by the CoC with 67.88% votes.

## Facts

Eco Green Products Private Limited initiated CIRP against Gajanand Corporation Private Limited under Section 9 of IBC. The CIRP was initiated on 22.02.2022, and Dhaval Jitendrakumar Mistry was appointed as the IRP. The CoC was formed on 17.03.2022, comprising financial creditors with varying voting shares, including ICICI Bank (67.88%). The RP received three expressions of interest (EoI) and subsequently two resolution plans from Shlok Enterprise and Thakurji International Private Limited. The CoC approved the resolution plan submitted by Timbor Furnitech Private Limited (formerly Thakurji International Private Limited) with 67.88% votes. The resolution plan included provisions for payments to financial creditors, operational creditors, statutory dues, and employees.

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by M/s. Timbor Furnitech Private Limited complies with the …

**Ratio:** Section 30(2) of the IBC and Regulation 38 (1A) of the CIRP Regulations prescribe the

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**Reasoning:** The Adjudicating Authority observed that the Resolution Plan generally complies with the

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**Interpretation:** Section 30(2) and Regulation 38(1A) are interpreted to ensure that resolution

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**Application:** The Resolution Plan was assessed against the criteria of Section 30(2) and

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## Parties

- **Judges:** Chitra Ha…; Velamur G Venkata…
- **Appellants:** CA Dhaval…
- **Respondents:** Gajanand Corporati…

## Timeline

- **2022-02-22 — CIRP Init…**: The CIRP against Gajanand Corporation Private Limited was initiated, and Mr. Dhaval…
- **2022-03-17 — CoC Form…**: The Committee of…

## 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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