# Approval of Resolution Plan - Garodia Chemicals Limited

> NCLT judgment dated 2025-02-24. Citation: TCN-2025-NCLT-00446. The case involves an application moved by Resolution Professional Mr. Manish Jaju under Section…

- **Court:** NCLT
- **Order date:** 24 Feb 2025
- **Citation:** TCN-2025-NCLT-00446
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/approval-of-resolution-plan-garodia-chemicals-limited-7f9763f7

## Summary

### Background

The case involves an application moved by Resolution Professional Mr. Manish Jaju under Section 54K of the Insolvency and Bankruptcy Code, 2016, read with Regulation 49 of the Insolvency and Bankruptcy Board of India (Pre-Packaged Insolvency Resolution Process) Regulations, 2021, seeking approval of the Base Resolution Plan for Garodia Chemicals Limited. The Corporate Debtor's PPIRP initiation was initially rejected but later admitted on appeal. The Resolution Professional made a public announcement and the Committee of Creditors (CoC) consists of a sole unsecured Financial Creditor, M/s. WZ Enterprises Private Limited. The CoC approved the Base Resolution Plan submitted by the Corporate Debtor along with the Resolution Applicant, Mr. Ravindra Salunkhe, with 100%

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## Facts

Garodia Chemicals Limited (the 'Corporate Debtor') faced insolvency, leading to the initiation of a Pre-Packaged Insolvency Resolution Process (PPIRP). The Corporate Debtor was incorporated to carry on the business of commerce trading and distribution of chemicals but has not been in operation for the last few years. The Corporate Debtor's initial PPIRP petition was rejected but later admitted on appeal. Mr. Manish Jaju was appointed as the Resolution Professional. A public announcement was made, and the Committee of Creditors (CoC) consisted of a sole unsecured Financial Creditor, M/s. WZ Enterprises Private Limited. The CoC approved a Base Resolution Plan submitted by the Corporate Debtor along with the Resolution Applicant, Mr. Ravindra Salunkhe, with 100% voting

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## Issues and analysis

### Issue 1: Whether the instant Resolution Plan meets the requirements of Section 54K r/w Section 30(2) of the …

**Ratio:** Section 54K of the Insolvency and Bankruptcy Code, 2016 (IBC) read with Section 30(2)

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**Reasoning:** The Tribunal reviewed the Resolution Plan and found that it complied with the

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**Interpretation:** This section and regulations are interpreted to ensure that the resolution plan

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**Application:** The Tribunal applied the ratio to the facts of the case, finding that the

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## Parties

- **Judges:** SH. Justice…; SH. PRABHAT…
- **Appellants:** Manish…
- **Respondents:** Garodia Chemicals…

## Timeline

- **2023-11-08 — Initial Rejection of…**: The Tribunal initially rejected the Petition for initiation of PPIRP against the…
- **2024-04-16 — Admission of PPIRP…**: The PPIRP Petition was admitted, and Mr. Manish Motilal Jaju was appointed as the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 54K — Consideration and approval of resolution plan](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-54k)

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