# Approval of Resolution Plan - GCCL Infrastructure and Projects Limited

> NCLT judgment dated 2023-09-05. Citation: TCN-2023-NCLT-01770. The case pertains to an interlocutory application (IA No. 112/AHM/NCLT/2022) filed by the…

- **Court:** NCLT
- **Order date:** 5 Sept 2023
- **Citation:** TCN-2023-NCLT-01770
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/approval-of-resolution-plan-gccl-infrastructure-and-projects-limited-637cf2a7

## Summary

### Background

The case pertains to an interlocutory application (IA No. 112/AHM/NCLT/2022) filed by the Resolution Professional (RP) of GCCL Infrastructure and Projects Limited under Section 54K of the Insolvency and Bankruptcy Code (IBC), 2016, read with Regulations 44 and 45 of the IBBI (Pre-Package Insolvency Resolution Process) Regulations, 2021 (PPIRP Regulations). The application seeks approval of the resolution plan submitted by GCCL Infrastructure and Projects Limited, the successful resolution applicant (SRA). The Corporate Debtor (CD) was admitted into Pre-Package Insolvency Resolution Process (PPIRP) on 14.09.2021, and Mr. Parag Sheth was appointed as RP. The RP constituted the Committee of Creditors (CoC) on 21.09.2021 with Guardian Finance Private Limited as the sole

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## Facts

The Corporate Debtor, GCCL Infrastructure and Projects Limited, underwent a Pre-Packaged Insolvency Resolution Process (PPIRP). The PPIRP was initiated on 2021-09-14, with Parag Sheth appointed as the Resolution Professional (RP). The Committee of Creditors (CoC) consisted of a single financial creditor, Guardian Finance Private Limited, holding 100% voting rights. The RP presented a Base Resolution Plan which was later revised. The CoC approved the Resolution Plan with a 100% vote. The Resolution Plan proposed a total payment of Rs. 1,14,74,000/- to various creditors, including PPIRP costs, financial creditors, and operational creditors. The major cause of default was attributed to the COVID-19 pandemic. The Resolution Plan includes the amalgamation of Shreyarth

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by the Corporate Debtor complies with the requirements of …

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

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**Reasoning:** The Adjudicating Authority examined the Resolution Plan to ensure that it meets all the

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**Interpretation:** Section 30(2) is interpreted as a mandatory provision that sets the minimum

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**Application:** The Adjudicating Authority found that the Resolution Plan complied with the

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## Parties

- **Judges:** SHAMMI…; Velamur G Venkata…
- **Respondents:** GCCL Infrastructur…
- **Advocates:** Pavan S. Go…; Ishan P.…

## Timeline

- **2021-09-14 — Admission int…**: GCCL Infrastructure and Projects Limited was admitted into Pre-Package Insolvency…
- **2021-09-15 — Public Announcement of…**: The Resolution Professional made a public announcement of the PPIRP, inviting creditors…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 14 — Moratorium](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-14)

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