# Approval of Resolution Plan - Global Infratech & Finance Ltd.

> NCLT judgment dated 2024-10-25. Citation: TCN-2024-NCLT-00349. The case pertains to an application filed by Deepak Saruparia, the Resolution Professional (RP)…

- **Court:** NCLT
- **Order date:** 25 Oct 2024
- **Citation:** TCN-2024-NCLT-00349
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/approval-of-resolution-plan-global-infratech-finance-ltd-0a449daf

## Summary

### Background

The case pertains to an application filed by Deepak Saruparia, the Resolution Professional (RP) of the Corporate Debtor, Global Infratech & Finance Limited, under Section 30(6) of the Insolvency and Bankruptcy Code, 2016 (IBC) for the approval of a Resolution Plan submitted by Resolution Applicants Mr. Chander Bhushan Bajaj, Mr. Suman Bajaj, and Mr. Mohit Bajaj. The Resolution Plan was approved by the Committee of Creditors (CoC) with 100% votes during its 9th meeting held on 2023-09-02. The CIRP was initiated under Section 7 of the IBC, with the initiation date being 2022-11-25. The RP was appointed on the same date. The CoC was constituted with Nirnidhi Consultant Private Limited as the sole member, holding 100% voting rights. The Resolution Plan involves

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## Facts

Global Infratech & Finance Limited underwent Corporate Insolvency Resolution Process (CIRP) initiated under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. Deepak Saruparia was appointed as the Resolution Professional (RP). The Committee of Creditors (CoC) consisted of a single member, Nirnidhi Consultant Private Limited, holding 100% voting rights. A resolution plan was submitted by Mr. Chander Bhushan Bajaj, Mr. Suman Bajaj, and Mr. Mohit Bajaj, which was approved by the CoC with a 100% vote. The RP filed an application with the National Company Law Tribunal (NCLT), Mumbai Bench V, seeking approval of the resolution plan. The NCLT considered the plan, examined its compliance with the IBC, and reviewed the observations and findings. The resolution

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by the Resolution Applicants meets the requirements of …

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

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**Reasoning:** The NCLT examined the Resolution Plan to ensure it complies with the requirements of

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**Interpretation:** Section 30(2) is interpreted to mean that a resolution plan must provide for

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**Application:** In this case, the NCLT found that the Resolution Plan submitted by the

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## Parties

- **Judges:** Reeta K…; Madhu S…
- **Appellants:** Deepak Sar…
- **Respondents:** Global Infratech…; Global Infratech…

## Timeline

- **2022-11-25 — Initiation…**: Date of Initiation of CIRP…
- **2022-11-25 — Appointment…**: Date of Appointment 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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