# Approval of Resolution Plan - Goodhealth Industries Private Limited

> NCLT judgment dated 2025-03-05. Citation: TCN-2025-NCLT-00396. The case involves an application for approval of a resolution plan for Goodhealth Industries…

- **Court:** NCLT
- **Order date:** 5 Mar 2025
- **Citation:** TCN-2025-NCLT-00396
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/approval-of-resolution-plan-goodhealth-industries-private-limited-14bc863e

## Summary

### Background

The case involves an application for approval of a resolution plan for Goodhealth Industries Private Limited, which underwent Corporate Insolvency Resolution Process (CIRP) following the initiation of a company petition by Daily Dairy Essentials. The resolution plan was submitted by Turquoise Metals and Electricals Pvt. Ltd., the Successful Resolution Applicant (SRA). The CIRP was initiated due to the company's financial difficulties, exacerbated by the COVID-19 pandemic, leading to defaults on payments to creditors and the sale of assets. The Resolution Professional (RP) managed the CIRP, including the collation of claims, constitution of the Committee of Creditors (CoC), and the invitation of Expressions of Interest (EoI) from potential resolution applicants. The CoC

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## Facts

Goodhealth Industries Private Limited underwent Corporate Insolvency Resolution Process (CIRP) following a petition filed by Daily Dairy Essentials, an operational creditor. The company faced financial difficulties, exacerbated by the COVID-19 pandemic, leading to defaults on payments to creditors and the sale of assets. Mr. Bihari Lal Chakravarti was appointed as the Resolution Professional (RP). The RP made public announcements, collated claims from creditors, and constituted the Committee of Creditors (CoC). The CoC invited Expressions of Interest (EoI) from potential resolution applicants, and Turquoise Metals and Electricals Pvt. Ltd. submitted a resolution plan, which was approved by the CoC with a 100% vote. The resolution plan proposed a total value of INR

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## Issues and analysis

### Issue 1: Whether the Resolution Plan complies with the provisions of the Insolvency and Bankruptcy Code 2016 …

**Ratio:** Section 30(2) of the IBC and Regulations 37, 38, and 39 of the CIRP Regulations outline

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**Reasoning:** The Adjudicating Authority (NCLT) reviewed the Resolution Plan to ensure it meets the

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**Interpretation:** Section 30(2) of the IBC and Regulations 37, 38, and 39 of the CIRP Regulations

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**Application:** The NCLT found that the Resolution Plan submitted by Turquoise Metals and

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## Parties

- **Judges:** Ramalingam…; RAVINDRA CHATURVED…
- **Appellants:** Bihari Lal…
- **Respondents:** M/s Goodhealth…

## Timeline

- **2023-01-01 — Company Petiti…**: Company Petition No.…
- **2024-02-04 — Admission…**: Application was admitted by this Adjudicating Authority vide order dated 02.04.2024…

## 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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