# Approval of Resolution Plan - Greatwall Corporate Services Private Limited

> NCLT judgment dated 2024-09-02. Citation: TCN-2024-NCLT-00697. The case pertains to an application filed under Section 30(6) and Section 31 of the Insolvency…

- **Court:** NCLT
- **Order date:** 2 Sept 2024
- **Citation:** TCN-2024-NCLT-00697
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/approval-of-resolution-plan-greatwall-corporate-services-private-limited-d5e54a2c

## Summary

### Background

The case pertains to an application filed under Section 30(6) and Section 31 of the Insolvency and Bankruptcy Code, 2016, seeking approval of a resolution plan for Greatwall Corporate Services Private Limited. The Corporate Insolvency Resolution Process (CIRP) was initiated on 15.03.2022. Mr. Atul Rajwadkar was initially appointed as the Interim Resolution Professional (IRP), later replaced by Mr. Prashant Jain. The resolution plan was submitted by Mr. Karan Misal in consortium with Mr. Ashish Kadam and Mr. Rushabh Ranawat, and it was approved by 75.27% of the Committee of Creditors (COC). The resolution plan underwent revisions, with the final version approved by the COC on 6th April, 2024.

## Facts

Greatwall Corporate Services Private Limited underwent Corporate Insolvency Resolution Process (CIRP) initiated on 15.03.2022. Mr. Atul Rajwadkar was initially the Interim Resolution Professional (IRP), later replaced by Mr. Prashant Jain. A resolution plan was submitted by Mr. Karan Misal, Mr. Ashish Kadam, and Mr. Rushabh Ranawat, approved by 75.27% of the Committee of Creditors (COC). The plan was revised and finally approved by the COC on 6th April, 2024. The resolution plan includes payments to secured and unsecured financial creditors, operational creditors, and CIRP costs. The plan also addresses the management and control of the Corporate Debtor, structuring of shareholding, and monitoring committee. The Corporate Debtor is an MSME enterprise. The Resolution

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## Issues and analysis

### Issue 1: Whether the Resolution Plan meets the requirements of Section 30(2) of the Insolvency and …

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

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**Reasoning:** The NCLT reviewed the Resolution Plan and found that it adequately addresses the

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**Interpretation:** Section 30(2) is interpreted as setting the minimum standards for a resolution

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**Application:** The NCLT applied the provisions of Section 30(2) to the specific details of the

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## Parties

- **Judges:** Madhu S…; Reeta K…
- **Appellants:** Prashant…
- **Respondents:** Greatwall…; Nagpur Nagarik…

## Timeline

- **2022-03-15 — CIRP Init…**: Corporate Insolvency Resolution Process…
- **2022-03-17 — Public Annou…**: The Applicant published a Public Announcement in Form A inviting submission of proof 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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