# Approval of Resolution Plan - GVK Gautami Power Limited

> NCLT judgment dated 2025-03-06. Citation: TCN-2025-NCLT-00386. The case pertains to the Corporate Insolvency Resolution Process (CIRP) of M/s GVK Gautami…

- **Court:** NCLT
- **Order date:** 6 Mar 2025
- **Citation:** TCN-2025-NCLT-00386
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/approval-of-resolution-plan-gvk-gautami-power-limited-2c61e416

## Summary

### Background

The case pertains to the Corporate Insolvency Resolution Process (CIRP) of M/s GVK Gautami Power Limited. Edelweiss Asset Reconstruction Company Limited initiated the CIRP under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. The Resolution Professional (RP) filed an application seeking approval of the resolution plan submitted by M/s Radha Smelters Private Limited, which was approved by the Committee of Creditors (CoC) with 100% voting share. The CIRP was initiated following an order dated 20.10.2023. The RP conducted various activities, including public announcement, constitution of the CoC, appointment of registered valuers, and publication of Form G inviting Expression of Interest (EOI). Several CoC meetings were held to discuss and decide on various

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## Facts

Edelweiss Asset Reconstruction Company Limited initiated Corporate Insolvency Resolution Process (CIRP) against GVK Gautami Power Limited under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. The CIRP commenced following an order dated 20.10.2023. Anil Kohli was appointed as the Interim Resolution Professional and later confirmed as the Resolution Professional (RP). The RP made a public announcement as per Section 15 of the IBC. The Committee of Creditors (CoC) was constituted on 10.11.2023, comprising financial creditors such as Edelweiss Asset Reconstruction Company Limited (with 59.12% voting share), Bank of Baroda, Indian Overseas Bank, Union Bank of India, Indian Bank, and Punjab National Bank. The first CoC meeting was held on 20.11.2023, where the

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by M/s Radha Smelters Private Limited meets the requirements …

**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 complied with Section 30(2) of 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 found that the Resolution Plan provided for the payment of insolvency

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## Parties

- **Judges:** Venkata Ramakrishn…; SH. CHARAN…
- **Appellants:** Edelweiss Asset…
- **Respondents:** GVK Gautami Power…; M/S RADHA…

## Timeline

- **2023-10-20 — CIRP Init…**: Corporate Insolvency Resolution Process (CIRP) initiated against GVK Gautami Power…
- **2023-10-26 — Public Annou…**: Interim Resolution Professional (IRP) issued Public Announcement in FORM – A in Financial…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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