# Approval of Resolution Plan - Indus Business Systems Limited

> NCLT judgment dated 2023-12-07. Citation: TCN-2023-NCLT-00366. The case pertains to an application filed by the Resolution Professional, Mr. Naidi Jaipal…

- **Court:** NCLT
- **Order date:** 7 Dec 2023
- **Citation:** TCN-2023-NCLT-00366
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/approval-of-resolution-plan-indus-business-systems-limited-46a5836d

## Summary

### Background

The case pertains to an application filed by the Resolution Professional, Mr. Naidi Jaipal Reddy, for the approval of the resolution plan of M/s Indus Business Systems Limited, the Corporate Debtor, under Sections 30(6) and 31(1) of the Insolvency and Bankruptcy Code, 2016. The Corporate Insolvency Resolution Process (CIRP) was initiated on 23.03.2023, and Mr. Reddy was appointed as the Interim Resolution Professional (IRP). The IRP issued a public announcement inviting claims from creditors and received two claims from operational creditors. The Committee of Creditors (CoC) was constituted with Dr. M. Sudhee Ranjan as the sole operational creditor. The Resolution Professional published Form G inviting Expression of Interest (EOI) and received one resolution plan from

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## Facts

The Corporate Debtor, M/s Indus Business Systems Limited, underwent Corporate Insolvency Resolution Process (CIRP) initiated on 2023-03-23. Mr. Naidi Jaipal Reddy was appointed as the Interim Resolution Professional (IRP). Public announcement was made, inviting claims from creditors. Two claims were received from operational creditors, namely SRIUS Business Solutions Private Limited and M. Sudhee Ranjan, amounting to Rs. 1,83,04,000/- and Rs. 19,80,000/- respectively. Claims from EPFO and GST were rejected as they were filed beyond the due date. The Committee of Creditors (CoC) was constituted with Dr. M. Sudhee Ranjan as the sole operational creditor. The Resolution Professional published Form G inviting Expression of Interest (EOI) and received one resolution plan

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## Issues and analysis

### Issue 1: Whether the resolution plan submitted by Mr. Samala Raja Shekar meets the requirements of Section …

**Ratio:** The resolution plan must comply with the provisions of Section 30(2) of the Insolvency

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**Reasoning:** The Adjudicating Authority (NCLT) examined the resolution plan and found that it provides

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**Interpretation:** Section 30(2) of the IBC mandates that a resolution plan must adhere to

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**Application:** The NCLT applied the ratio to the facts of the case by verifying that the

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## Parties

- **Judges:** Venkata Ramakrishn…; SH. CHARAN…
- **Appellants:** Naidi Jaipa…
- **Respondents:** Indus Business…

## Timeline

- **2023-03-23 — CIRP Commen…**: The Tribunal admitted the Petition and Corporate Insolvency Resolution Process (CIRP)…
- **2023-03-30 — Public Annou…**: The Interim Resolution Professional (IRP) issued the "Public Announcement” in Financial…

## 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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