# Approval of Resolution Plan - Innovative Tyres & Tubes Limited

> NCLT judgment dated 2023-08-09. Citation: TCN-2023-NCLT-02118. The case pertains to an application filed under Section 30(6) of the Insolvency & Bankruptcy…

- **Court:** NCLT
- **Order date:** 9 Aug 2023
- **Citation:** TCN-2023-NCLT-02118
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/approval-of-resolution-plan-innovative-tyres-tubes-limited-47f065bc

## Summary

### Background

The case pertains to an application filed under Section 30(6) of the Insolvency & Bankruptcy Code, 2016, by Abhishek Nagori, the Resolution Professional (RP) of Innovative Tyres and Tubes Limited, seeking approval of the resolution plan submitted by M/s Ten On Ten Rubtech Private Limited. The corporate debtor, Innovative Tyres and Tubes Limited, was admitted into Corporate Insolvency Resolution Process (CIRP) on 28.03.2022. The RP published Form-G to invite resolution plans and received two plans, one from M/s MRL Tyres Limited and another from M/s Ten On Ten Rubtech Private Limited. The Committee of Creditors (CoC) approved the resolution plan of M/s Ten On Ten Rubtech Private Limited with 99.70% votes.

## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against Innovative Tyres and Tubes Limited on 28.03.2022. Abhishek Nagori was appointed as the Interim Resolution Professional (IRP) and later as the Resolution Professional (RP). The RP published Form-G, inviting prospective resolution applicants to submit resolution plans. Two resolution plans were received, one from M/s MRL Tyres Limited and another from M/s Ten On Ten Rubtech Private Limited. The Committee of Creditors (CoC) was constituted, with State Bank of India holding 99.64% of the voting share. The CoC approved the resolution plan submitted by M/s Ten On Ten Rubtech Private Limited with 99.70% votes. The resolution applicant proposed to infuse Rs.42.11 Crores. The fair value of the corporate

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## Issues and analysis

### Issue 1: Whether the resolution plan submitted by M/s Ten On Ten Rubtech Private Limited complies with the …

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

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**Reasoning:** The Adjudicating Authority examined the resolution plan to ensure it complied with the

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**Interpretation:** Section 30(2) and Section 31 of the IBC, along with Regulation 38 of the CIRP

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**Application:** The Adjudicating Authority found that the resolution plan complied with the

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## Parties

- **Judges:** SHAMMI…; KAUSHALENDRA…
- **Appellants:** Abhishek…
- **Respondents:** Innovative Tyres…; COC of Innovative…
- **Advocates:** Navin P…; Ravi P…

## Timeline

- **2022-03-28 — Admission in…**: The corporate debtor, Innovative Tyres and Tubes Limited, was admitted into Corporate…
- **2022-03-31 — Public Announcement of…**: The Interim Resolution Professional (IRP) made a public announcement of the CIRP, calling…

## 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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