# Approval of Resolution Plan - Inox Tubes Private Limited

> NCLT judgment dated 2025-01-16. Citation: TCN-2025-NCLT-00623. The application was filed under Section 30(6) read with Section 31(1) of the Insolvency &…

- **Court:** NCLT
- **Order date:** 16 Jan 2025
- **Citation:** TCN-2025-NCLT-00623
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/approval-of-resolution-plan-inox-tubes-private-limited-cae9bad0

## Summary

### Background

The application was filed under Section 30(6) read with Section 31(1) of the Insolvency & Bankruptcy Code, 2016, read with Regulation 39(4) of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, by Mr. Rajiv Bajaj, the Resolution Professional (RP) of M/s Inox Tubes Private Limited (the Corporate Debtor). The RP sought approval of the Resolution Plan submitted by Mr. Vikrant Sharma, the Successful Resolution Applicant, which was approved by the Committee of Creditors (CoC) in its 6th CoC Meeting held on 2024-04-22.

## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against M/s Inox Tubes Private Limited on 2023-11-10. Mr. Rajiv Bajaj was appointed as the Interim Resolution Professional (IRP). A public announcement was made on 2023-11-11 to invite claims from creditors. The first Committee of Creditors (CoC) meeting was held on 2023-12-11, where the appointment of IRP as Resolution Professional was discussed. The CoC approved the remuneration of registered valuers for Land and Building, Plant & Machineries, and Security & Financial Assets. The Resolution Professional invited Expression of Interest (EOI) on 2024-01-09, with a submission deadline of 2024-01-24. Three parties showed interest: Sunrise Industries, Vikrant Sharma, and Suresh Kumar Gupta. Sunrise

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by Mr. Vikrant Sharma meets the requirements of Section 30(2) …

**Ratio:** Section 30(2) of the Insolvency and Bankruptcy Code, 2016, specifies the requirements

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**Reasoning:** The Adjudicating Authority examined the Resolution Plan and found that it complied with

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**Interpretation:** Section 30(2) sets out mandatory requirements for a resolution plan to be

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**Application:** The Resolution Plan was found to meet the requirements of Section 30(2) as it

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## Parties

- **Judges:** MAHENDRA KHANDELWA…; Sanjeev R…
- **Appellants:** M/s ΙΝΟΧ TUBES…
- **Respondents:** M/s Inox Tubes…

## Timeline

- **2023-11-10 — Initiation…**: Corporate Insolvency Resolution Process…
- **2023-11-11 — Public Annou…**: Public Announcement made to…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 5(14) — Definitions](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-5)

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