# Approval of Resolution Plan - JSSI Hydraulics Private Limited

> NCLT judgment dated 2024-04-29. Citation: TCN-2024-NCLT-01546. The case involves an application (I.A.-3577/2023) preferred by the Resolution Professional (RP)…

- **Court:** NCLT
- **Order date:** 29 Apr 2024
- **Citation:** TCN-2024-NCLT-01546
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/approval-of-resolution-plan-jssi-hydraulics-private-limited-c39719c5

## Summary

### Background

The case involves an application (I.A.-3577/2023) preferred by the Resolution Professional (RP) seeking approval of the Resolution Plan for JSSI Hydraulics Private Limited, which was approved by the Committee of Creditors (CoC). The underlying main petition C.P.(IB)-66/(ND)/2022 was filed by State Bank of India against JSSI Hydraulics Private Limited under Section 7 of the IBC, 2016. The Corporate Insolvency Resolution Process (CIRP) was initiated after the petition was admitted on 12.07.2022.

## Facts

State Bank of India filed C.P.(IB)-66/(ND)/2022 against JSSI Hydraulics Private Limited under Section 7 of the IBC, 2016, leading to the initiation of CIRP on 12.07.2022. The RP made a public announcement on 15.07.2022 to invite claims. The CoC included State Bank of India (84.51% voting share) and Canara Bank (15.49% voting share). Several CoC meetings were held to discuss and approve various aspects of the CIRP, including the appointment of professionals, approval of the Resolution Plan, and extension of timelines. JM Hydraulic Solutions Pvt. Ltd. submitted a Resolution Plan, which was approved by the CoC. The Resolution Plan included a financial outlay of Rs. 42.3775 Crores, with payments to secured financial creditors, employees, operational creditors, and

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by JM …

**Ratio:** Section 31(1) of the Insolvency and Bankruptcy Code, 2016 states that if the Adjudicating

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**Reasoning:** The Adjudicating Authority considered the Resolution Plan and the Addendum dated

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**Interpretation:** Section 31(1) provides the legal basis for the Adjudicating Authority to

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**Application:** In this case, the Adjudicating Authority was satisfied that the Resolution Plan

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## Parties

- **Judges:** SH. ASHOK KUMAR…; SH. SUBRATA KUMAR…
- **Appellants:** State Bank of…
- **Respondents:** JSSI HYDRAULICS…

## Timeline

- **2022-07-12 — CIRP Init…**: Order passed admitting the petition filed by State Bank of India and initiating the…
- **2022-07-15 — Public Annou…**: Public announcement made by the Applicant (RP)…

## 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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