# Approval of Resolution Plan - K.D.K. Enterprises Pvt. Ltd.

> NCLT judgment dated 2023-12-21. Citation: TCN-2023-NCLT-00081. The case involves an application (I.A/1138/ND/2021) filed under Section 30(6) read with Section…

- **Court:** NCLT
- **Order date:** 21 Dec 2023
- **Citation:** TCN-2023-NCLT-00081
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/approval-of-resolution-plan-kdk-enterprises-pvt-ltd-a991cdf3

## Summary

### Background

The case involves an application (I.A/1138/ND/2021) filed under Section 30(6) read with Section 31(1) of the Insolvency and Bankruptcy Code, 2016, and Regulation 39(4) of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. The application was filed by the Resolution Professional of K.D.K. Enterprises Private Limited, seeking approval of a resolution plan submitted by Vikas Kumar Khairari, the ex-director of the Corporate Debtor. The resolution plan was approved by the Committee of Creditors (CoC) with 100% voting in favor during its 9th meeting held on 21.01.2021. Another application (I.A./1428/ND/2021) was filed by Ingram Micro India Private Limited, an Operational Creditor, raising objections to the

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## Facts

Ingram Micro India Private Limited initiated Corporate Insolvency Resolution Process (CIRP) against K.D.K. Enterprises Private Limited. The Adjudicating Authority admitted the application on 20.03.2020. Naveen Kumar Jain was initially appointed as the Interim Resolution Professional (IRP), but was later replaced by Devendra Singh. A public announcement was made to invite claims from creditors, and a Committee of Creditors (CoC) was constituted on 03.06.2020. The CoC approved a resolution plan submitted by Vikas Kumar Khairari with 100% voting in favor. Ingram Micro India Private Limited, an Operational Creditor, raised objections to the resolution plan, alleging discrepancies in the Corporate Debtor's transactions and the lack of payment to Operational Creditors. The

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## Issues and analysis

### Issue 1: Whether the Adjudicating Authority should approve the Resolution Plan submitted by Mr. Vikas Kumar …

**Ratio:** The Adjudicating Authority has limited jurisdiction in the matter of approval of a

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**Reasoning:** The Adjudicating Authority considered the objections raised by the Operational Creditor

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**Interpretation:** The Adjudicating Authority's role is primarily to ensure that the Resolution

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**Application:** In this case, the Adjudicating Authority found that the Resolution Plan met the

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## Parties

- **Judges:** MAHENDRA KHANDELWA…; Sanjeev R…
- **Appellants:** Ingram Micro…
- **Respondents:** K.D.K. Enterprises…; Devendra…

## Timeline

- **2020-03-20 — CIRP Init…**: Corporate Insolvency Resolution Process was initiated against M/s K.D.K. Enterprises…
- **2020-05-15 — Public Annou…**: A public announcement was made by the IRP inviting claims from all the creditors of the…

## 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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