# Approval of Resolution Plan - KGS Sugar and Infra Corporation Limited

> NCLT judgment dated 2023-08-11. Citation: TCN-2023-NCLT-02075. The case involves an application for approval of a resolution plan for KGS Sugar & Infra…

- **Court:** NCLT
- **Order date:** 11 Aug 2023
- **Citation:** TCN-2023-NCLT-02075
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/approval-of-resolution-plan-kgs-sugar-and-infra-corporation-limited-9c5afcaa

## Summary

### Background

The case involves an application for approval of a resolution plan for KGS Sugar & Infra Corporation Limited under the Insolvency and Bankruptcy Code, 2016. The Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor on October 10, 2019. The resolution professional, Mr. Pankaj Sham Joshi, filed an application seeking approval of the resolution plan submitted by Gangamai Industries and Constructions Limited (GIACL). The Committee of Creditors (CoC) approved the resolution plan with a 99.86% voting share.

## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against KGS Sugar & Infra Corporation Limited on October 10, 2019. Mr. Balady Shekhar Shetty was initially appointed as the Interim Resolution Professional (IRP), later replaced by Mr. Pankaj Sham Joshi. The IRP made a public announcement on November 4, 2019, and constituted the Committee of Creditors (CoC) on November 18, 2019. The CoC held twenty-two meetings. The CoC approved the appointment of M/s GSA & Associates as the Forensic Auditor and registered valuers for valuation of assets. An invitation for expressions of interest (Eol) was published on January 17, 2020, and four prospective resolution applicants (PRAs) were shortlisted. Ultimately, three resolution plans were received, and the

…

## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by Gangamai Industries and Constructions Limited meets the …

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

…

**Reasoning:** The NCLT examined the resolution plan to ensure that it complies with all the

…

**Interpretation:** Section 30(2) is interpreted to mean that a resolution plan must address the

…

**Application:** The NCLT found that the resolution plan submitted by GIACL meets all the

…

## Parties

- **Judges:** Anu Jagmoha…; H.V. Subb…
- **Appellants:** Canara…
- **Respondents:** KGS Sugar and…
- **Advocates:** Neha…; Madhavi…; +1 more

## Timeline

- **2019-10-10 — Initiation…**: Corporate Insolvency Resolution Process (CIRP) was initiated against KGS Sugar & Infra…
- **2019-11-04 — Appointment…**: Mr. Balady Shekhar Shetty was appointed as…

## 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)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/approval-of-resolution-plan-kgs-sugar-and-infra-corporation-limited-9c5afcaa