# Approval of Resolution Plan - Kilburn Office Automation Limited

> NCLT judgment dated 2024-02-26. Citation: TCN-2024-NCLT-02400. The case pertains to an application under Section 30(6) and Section 31(1) of the Insolvency and…

- **Court:** NCLT
- **Order date:** 26 Feb 2024
- **Citation:** TCN-2024-NCLT-02400
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/approval-of-resolution-plan-kilburn-office-automation-limited-2587d5d6

## Summary

### Background

The case pertains to an application under Section 30(6) and Section 31(1) of the Insolvency and Bankruptcy Code, 2016, read with Regulation 39(4) of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, for the approval of a Resolution Plan for Kilburn Office Automation Limited. The Corporate Insolvency Resolution Process (CIRP) was initiated under Section 10 of the IBC, with the application filed by Kilburn Office Automation Limited itself. The CIRP was triggered after the company petition was admitted on 02 November 2022. Kamal Nayan Jain was appointed as the Interim Resolution Professional (IRP) and later as the Resolution Professional (RP). The Committee of Creditors (CoC) was constituted with Minolta

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## Facts

Kilburn Office Automation Limited initiated Corporate Insolvency Resolution Process (CIRP) by filing a petition under Section 10 of the Insolvency and Bankruptcy Code (IBC). The petition was admitted on 02 November 2022. Kamal Nayan Jain was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). The Committee of Creditors (CoC) was formed on 25 November 2022, with Minolta Finance Limited holding 100% voting share. The IRP made a public announcement on 05 November 2022, inviting claims from creditors. Nine CoC meetings were held during the CIRP period. The RP received two Resolution Plans from Nakshatra Corporate Advisors Limited and Candid Resources Limited. The CoC approved the Resolution Plan of Candid

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by Candid Resources Limited complies with the requirements of …

**Ratio:** The Resolution Plan must adhere to the provisions of Section 30(2) of the IBC, which

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**Reasoning:** The court examined the Resolution Plan and found that it included provisions for payment

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**Interpretation:** Section 30(2) of the IBC and Regulations 37 and 38 of the CIRP Regulations are

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**Application:** The court applied the ratio to the facts of the case by verifying that the

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## Parties

- **Judges:** Rohit K…; Balraj…; +1 more
- **Respondents:** Kilburn Office…
- **Advocates:** Shaunak…; Shaunak…

## Timeline

- **2022-11-02 — Admission of Company…**: The underlying Company Petition in C.P.…
- **2022-11-05 — Public Annou…**: The IRP made a public announcement regarding the initiation of Corporate Insolvency…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 72 — Punishment for wilful and material omissions from…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-72)

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