# Approval of Resolution Plan - Kiran Global Chem Limited

> NCLT judgment dated 2024-08-09. Citation: TCN-2024-NCLT-00846. The case pertains to an application filed under Section 30(6) and 31(1) of the Insolvency &…

- **Court:** NCLT
- **Order date:** 9 Aug 2024
- **Citation:** TCN-2024-NCLT-00846
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/approval-of-resolution-plan-kiran-global-chem-limited-27baaa39

## Summary

### Background

The case pertains to an application filed under Section 30(6) and 31(1) of the Insolvency & Bankruptcy Code, 2016, read with Regulation 39(4) of the Insolvency & Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, regarding the corporate insolvency resolution process (CIRP) of M/s. Kiran Global Chems Limited. The application, IA(IBC)(PLAN)/4/(CHE)/2024, was moved on 20.04.2024 by the Resolution Professional, Mr. Anil Kumar Khicha, seeking approval of the resolution plan submitted by the Successful Resolution Applicants (SRAs), Mr. Manmohan Singh Jain and Mr. Atul Jain. The CIRP was initiated based on an application by State Bank of India under Section 7 of the IBC, and Mr. Anil Kumar Khicha was later appointed as

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## Facts

Kiran Global Chems Limited, an unlisted public company involved in manufacturing sodium silicate and potassium silicate, underwent Corporate Insolvency Resolution Process (CIRP) initiated by State Bank of India on 27.04.2021. Mr. Tharuvai Ramachandran Ravichandran was initially appointed as the Interim Resolution Professional, later replaced by Mr. Anil Kumar Khicha on 30.08.2023. The Committee of Creditors (CoC) approved a resolution plan submitted by promoters Mr. Manmohan Singh Jain and Mr. Atul Jain with 99.08% voting share. The resolution plan involves a total resolution value of Rs.68.56 Crores, sourced from the Resolution Applicants themselves, company's cash flows, and disposal of assets. The liquidation value of the Corporate Debtor is Rs.176.82 Crores

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## Issues and analysis

### Issue 1: Whether the resolution plan complies with the mandatory requirements of Section 30(2) of the …

**Ratio:** The Adjudicating Authority must ensure that the resolution plan adheres to the mandatory

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**Reasoning:** The court examined the resolution plan against the mandatory compliance requirements

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**Interpretation:** Section 30(2) of the IBC sets out the minimum requirements that a resolution

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**Application:** The court found that the resolution plan complied with the mandatory

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## Parties

- **Judges:** JYOTI KUMAR…; RAVICHANDRAN…
- **Appellants:** ANIL KUMAR…
- **Respondents:** M/s. Kiran Global…; Manmohan Singh…

## Timeline

- **2021-04-27 — Initiation…**: CIRP initiated, IRP appointed…
- **2021-04-29 — Public Annou…**: Public announcement…

## 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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