# Approval of Resolution Plan - Kosons Forest Products Private Limited

> NCLT judgment dated 2023-12-22. Citation: TCN-2023-NCLT-00002. The case pertains to an application filed under section 30(6) and section 31(1) of the…

- **Court:** NCLT
- **Order date:** 22 Dec 2023
- **Citation:** TCN-2023-NCLT-00002
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/approval-of-resolution-plan-kosons-forest-products-private-limited-6d590036

## Summary

### Background

The case pertains to an application filed under section 30(6) and section 31(1) of the Insolvency & 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 Kosons Forest Products Private Limited. The corporate insolvency resolution process (CIRP) was initiated following a company petition filed under section 10 of the IBC, which was admitted on June 9, 2022. Initially, Mr. Neeraj Kejriwal was appointed as the Interim Resolution Professional (IRP), but was later replaced by Mr. Netai Basak as the Resolution Professional (RP).

## Facts

Kosons Forest Products Private Limited underwent Corporate Insolvency Resolution Process (CIRP) following the admission of a company petition under Section 10 of the Insolvency and Bankruptcy Code (IBC) on June 9, 2022. The CIRP was initiated due to the company's inability to meet its financial obligations. Mr. Neeraj Kejriwal was initially appointed as the Interim Resolution Professional (IRP), later replaced by Mr. Netai Basak as the Resolution Professional (RP). Public announcements were made to invite claims from creditors. The Committee of Creditors (CoC) was formed, initially with North East Centre for Technology Application and Reach (NECTAR) as the sole financial creditor, later reconstituted with Reliance Asset Reconstruction Company Limited and NECTAR. Twelve

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by NIP Power Private Limited complies with the requirements …

**Ratio:** Sections 30 and 31 of the IBC outline the requirements for the submission and approval of

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**Reasoning:** The Adjudicating Authority perused the documents on record and the affidavit of the

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**Interpretation:** This means the Adjudicating Authority must ensure the resolution plan adheres

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**Application:** The Adjudicating Authority reviewed the Resolution Plan and found it to be in

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## Parties

- **Judges:** Rohit K…; Balraj…; +1 more
- **Respondents:** Kosons Forest…
- **Advocates:** Namrata…

## Timeline

- **2022-06-09 — Admission of Company…**: The underlying Company Petition in C.P. (IB) No. 25/KB/2022 was admitted vide order dated…
- **2022-06-12 — Public Announcement by…**: The IRP made public announcement on 12 June 2022 in newspapers regarding initiation of…

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