# Approval of Resolution Plan - Lakshmi Transcon Pvt. Ltd.

> NCLT judgment dated 2023-07-07. Citation: TCN-2023-NCLT-02609. The document pertains to IA No. 411/2023 filed in CP(IB) No. 189/9/HDB/2021 before the National…

- **Court:** NCLT
- **Order date:** 7 Jul 2023
- **Citation:** TCN-2023-NCLT-02609
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/approval-of-resolution-plan-lakshmi-transcon-pvt-ltd-3a0605e3

## Summary

### Background

The document pertains to IA No. 411/2023 filed in CP(IB) No. 189/9/HDB/2021 before the National Company Law Tribunal (NCLT), Hyderabad Bench. The case involves Arvensis Energy Private Limited, the Operational Creditor, and Lakshmi Transcon Private Limited, the Corporate Debtor. The IA was filed by the Resolution Professional seeking approval of the resolution plan submitted by Owk Madhu Manohara Rao, which was approved by the Committee of Creditors (CoC) with 100% votes. The company petition was admitted by the Tribunal, and an Interim Resolution Professional (IRP) was appointed. Subsequently, the Applicant herein was appointed as Resolution Professional on 31.10.2022.

## Facts

Arvensis Energy Private Limited initiated corporate insolvency resolution process (CIRP) against Lakshmi Transcon Private Limited under Section 9 of the Insolvency and Bankruptcy Code, 2016. The NCLT admitted the petition, leading to the appointment of an Interim Resolution Professional (IRP). Subsequently, a Resolution Professional (RP) was appointed. The RP filed IA No. 411/2022 seeking approval of the resolution plan submitted by Owk Madhu Manohara Rao, which was approved by the Committee of Creditors (CoC) with 100% votes. The CoC comprised of Union Bank of India, Axis Bank, HDFC Bank, Kotak Mahindra Prime Ltd, and Yes Bank. The resolution plan provided for payment of CIRP costs, operational creditors, and other dues. The Resolution Applicant, Mr. Owk Madhu

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## Issues and analysis

### Issue 1: Whether the resolution plan submitted by Mr. Owk Madhu Manohara Rao meets the requirements of …

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

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**Reasoning:** The Tribunal considered the submissions of the Resolution Professional, the compliance

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**Interpretation:** Section 30(2) is interpreted to ensure that the resolution plan is fair,

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**Application:** The Tribunal applied the provisions of Section 30(2) to the specific details of

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## Parties

- **Judges:** Venkata Ramakrishn…; SH. CHARAN…
- **Appellants:** Arvensis Energy…
- **Respondents:** Lakshmi Transcon…

## Timeline

- **2022-03-08 — Company Petition…**: Tribunal admitted the Company Petition bearing No. 189/9/HDB/202, filed by the…
- **2022-06-02 — IRP Appointment…**: The IRP gained knowledge of the said Order and his appointment as the IRP on 02.06.2022…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 9 — Application for initiation of corporate insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-9)

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