# Approval of Resolution Plan - Latakisan Infra Pvt Limited

> NCLT judgment dated 2025-01-07. Citation: TCN-2025-NCLT-00664. The case pertains to an application filed by the Resolution Professional (RP), Mr. Ajay Gupta,…

- **Court:** NCLT
- **Order date:** 7 Jan 2025
- **Citation:** TCN-2025-NCLT-00664
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/approval-of-resolution-plan-latakisan-infra-pvt-limited-1dda4b77

## Summary

### Background

The case pertains to an application filed by the Resolution Professional (RP), Mr. Ajay Gupta, under Section 30(6) of the Insolvency and Bankruptcy Code, 2016, seeking approval of a Resolution Plan for Latakisan Infra Pvt Limited, the Corporate Debtor. The Resolution Plan, dated 12.01.2024, was submitted by Mr. Prashant Kisanrao Borele, the Successful Resolution Applicant (SRA), and approved by 73.70% of the Committee of Creditors (CoC). The Corporate Debtor is a registered MSME. The Corporate Insolvency Resolution Process (CIRP) was initiated following a petition filed by Mumbai District Central Cooperative Bank Ltd. (MDCC), the Financial Creditor, under Section 7 of the IBC, which was admitted on 06.11.2019. Mr. Ajay Gupta was appointed as the RP.

## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against Latakisan Infra Pvt Limited following a petition filed by Mumbai District Central Cooperative Bank Ltd. (MDCC) under Section 7 of the IBC. The petition was admitted on 06.11.2019, and Mr. Ajay Gupta was appointed as the Resolution Professional (RP). The Corporate Debtor is a registered MSME. The RP published Form A and collated claims, receiving five claims from Financial Creditors. The RP was approved as the RP for the rest of the CIRP period on 26.11.2019. The RP valued the assets of the Corporate Debtor by appointing registered valuers. The fair market value and liquidation value of the assets were determined. Several CoC meetings were held. The RP shared the draft Information Memorandum (IM)

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by Mr. Prashant Kisanrao Borele complies with the …

**Ratio:** Section 30(2) of the IBC outlines the mandatory requirements for a resolution plan,

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**Reasoning:** The Adjudicating Authority examined the Resolution Plan and found that it provides for

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**Interpretation:** Section 30(2) sets the minimum standards for a resolution plan to be considered

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**Application:** The Resolution Plan was found to be in compliance with Section 30(2) as it

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## Parties

- **Judges:** V.G. B…; SH. PRABHAT…
- **Appellants:** Ajay G…
- **Respondents:** Latakisan Infra…

## Timeline

- **2019-11-06 — Admission o…**: CP(IB) No. 1900 of 2019 filed by Mumbai District Central Cooperative Bank Ltd. (MDCC) was…
- **2019-11-06 — Appointment…**: Mr. Ajay Gupta was appointed as the Resolution…

## 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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