# Approval of Resolution Plan - Madhu Aluminium Private Limited

> NCLT judgment dated 2024-09-11. Citation: TCN-2024-NCLT-00622. The case involves an application filed on 09.04.2024 under Section 30(6) of the Insolvency and…

- **Court:** NCLT
- **Order date:** 11 Sept 2024
- **Citation:** TCN-2024-NCLT-00622
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/approval-of-resolution-plan-madhu-aluminium-private-limited-22c6092f

## Summary

### Background

The case involves an application filed on 09.04.2024 under Section 30(6) of the Insolvency and Bankruptcy Code, 2016 (IBC) by Mr. Chirag Rajendrakumar Shah, the Resolution Professional (RP) of the corporate debtor, M/s Madhu Aluminium Private Limited, for the approval of the resolution plan submitted by M/s Impact Multitrade LLP. The Corporate Insolvency Resolution Process (CIRP) was initiated on 02.11.2023, and the applicant was appointed as the Interim Resolution Professional (IRP). The IRP made a public announcement, and the Committee of Creditors (CoC) was constituted with Meekstar Bizgoal Consultancy Private Limited as the sole financial creditor holding 100% of the voting share. The CoC appointed the IRP as the RP. Form-G was published on 15.12.2023, inviting

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## Facts

Meekstar Bizgoal Consultancy Pvt Ltd initiated Corporate Insolvency Resolution Process (CIRP) against Madhu Aluminium Pvt Ltd under Section 7 of the Insolvency and Bankruptcy Code, 2016. The CIRP commenced on 02.11.2023, with the appointment of an Interim Resolution Professional (IRP), who was later confirmed as the Resolution Professional (RP). The Committee of Creditors (CoC) consisted solely of Meekstar Bizgoal Consultancy Private Limited, holding 100% voting share. The RP published Form-G, inviting resolution plans, and received three EoIs. Impact Multitrade LLP submitted a resolution plan that was approved by the CoC with 100% voting share. The resolution plan proposed an infusion of Rs 5,00,00,000, financed partly by repayment of a loan from the LLP to M/s Elite

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## Issues and analysis

### Issue 1: Whether the resolution plan submitted by M/s Impact Multitrade LLP complies with the requirements …

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

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**Reasoning:** The court examined the resolution plan to ensure it met the requirements of Section

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

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**Application:** The court applied the requirements of Section 30(2) to the specific details of

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## Parties

- **Judges:** Chitra Ram…; KAUSHALENDRA…
- **Appellants:** Meekstar Bizgoal…
- **Respondents:** Madhu Aluminium…; Madhu Aluminium…

## Timeline

- **2023-11-02 — CIRP Commen…**: Corporate Insolvency Resolution Process (CIRP) commenced for Madhu Aluminium Private…
- **2023-11-05 — Public Annou…**: Interim Resolution Professional (IRP)…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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