# Approval of Resolution Plan - Madurai Krishna Network Private Limited

> NCLT judgment dated 2025-04-08. Citation: TCN-2025-NCLT-00228. The case pertains to IA(IBC)/2142(CHE)/2023 filed in CP(IB)/290(CHE)/2021, an application filed…

- **Court:** NCLT
- **Order date:** 8 Apr 2025
- **Citation:** TCN-2025-NCLT-00228
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/approval-of-resolution-plan-madurai-krishna-network-private-limited-de64bad6

## Summary

### Background

The case pertains to IA(IBC)/2142(CHE)/2023 filed in CP(IB)/290(CHE)/2021, an application filed by the Resolution Professional of Madurai Krishna Network Private Limited, seeking approval of a resolution plan under Section 31(1) of the Insolvency & Bankruptcy Code, 2016. The Corporate Insolvency Resolution Process (CIRP) was initiated against Madurai Krishna Network Private Limited based on an application by Jiangsu Yinhe Electronics Company Limited, an Operational Creditor. The resolution plan was approved by the Committee of Creditors (CoC) with 100% voting share. The application seeks the approval of the resolution plan submitted by Mr. Sikkandar & Mr. Mohana Prasad, the suspended directors of the Corporate Debtor, and also seeks approval for the Resolution

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## Facts

Madurai Krishna Network Private Limited faced Corporate Insolvency Resolution Process (CIRP) initiated by Jiangsu Yinhe Electronics Company Limited. Mr. A Arumugam was appointed as the Resolution Professional (RP). The Committee of Creditors (CoC) was formed with Canara Bank as the sole financial creditor. The RP received multiple Expressions of Interest (EoI) and finalized a list of eligible resolution applicants. The CoC approved a resolution plan submitted by Mr. Sikkandar and Mr. Mohana Prasad with 100% voting share. The resolution plan involves infusion of funds by the resolution applicants and payment to various stakeholders, including financial creditors, operational creditors, and employees. The plan also includes waivers and concessions sought by the

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## Issues and analysis

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

**Ratio:** The Adjudicating Authority must ensure that the resolution plan provides for the payment

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**Reasoning:** The Adjudicating Authority reviewed the resolution plan and the documents on record and

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**Interpretation:** Section 30(2) of the IBC, 2016, sets out the mandatory requirements that a

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**Application:** The Adjudicating Authority applied the requirements of Section 30(2) to the

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## Parties

- **Judges:** JYOTI KUMAR…; RAVICHANDRAN…
- **Appellants:** Mr.A.Aru…
- **Respondents:** MADURAI KRISHNA…; JIANGSU YINHE…

## Timeline

- **2022-07-22 — Initiation…**: CIRP initiated, IRP appointed…
- **2022-07-28 — Public Annou…**: Public announcement…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 66 — Fraudulent trading or wrongful trading](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-66)

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