# Approval of Resolution Plan - Max Alert System Limited

> NCLT judgment dated 2024-02-07. Citation: TCN-2024-NCLT-02729. The case pertains to the Corporate Insolvency Resolution Process (CIRP) of Max Alert System…

- **Court:** NCLT
- **Order date:** 7 Feb 2024
- **Citation:** TCN-2024-NCLT-02729
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/approval-of-resolution-plan-max-alert-system-limited-ec382c22

## Summary

### Background

The case pertains to the Corporate Insolvency Resolution Process (CIRP) of Max Alert System Limited, initiated by the Tribunal following an application under Section 9 of the Insolvency and Bankruptcy Code, 2016. Mr. Rakesh Kumar Tulsyan was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). The Committee of Creditors (CoC) was initially composed of Interocean Fincap Services Pvt. Ltd. as the sole member, but the composition changed with financial creditors replacing the operational creditor. The RP sought approval for the Resolution Plan submitted by M/s. Astra Ventures, which was approved by the CoC with 100% voting in its 14th meeting held on 29.07.2022.

## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against Max Alert System Limited following an application under Section 9 of the Insolvency and Bankruptcy Code, 2016. Mr. Rakesh Kumar Tulsyan was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). The Committee of Creditors (CoC) was formed, initially with Interocean Fincap Services Pvt. Ltd. as the sole member, but later changed to include financial creditors. The RP published public notices inviting Expression of Interest (EoI) for resolution plans. M/s. Astra Ventures submitted a Resolution Plan, which was approved by the CoC with 100% voting. The Resolution Applicant, M/s. Astra Ventures, was also an operational creditor of the Corporate

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by M/s Astra Ventures complies with the requirements of the …

**Ratio:** The Resolution Plan must comply with Section 30(2) of the Insolvency and Bankruptcy Code,

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**Reasoning:** The Tribunal examined the Resolution Plan to ensure that it met all the mandatory

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**Interpretation:** Section 30(2) of the Code sets out the minimum standards that a resolution plan

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**Application:** The Tribunal found that the Resolution Plan submitted by M/s Astra Ventures

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## Parties

- **Judges:** LAKSHMI G…; Charanjeet Singh…
- **Appellants:** Rakesh Kumar…
- **Respondents:** Max Alert System…

## Timeline

- **2019-01-01 — C.P. No. (IB)…**: Filing of the Corporate Insolvency…
- **2021-08-24 — CIRP Init…**: Corporate Insolvency Resolution Process (‘CIRP') of Max Alert System Limited initiated by…

## 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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