# Approval of Resolution Plan - Midland Polymers Limited

> NCLT judgment dated 2023-08-18. Citation: TCN-2023-NCLT-01993. The case pertains to an application filed under Section 30(6) of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 18 Aug 2023
- **Citation:** TCN-2023-NCLT-01993
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/approval-of-resolution-plan-midland-polymers-limited-0fcadc1f

## Summary

### Background

The case pertains to an application filed under Section 30(6) of the Insolvency and Bankruptcy Code (IBC), 2016, for the approval of a resolution plan for the corporate debtor, M/s Midland Polymers Limited. The Corporate Insolvency Resolution Process (CIRP) was initiated on 06.01.2023, and Mr. G. Madhusudhan Rao was appointed as the Insolvency Resolution Professional (IRP). The IRP made a public announcement, inviting creditors to submit their claims. The Committee of Creditors (CoC) was constituted, comprising financial creditors with voting percentages based on their debt value. The CoC instructed the RP to publish Form G, inviting prospective resolution applicants to submit resolution plans. Two resolution plans were received, and the CoC approved the plan submitted

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## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against M/s Midland Polymers Limited on 06.01.2023. Mr. G. Madhusudhan Rao was appointed as the Insolvency Resolution Professional (IRP). A public announcement was made, inviting creditors to submit their claims. The Committee of Creditors (CoC) was constituted, with Prem Kumar Bajaj holding 97.48% of the voting share and Centron Industrial Alliance Limited holding 2.52%. The CoC instructed the RP to publish Form G, inviting prospective resolution applicants to submit resolution plans. Two resolution plans were received from Mr. Arun Kilash Shah and Mr. Gudapu Reddy Sreedar Reddy. The CoC approved the resolution plan submitted by Mr. Gudapu Reddy Sreedar Reddy with 97.48% votes. Mr. Gudapu Reddy Sreedar

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## Issues and analysis

### Issue 1: Whether the resolution plan submitted by Mr. Gudapu Reddy Sreedar Reddy complies with the …

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

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**Reasoning:** The Adjudicating Authority examined the resolution plan and found that it complies with

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**Interpretation:** The interpretation of Section 30(2) and 31 of the IBC and Regulation 38 of the

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**Application:** In this case, the Adjudicating Authority found that the resolution plan

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## Parties

- **Judges:** MAHENDRA KHANDELWA…; KAUSHALENDRA…
- **Appellants:** G. Madhusud…
- **Respondents:** Midland Polymers…; Prem Kumar…

## Timeline

- **2023-01-06 — CIRP Init…**: Corporate debtor admitted into Corporate…
- **2023-01-18 — Public Annou…**: IRP made a public announcement of the CIRP,…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 30 — Submission of resolution plan](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-30)

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