# Approval of Resolution Plan - Minerva Enterprises Pvt. Ltd.

> NCLT judgment dated 2023-10-04. Citation: TCN-2023-NCLT-01417. The case pertains to an application filed by the Resolution Professional (RP) of the Corporate…

- **Court:** NCLT
- **Order date:** 4 Oct 2023
- **Citation:** TCN-2023-NCLT-01417
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/approval-of-resolution-plan-minerva-enterprises-pvt-ltd-01a2046d

## Summary

### Background

The case pertains to an application filed by the Resolution Professional (RP) of the Corporate Debtor (CD), Minerva Enterprises Private Limited, under Section 30(6) and 31 of the Insolvency and Bankruptcy Code (IBC), 2016, read with Regulation 39 of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. The application seeks approval of the resolution plan submitted by SR Edifice Private Limited, which was approved by the Committee of Creditors (CoC) with a 79.01% voting share. The Corporate Insolvency Resolution Process (CIRP) was initiated against the CD on 14.07.2022.

## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against Minerva Enterprises Private Limited on 2022-07-14. Edelweiss Asset Reconstruction Company Ltd is the financial creditor. The Interim Resolution Professional (IRP) made a public announcement on 2022-07-18, inviting claims from stakeholders, and received claims totaling Rs. 6,40,20,91,182. The Committee of Creditors (CoC) confirmed the IRP as Resolution Professional (RP) on 2022-08-10. The RP published Form-G on 2022-09-20, inviting Expressions of Interest (EoI) for submission of a Resolution Plan. The RP received four EOIs. The last date for submission of the Resolution Plan was 2022-11-21. The CoC approved the draft 'Request for Resolution Plan' (RFRP). No Resolution Plan was received by the

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by M/s. SR Edifice Private Limited meets all the mandatory …

**Ratio:** The legal principle applied is that a resolution plan must comply with all mandatory

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**Reasoning:** The court scrutinized the record and considered the submissions made by the counsel for

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**Interpretation:** The interpretation involves ensuring that the Resolution Plan satisfies the

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**Application:** The court applied this principle by examining the details of the Resolution

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## Parties

- **Judges:** Rajeev Bh…; Sanjay…
- **Appellants:** Edelweiss Asset…
- **Respondents:** Minerva Enterprise…; Minerva Enterprise…

## Timeline

- **2022-07-14 — CIRP Init…**: Corporate Insolvency Resolution Process (CIRP)…
- **2022-07-18 — Public Annou…**: The Interim Resolution Professional (IRP) made a public announcement inviting claims from…

## 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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