# Approval of Resolution Plan - MYP Enterprises Limited

> NCLT judgment dated 2024-10-16. Citation: TCN-2024-NCLT-00404. The case pertains to an application (IA-23/2024) filed under Section 60(5) & 30(6) of the…

- **Court:** NCLT
- **Order date:** 16 Oct 2024
- **Citation:** TCN-2024-NCLT-00404
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/approval-of-resolution-plan-myp-enterprises-limited-065b6648

## Summary

### Background

The case pertains to an application (IA-23/2024) filed under Section 60(5) & 30(6) of the Insolvency & Bankruptcy Code, 2016, seeking approval of a resolution plan for MYP Enterprises Limited. The Corporate Insolvency Resolution Process (CIRP) was initiated on 2023-05-09, following an application by MYP Enterprises Limited under Section 10 of the IBC. Mr. Gaurang Shah was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). A public announcement was made on 2023-05-12, inviting claims from creditors. The Committee of Creditors (CoC) was formed, and a resolution plan was submitted by D.H Exports Private Limited, which was approved by 100% of the CoC members in a meeting held on 2024-01-24.

## Facts

The Corporate Insolvency Resolution Process (CIRP) of MYP Enterprises Limited was initiated on 2023-05-09 by the NCLT, Mumbai Bench-IV, following an application under Section 10 of the Insolvency and Bankruptcy Code (IBC), 2016. Mr. Gaurang Shah was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). A public announcement was made on 2023-05-12, inviting claims from creditors. The Committee of Creditors (CoC) was formed based on the claims received. Form G was published on 2023-06-30, with a deadline of 2023-09-04 for submitting resolution plans. The RP received one resolution plan from D.H Exports Private Limited, which was approved in an e-voting held pursuant to the 7th CoC meeting on 2024-01-24 with 100%

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by D.H Exports Private Limited complies with the requirements …

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

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**Reasoning:** The Resolution Professional (RP) has examined the Resolution Plan and confirmed that it

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**Interpretation:** Section 30(2) sets out the mandatory requirements for a resolution plan to be

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**Application:** In this case, the RP's certification and the Adjudicating Authority's review

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## Parties

- **Judges:** Anu Jagmoha…; KISHORE VEMULAPALL…
- **Appellants:** Gaurang…
- **Respondents:** MYP Enterprises…
- **Advocates:** Sanat R. Ja…; Ami J…

## Timeline

- **2023-05-09 — Initiation…**: Corporate Insolvency Resolution Process…
- **2023-05-11 — Appointment…**: Mr. Gaurang Shah appointed as…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 60(5) — Adjudicating Authority for corporate persons](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-60)

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