# Approval of Resolution Plan - Nagai Power Private Limited

> NCLT judgment dated 2024-07-29. Citation: TCN-2024-NCLT-00935. The case pertains to an application (I.A. No. 9/2024) filed by the Interim Resolution…

- **Court:** NCLT
- **Order date:** 29 Jul 2024
- **Citation:** TCN-2024-NCLT-00935
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/approval-of-resolution-plan-nagai-power-private-limited-b0581bf3

## Summary

### Background

The case pertains to an application (I.A. No. 9/2024) filed by the Interim Resolution Professional (IRP) of Nagai Power Private Limited (Corporate Debtor) under Section 30(6) of the Insolvency & Bankruptcy Code, 2016, read with regulation 39(4) of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, seeking approval of the Resolution Plan submitted by Smartgen Infra Private Limited (SRA). The Company Petition CP(IB) No. 378/7/HDB/2022 filed by Virtual Energy Private Limited (Financial Creditor) u/s. 7 of IBC, 2016 was admitted by the Authority, vide Order dated 09.01.2023 and ordered commencement of CIRP against Nagai Power Private Limited. The COC approved the Revised/Final Resolution Plan dated 08.01.2024 with 100% voting rights.

## Facts

Virtual Energy Private Limited initiated Corporate Insolvency Resolution Process (CIRP) against Nagai Power Private Limited under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. The application was admitted on 09.01.2023, and CIRP commenced. Mr. Krishna Komaravolu was appointed as the Interim Resolution Professional (IRP). The IRP issued a public announcement inviting claims from creditors. The Committee of Creditors (COC) was constituted on 30.01.2023 and later reconstituted on 16.04.2023 and 20.06.2023. The IRP conducted 30 meetings of the COC. The IRP invited Expression of Interest (EOI) from prospective resolution applicants (PRAs). Three Resolution Plans were received and placed before the COC. After negotiations, the Resolution Applicants submitted

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by Smartgen Infra Private Limited meets the requirements of …

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

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**Reasoning:** The court reviewed the Resolution Plan and found that it complied with the requirements

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**Interpretation:** Section 30(2) of the IBC is interpreted to ensure that the resolution plan

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**Application:** The court applied the requirements of Section 30(2) and relevant regulations to

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## Parties

- **Judges:** Rajeev Bh…; Sanjay…
- **Appellants:** Virtual Energy…
- **Respondents:** Nagai Power…

## Timeline

- **2023-01-09 — Admission of Company…**: Company Petition CP(IB) No. 378/7/HDB/2022 filed by Virtual Energy Private Limited was…
- **2023-01-30 — Constitution…**: The Interim Resolution Professional (IRP)…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 14 — Moratorium](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-14)

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