# Approval of Resolution Plan - Nibula Print And Pack Private Limited

> NCLT judgment dated 2025-03-03. Citation: TCN-2025-NCLT-00416. The case involves a corporate insolvency resolution process (CIRP) initiated against a…

- **Court:** NCLT
- **Order date:** 3 Mar 2025
- **Citation:** TCN-2025-NCLT-00416
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/approval-of-resolution-plan-nibula-print-and-pack-private-limited-8ce30f5e

## Summary

### Background

The case involves a corporate insolvency resolution process (CIRP) initiated against a corporate debtor on 2018-12-11. Resolution plans were submitted, and the appellant consortium submitted a resolution plan. The 15th meeting of the Committee of Creditors (CoC) held on 2019-11-08 approved the plan with 77.91% of the votes, while HDFC Bank, holding 20.74% of the voting shares, voted against it. The Resolution Professional (RP) filed I.A. 1512/2019 seeking approval of the resolution plan. HDFC Bank, as a dissenting financial creditor, filed I.A. 1684/2019 objecting to the plan and seeking its rejection. The Adjudicating Authority noted HDFC Bank's objections, particularly regarding its entitlement as a dissenting financial creditor. The Adjudicating Authority concluded

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## Facts

The Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor commenced on 2018-12-11. Resolution Plans were submitted following the issuance of `Form-G' by the Resolution Professional (RP). The Appellant consortium submitted a Resolution Plan. In the 15th Meeting of the Committee of Creditors (CoC) held on 2019-11-08, 77.91% of the votes approved the Plan, while HDFC Bank, holding 20.74% of the voting shares, voted against the Resolution Plan. The RP filed I.A. 1512/2019 seeking approval of the Resolution Plan. HDFC Bank, as a Dissenting Financial Creditor, filed an Application I.A. 1684/2019 objecting to I.A. 1512/2019 and seeking rejection of the Resolution Plan. The Adjudicating Authority noted the objections raised by HDFC Bank, particularly

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## Issues and analysis

### Issue 1: Whether the Resolution Plan, as approved by the Hon'ble NCLAT, should be implemented as per its …

**Ratio:** The principle is that a Resolution Plan approved by the NCLAT should be implemented

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**Reasoning:** The court reasoned that since the Hon'ble NCLAT had already approved the Resolution Plan,

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**Interpretation:** This interprets that once the appellate tribunal approves a resolution plan,

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**Application:** The court applied this principle by directing that the Resolution Plan, as

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## Parties

- **Judges:** SH. ASHOK KUMAR…; SH. ANIL RAJ…
- **Appellants:** M/s RJ Packwells…
- **Respondents:** Nibula Print &…; M/s. Nibula Print…

## Timeline

- **2018-12-11 — CIRP Commen…**: The Corporate Insolvency Resolution Process…
- **2019-11-08 — CoC Meet…**: In the 15th Meeting of the Committee of Creditors (CoC), 77.91% of the votes approved the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 9 — Application for initiation of corporate insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-9)

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