# Approval of Resolution Plan - Nidhi Impotrade Pvt. Ltd.

> NCLT judgment dated 2024-01-09. Citation: TCN-2024-NCLT-03229. The case involves an application under Section 30(6) read with Section 31 of the Insolvency and…

- **Court:** NCLT
- **Order date:** 9 Jan 2024
- **Citation:** TCN-2024-NCLT-03229
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/approval-of-resolution-plan-nidhi-impotrade-pvt-ltd-ae310c9e

## Summary

### Background

The case involves an application under Section 30(6) read with Section 31 of the Insolvency and Bankruptcy Code (IBC) 2016, filed by Chetan B Patel, the Resolution Professional (RP) of Nidhi Impotrade Private Limited, Surat. The application seeks approval of the resolution plan submitted by the Resolution Applicant, M/s Nibhu Health Care LLP. Nidhi Impotrade Private Limited was admitted into the Corporate Insolvency Resolution Process (CIRP) on 2021-03-12, following an application by an operational creditor, Mohit Minerals Limited. The RP was appointed, and a Committee of Creditors (CoC) was formed. The CoC approved the resolution plan submitted by M/s Nibhu Healthcare LLP with a majority of 82.17%.

## Facts

Nidhi Impotrade Private Limited was admitted into CIRP on 2021-03-12, following an application by operational creditor Mohit Minerals Limited. Chetan B Patel was appointed as the Resolution Professional (RP). The RP published Form G and constituted a Committee of Creditors (CoC). M/s Nibhu Healthcare LLP submitted a resolution plan, which was approved by the CoC with 82.17% majority on 2021-10-01. The CIRP period was extended beyond 180 days with the Tribunal's approval on 2021-09-13. There were 13 unsecured financial creditors with an admitted debt of Rs.1,19,28,524/-. The CIRP cost was estimated at Rs.9,00,000/-. No claims were received from workmen or employees. The fair value of the assets of the Corporate Debtor was assessed at Rs.94,175/- and Rs.1,08,520/-, and

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## Issues and analysis

### Issue 1: Whether the resolution plan submitted by M/s Nibhu Healthcare LLP for Nidhi Impotrade Private …

**Ratio:** Section 30(6) read with Section 31 of the IBC 2016 provides the framework for the

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**Reasoning:** The Tribunal considered the resolution plan submitted by M/s Nibhu Healthcare LLP and

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**Interpretation:** Section 30(6) and Section 31 of the IBC are interpreted to mean that if a

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**Application:** In this case, the Tribunal applied the provisions of Section 30(6) and Section

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## Parties

- **Judges:** Chitra Ha…; Velamur G Venkata…
- **Appellants:** Chetan B…
- **Respondents:** Nidhi Impotrade…; COC of Nidhi…

## Timeline

- **2021-03-12 — Admission in…**: Nidhi Impotrade Private Limited was admitted into the Corporate Insolvency Resolution…
- **2021-03-19 — Public Annou…**: The RP made a public announcement in prescribed Form A and called for claims from all…

## 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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