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

> NCLT judgment dated 2024-01-09. Citation: TCN-2024-NCLT-03234. 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-03234
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/approval-of-resolution-plan-nidhi-impotrade-pvt-ltd-e0713de8

## 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 Corporate Debtor. The application seeks approval of the resolution plan submitted by the Resolution Applicant, M/s Nibhu Health Care LLP, Surat. The Corporate Debtor was admitted into Corporate Insolvency Resolution Process (CIRP) on 12.03.2021 following an application by an operational creditor, Mohit Minerals Limited. The RP was appointed, and a Committee of Creditors (CoC) was constituted. The resolution plan was approved by the CoC with 82.17% majority.

## Facts

Nidhi Impotrade Private Limited was admitted into CIRP on 12.03.2021 based on an application by Mohit Minerals Limited. Chetan B Patel was appointed as the RP. The first CoC meeting was held on 15.04.2021, and the RP published Form G on 25.05.2021. The CoC approved the evaluation matrix and draft request for a resolution plan. Nibhu Healthcare LLP submitted a resolution plan, which was approved by the CoC on 01.10.2021 with 82.17% majority. 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/-. The fair value of the assets was assessed at Rs.94,175/- and Rs.1,08,520/-, and the liquidation value was Rs.79,830/- and Rs.1,08,520/-. The resolution plan proposes to pay 100% of the principal amount

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## Issues and analysis

### Issue 1: Whether the resolution plan submitted by M/s …

**Ratio:** The resolution plan approved by the CoC with the requisite majority should be approved if

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**Reasoning:** The CoC, comprising financial creditors, approved the resolution plan with a significant

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**Interpretation:** Section 30(6) of the IBC mandates the Adjudicating Authority to approve a

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**Application:** The resolution plan was approved by the CoC with 82.17% majority and the

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## Parties

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

## Timeline

- **2021-03-12 — CIRP Commen…**: Nidhi Impotrade Private Limited admitted into CIRP based on application by Mohit Minerals…
- **2021-04-15 — First CoC M…**: First meeting of the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 66 — Fraudulent trading or wrongful trading](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-66)

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