# Approval of Resolution Plan - Oasis Ceramics Private Limited

> NCLT judgment dated 2025-03-24. Citation: TCN-2025-NCLT-00322. The case pertains to an application filed under Section 30(6) of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 24 Mar 2025
- **Citation:** TCN-2025-NCLT-00322
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/approval-of-resolution-plan-oasis-ceramics-private-limited-5c8155f7

## Summary

### Background

The case pertains to an application filed under Section 30(6) of the Insolvency and Bankruptcy Code, 2016, by the Resolution Professional, Fanendra H Munot, seeking approval of the Resolution Plan submitted by Deep Diamond India Limited for Oasis Ceramics Pvt. Ltd. The CIRP was initiated following an application by Union Bank of India, the Financial Creditor. The Resolution Plan was approved by 100% voting shares of the Committee of Creditors (CoC).

## Facts

Oasis Ceramics Private Limited, incorporated on 06.04.1994, faced Corporate Insolvency Resolution Process (CIRP) initiated by Union Bank of India under Section 7 of the Insolvency and Bankruptcy Code (IBC). The CIRP was admitted on 19.12.2022. Fanendra H Munot was appointed as the Interim Resolution Professional (IRP). A public announcement was made on 22.12.2022, inviting claims, with a deadline of 05.01.2023. The Committee of Creditors (CoC) was formed, and its first meeting was held on 19.01.2023. Deep Diamond India Limited submitted a Resolution Plan, which was approved by the CoC with 100% voting shares on 19.08.2023. The Resolution Plan addresses payments to various stakeholders, including secured financial creditors, unsecured financial creditors, operational

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by Deep Diamond India Limited meets the requirements …

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

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**Reasoning:** The court observed that the Resolution Plan provides for the payment of insolvency

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**Interpretation:** Section 30(2) is interpreted as setting the minimum standards for a resolution

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**Application:** The court applied the requirements of Section 30(2) to the specific provisions

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## Parties

- **Judges:** Reeta K…; Madhu S…
- **Appellants:** Fanendra H…
- **Respondents:** Oasis Ceramics…; Union Bank of…

## Timeline

- **1994-04-06 — Incorporation of…**: Oasis Ceramics Private…
- **2022-12-19 — Admission of CIRP…**: The Hon'ble Tribunal admitted the Application made by the Financial Creditor, Union Bank…

## 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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