# Approval of Resolution Plan - Osian's Connoisseurs of Art Pvt. Ltd.

> NCLT judgment dated 2025-04-07. Citation: TCN-2025-NCLT-00234. The case pertains to an application filed by the Interim Resolution Professional (IRP) under…

- **Court:** NCLT
- **Order date:** 7 Apr 2025
- **Citation:** TCN-2025-NCLT-00234
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/approval-of-resolution-plan-osians-connoisseurs-of-art-pvt-ltd-cdf39b9b

## Summary

### Background

The case pertains to an application filed by the Interim Resolution Professional (IRP) under Section 30 and 31 of the Insolvency and Bankruptcy Code, 2016, seeking approval of the Resolution Plan for Osian's Connoisseurs of Art Pvt Ltd, which was admitted into Corporate Insolvency Resolution Process (CIRP) vide order dated 09.12.2021. The IRP, Mr. Girish Siriram Juneja, was appointed following the initiation of CIRP. The resolution plan was approved by the Committee of Creditors (CoC) with 100% votes in favor.

## Facts

M/s. Osian's Connoisseurs of Art Pvt Ltd ('Corporate Debtor') was admitted into Corporate Insolvency Resolution Process ('CIRP') vide order dated 09.12.2021 under Section 7 of the Code. Mr. Girish Siriram Juneja was appointed as the Interim Resolution Professional ('IRP'). The IRP made a public announcement regarding the commencement of CIRP and invited proof of claim from the creditors. The applicant received claims for Rs.611,56,27,734/- out of which Rs.557,79,46,861/- has been admitted. The Committee of Creditors (‘CoC') was constituted on 06.01.2022. The applicant submits that as on the date of filing the Application, 10 CoC meetings have been held during CIRP period. The Expressions of Interest (‘EOIs') were invited by publication of Form G on 26.02.2022 and

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by Mr. Karan Pal Singh meets the requirements of the …

**Ratio:** The Hon'ble Apex Court in K Sashidhar v. Indian Overseas Bank & Others (2019) 12

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**Reasoning:** The Adjudicating Authority observed that the CoC approved the Resolution Plan with 100%

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**Interpretation:** Section 30(2) of the Code specifies the mandatory requirements that a

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**Application:** The Resolution Plan submitted by Mr. Karan Pal Singh was found to be in

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## Parties

- **Judges:** LAKSHMI G…; Hariharan…
- **Appellants:** Girish Siriram…
- **Respondents:** Osian's Connoisseu…
- **Advocates:** Shyam Kap…; Bhanu C…; +4 more

## Timeline

- **2021-12-09 — Admission in…**: Osian's Connoisseurs of Art Pvt Ltd was admitted into Corporate Insolvency Resolution…
- **2021-12-18 — Public Annou…**: Public announcement regarding commencement of CIRP of the Corporate Debtor and invitation…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 43 — Preferential transactions and relevant time](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-43)

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