# Approval of Resolution Plan - Panche Aluminium Extrusions Private Limited

> NCLT judgment dated 2023-12-21. Citation: TCN-2023-NCLT-00096. The case pertains to an application filed by Mr. Anuj Bajpai, the Resolution Professional (RP)…

- **Court:** NCLT
- **Order date:** 21 Dec 2023
- **Citation:** TCN-2023-NCLT-00096
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/approval-of-resolution-plan-panche-aluminium-extrusions-private-limited-1bba31f2

## Summary

### Background

The case pertains to an application filed by Mr. Anuj Bajpai, the Resolution Professional (RP) of Panache Aluminium Extrusions Private Limited, seeking approval of the resolution plan under Section 30(6) of the Insolvency and Bankruptcy Code, 2016. The Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor by Pegasus Assets Reconstruction Private Limited, the Financial Creditor, under Section 7 of the Code. The resolution plan was submitted by a consortium of Mr. Arun Duggar and Mr. Vinod Kothari and approved by 99.88% of the Committee of Creditors (CoC). The CIRP was initiated on 31.12.2019, and Mr. Anuj Bajpai was appointed as the Interim Resolution Professional (IRP), later confirmed as the RP. The CoC was constituted on 24.01.2020.

## Facts

Panache Aluminium Extrusions Private Limited ('Corporate Debtor') underwent Corporate Insolvency Resolution Process (CIRP) initiated by Pegasus Assets Reconstruction Private Limited ('Financial Creditor') under Section 7 of the Insolvency and Bankruptcy Code, 2016. Mr. Anuj Bajpai was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). The RP published a public announcement inviting claims, receiving claims aggregating Rs.61.38 crores. The RP appointed registered valuers to determine the liquidation and fair value of the Corporate Debtor's assets. The RP invited Expression of Interest (EoI) for resolution plans, receiving interest from multiple parties. The Committee of Creditors (CoC) approved a resolution

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## Issues and analysis

### Issue 1: Whether the resolution plan submitted by the Resolution Professional meets the requirements of …

**Ratio:** Section 30(2) of the Insolvency and Bankruptcy Code, 2016 specifies the requirements that

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**Reasoning:** The Adjudicating Authority perused the resolution plan and related documents and was

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**Interpretation:** Section 30(2) sets out mandatory requirements for a resolution plan to be

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**Application:** The Adjudicating Authority applied Section 30(2) to the resolution plan

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## Parties

- **Judges:** ANIL RAJ C…; Kuldip Kumar…
- **Appellants:** Anuj Ba…
- **Respondents:** Panache Aluminium…; Pegasus Assets…

## Timeline

- **2019-12-31 — CIRP Init…**: Corporate Insolvency Resolution Process (CIRP) initiated against Panache Aluminium…
- **2019-12-31 — Appointment…**: Mr. Anuj Bajpai appointed as the…

## 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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