# Approval of Resolution Plan - Perfect Engine Component Private Limited

> NCLT judgment dated 2024-09-05. Citation: TCN-2024-NCLT-00659. The case pertains to an application filed under Section 30(6) and Section 31 of the Insolvency…

- **Court:** NCLT
- **Order date:** 5 Sept 2024
- **Citation:** TCN-2024-NCLT-00659
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/approval-of-resolution-plan-perfect-engine-component-private-limited-1843daed

## Summary

### Background

The case pertains to an application filed under Section 30(6) and Section 31 of the Insolvency and Bankruptcy Code, 2016, by the Resolution Professional of Perfect Engine Components Private Limited, seeking approval of the Resolution Plan. The Corporate Insolvency Resolution Process (CIRP) was initiated following a petition filed by Edelweiss Asset Reconstruction Company Limited under Section 7 of the IBC. The CIRP was initiated on 2023-04-25. ARCK Resolution Professional LLP was appointed as the Interim Resolution Professional and later confirmed by the Committee of Creditors (CoC). Public announcements were made to invite claims from creditors.

## Facts

Perfect Engine Components Private Limited (PECPL), formerly known as Sarod Engineering Private Limited, was incorporated on January 13, 2005. The Corporate Insolvency Resolution Process (CIRP) was initiated under Section 7 of the Insolvency and Bankruptcy Code (IBC) following a petition by Edelweiss Asset Reconstruction Company Limited. The CIRP commenced on April 25, 2023. ARCK Resolution Professional LLP was appointed as the Interim Resolution Professional. Claims were received from various creditors, including Edelweiss Asset Reconstruction Company Limited (Rs. 350,79,95,972), Shrem Investments Private Limited (Rs. 15,74,71,651), operational creditors (workmen/employees: Rs. 53,06,349, vendors: Rs. 93,460,473, government authorities: Rs. 57,90,179). The Committee of

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by Mayur Industries Private Limited meets the requirements of …

**Ratio:** Section 30(2) of the IBC specifies the requirements that a resolution plan must meet,

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**Reasoning:** The Adjudicating Authority (NCLT) examined the Resolution Plan to ensure it complies with

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

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

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## Parties

- **Judges:** Reeta K…; Madhu S…
- **Appellants:** M/S ARCK Resolutio…
- **Respondents:** Perfect Engine…

## Timeline

- **2005-01-13 — Incorporation of…**: Perfect Engine Components Private Limited (formerly Sarod Engineering Private Limited)…
- **2023-04-25 — CIRP Init…**: Corporate Insolvency Resolution Process (CIRP) of Perfect Engine Component Private…

## 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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