# Approval of Resolution Plan - Peri Nitrates Private Limited

> NCLT judgment dated 2025-02-07. Citation: TCN-2025-NCLT-00512. The case involves an application (I.A. 41/2024) filed under Section 30(6) of the Insolvency and…

- **Court:** NCLT
- **Order date:** 7 Feb 2025
- **Citation:** TCN-2025-NCLT-00512
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/approval-of-resolution-plan-peri-nitrates-private-limited-398127a3

## Summary

### Background

The case involves an application (I.A. 41/2024) filed under Section 30(6) of the Insolvency and Bankruptcy Code, 2016, seeking approval of a resolution plan for Peri Nitrates Private Limited ('the Corporate Debtor'). The Corporate Insolvency Resolution Process (CIRP) was initiated under Section 7 of the Code. Mr. Mahesh Govardhan Bagla was appointed as the Interim Resolution Professional (IRP). Public announcements were made inviting claims from creditors. The Committee of Creditors (CoC) was constituted, and several meetings were held to discuss the resolution plan. The IRP appointed registered valuers to determine the fair value and liquidation value of the Corporate Debtor's assets. Expression of Interest (Eol) was invited from prospective resolution applicants, and

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## Facts

Peri Nitrates Private Limited ('the Corporate Debtor') was incorporated on 01.08.1997. The authorized share capital is Rs. 9,90,00,000 and paid-up share capital is Rs. 9,90,00,000. The company is engaged in the manufacturing of ammonium nitrate and guanidine nitrate. A Corporate Insolvency Resolution Process (‘CIRP”) was initiated under Section 7 of the Code. Mr. Mahesh Govardhan Bagla was appointed as the Interim Resolution Professional (‘IRP'). Public announcements were made inviting claims from creditors. The IRP received claims from secured financial creditors, unsecured financial creditors, and operational creditors. The Committee of Creditors (CoC) was constituted on 28.09.2022. The Applicant submits that 12 COC meetings have been held during the CIRP period. The

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by the Consortium of Individuals should be approved under …

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

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**Reasoning:** The CoC approved the Resolution Plan with a 98.64% majority. The Tribunal examined the

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**Interpretation:** Section 30(6) mandates the Adjudicating Authority to approve a resolution plan

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**Application:** The CoC approved the Resolution Plan with the requisite majority. The Tribunal

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## Parties

- **Judges:** LAKSHMI G…; Charanjeet Singh…
- **Appellants:** Mahesh Govardhan…
- **Respondents:** Peri Nitrates…; Vijay Jagannath…

## Timeline

- **2022-09-06 — Tribunal…**: Tribunal order under Section 7…
- **2022-09-09 — Public Annou…**: IRP made a Public Announcement…

## 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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