# Approval of Resolution Plan - PG Advertising Private Limited

> NCLT judgment dated 2025-03-12. Citation: TCN-2025-NCLT-00370. The case pertains to I.A. No. 3713/2023 filed in C.P.(IB)-996(ND)/2020 before the National…

- **Court:** NCLT
- **Order date:** 12 Mar 2025
- **Citation:** TCN-2025-NCLT-00370
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/approval-of-resolution-plan-pg-advertising-private-limited-0e539661

## Summary

### Background

The case pertains to I.A. No. 3713/2023 filed in C.P.(IB)-996(ND)/2020 before the National Company Law Tribunal (NCLT), New Delhi Bench, concerning the corporate insolvency resolution process (CIRP) of PG Advertising Private Limited, the Corporate Debtor. The CIRP was initiated upon an application by Tulsi Nandan Kant Bansal, the Financial Creditor, under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, which was admitted on 18.10.2022. Mr. Vinay Kumar Singhal was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). The RP then filed an application under Section 30(6) of the IBC, seeking approval of the resolution plan submitted by RK Advertising Service.

## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against PG Advertising Private Limited following an application by the Financial Creditor, Tulsi Nandan Kant Bansal, under Section 7 of the IBC. The application was admitted on 18.10.2022. Vinay Kumar Singhal was appointed as the Resolution Professional (RP). The RP made a public announcement on 06.11.2022 to invite claims from creditors. The Committee of Creditors (CoC) was constituted, and it was discovered that the Corporate Debtor held 99% shareholding in Dev Versha Publication Private Limited, a related party. The RP obtained valuations of the Corporate Debtor's assets. The RP received Expression of Interest (EOI) from two Prospective Resolution Applicants (PRAs): RK Advertising Service and KDM

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## Issues and analysis

### Issue 1: Whether the resolution plan submitted by RK Advertising Service complies with the requirements of …

**Ratio:** Section 30(2) of the IBC mandates that a resolution plan must not contravene any

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**Reasoning:** The NCLT examined the resolution plan to ensure that it met the requirements of Section

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**Interpretation:** Section 30(2) of the IBC sets out the mandatory requirements for a resolution

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**Application:** The NCLT found that the resolution plan submitted by RK Advertising Service

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## Parties

- **Judges:** Sh. Ashok Kumar…; SUBRATA KUM…
- **Appellants:** Tulsi Nandan Kant…
- **Respondents:** PG Advertising…; Sanjay…

## Timeline

- **2020-01-01 — C.P.(IB)-996(ND)/2020…**: The underlying main petition C.P.(IB)-996/(ND)/2020 was filed by Tulsi Nandan Kant Bansal…
- **2022-10-18 — Admission of Section 7…**: The Section 7 application filed by Tulsi Nandan Kant Bansal was admitted by the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 14 — Moratorium](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-14)

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