# Approval of Resolution Plan - P.l. Industries Private Limited

> NCLT judgment dated 2024-12-13. Citation: TCN-2024-NCLT-00060. The case involves an Interlocutory Application (IA (IBC)(Plan)/2/GB/2024) filed by Sandeep…

- **Court:** NCLT
- **Order date:** 13 Dec 2024
- **Citation:** TCN-2024-NCLT-00060
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/approval-of-resolution-plan-pl-industries-private-limited-a91c2bd5

## Summary

### Background

The case involves an Interlocutory Application (IA (IBC)(Plan)/2/GB/2024) filed by Sandeep Khaitan, the Resolution Professional (RP) of P.L. Industries Private Limited, the Corporate Applicant (CA). The application seeks approval of a resolution plan submitted by Arup Kumar Sarma, the Successful Resolution Applicant (SRA). The Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Applicant following an order dated 12.01.2024. The resolution plan was approved by the Committee of Creditors (CoC) with a 100% voting share.

## Facts

P.L. Industries Private Limited, incorporated under the Companies Act, 1956, faced Corporate Insolvency Resolution Process (CIRP) after the petition was admitted on 2024-01-12. Sandeep Khaitan was appointed as the Resolution Professional (RP). An Invitation for Expression of Interest (EOI) was issued on 2024-04-27, and three Prospective Resolution Applicants (PRAs) showed interest. The Committee of Creditors (CoC) was formed, consisting of Canara Bank as the sole financial creditor. The last date for submission of the Resolution Plan was 2024-07-15. Mr. Arup Kumar Sarma's resolution plan was approved by the CoC with 100% voting share. The initial completion date for CIRP was 2024-07-10, which was later extended to 2024-10-18. The Resolution Plan proposed a payment of

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by …

**Ratio:** The Adjudicating Authority must be satisfied that the Resolution Plan complies with the

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**Reasoning:** The CoC approved the Resolution Plan with 100% voting share, indicating their belief that

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**Interpretation:** Section 31 of the IBC mandates that the Adjudicating Authority approve a

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**Application:** The NCLT found that the Resolution Plan submitted by Mr. Arup Kumar Sarma has

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## Parties

- **Judges:** Deep Chandr…; Balraj…
- **Appellants:** P. L. Industries…
- **Respondents:** P.L. Industries…; Canara…

## Timeline

- **2022-01-01 — CP (IB)/32/GB/2…**: Corporate Insolvency…
- **2024-01-12 — Admission in…**: P.L. Industries 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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