# Approval of Resolution Plan - Power Max(India) Pvt. Ltd.

> NCLT judgment dated 2024-05-17. Citation: TCN-2024-NCLT-01300. The case pertains to an application filed under Sections 30(6) and 31(1) of the Insolvency and…

- **Court:** NCLT
- **Order date:** 17 May 2024
- **Citation:** TCN-2024-NCLT-01300
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/approval-of-resolution-plan-power-maxindia-pvt-ltd-11da7cc9

## Summary

### Background

The case pertains to an application filed under Sections 30(6) and 31(1) of the Insolvency and Bankruptcy Code, 2016, read with Regulation 39(4) of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, for the approval of a resolution plan for Power Max (India) Pvt. Ltd. The Corporate Insolvency Resolution Process (CIRP) was initiated following a petition filed by the Corporate Applicant under Section 10 of the IBC, which was admitted on 2023-05-01. Mr. Tarun Kumar Ray was initially appointed as the Interim Resolution Professional but was later replaced by Mrs. Rachna Jhunjhunwala. The Committee of Creditors (CoC), consisting of Indian Bank as the sole financial creditor, approved the resolution plan submitted by M/s. Shyam Enterprises with

…

## Facts

Power Max (India) Pvt. Ltd. faced Corporate Insolvency Resolution Process (CIRP) initiated under Section 10 of the Insolvency and Bankruptcy Code, 2016. The CIRP was triggered by a petition filed by the Corporate Applicant, which was admitted on 2023-05-01. Initially, Mr. Tarun Kumar Ray was appointed as the Interim Resolution Professional (IRP), but he was later replaced by Mrs. Rachna Jhunjhunwala. The Committee of Creditors (CoC) comprised a single financial creditor, Indian Bank, holding 100% of the voting share. The CoC approved a resolution plan submitted by M/s. Shyam Enterprises with a 100% voting share. The total admitted claim from various creditors amounted to Rs. 48.36 Crore, while the resolution plan proposed an amount of Rs. 4.01 Crore, resulting in a

…

## Issues and analysis

### Issue 1: Whether the resolution plan submitted by M/s. Shyam Enterprises complies with the provisions of …

**Ratio:** Sections 30 and 31 of the I&B Code, along with Regulations 38 and 39 of the IBBI

…

**Reasoning:** The Adjudicating Authority examined the resolution plan to ensure it met the criteria

…

**Interpretation:** The interpretation of Sections 30 and 31 requires a comprehensive assessment of

…

**Application:** In this case, the Adjudicating Authority found that the resolution plan

…

## Parties

- **Judges:** BIDISHA BA…; D. Ar…
- **Respondents:** POWER MAX (INDIA)…

## Timeline

- **2022-01-01 — Company Petiti…**: Company Petition No.…
- **2023-05-01 — CIRP Init…**: Adjudicating Authority admitted the petition and initiated CIRP for Power Max (India)…

## 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)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/approval-of-resolution-plan-power-maxindia-pvt-ltd-11da7cc9