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

> NCLT judgment dated 2024-05-17. Citation: TCN-2024-NCLT-01312. 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-01312
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/approval-of-resolution-plan-power-maxindia-pvt-ltd-f3c19690

## 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 an application under Section 10 of the IBC, with the petition being admitted on 2023-05-01. The Committee of Creditors (CoC), consisting solely of Indian Bank, approved the resolution plan submitted by M/s. Shyam Enterprises with a 100% voting share on 2024-02-02. The Resolution Professional (RP) issued a Letter of Intent (LoI) to the Successful Resolution Applicant (SRA), which was unconditionally

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## Facts

Power Max (India) Pvt. Ltd. underwent Corporate Insolvency Resolution Process (CIRP) after C.P. (IB) No. 104/KB/2022 was filed under Section 10 of the Insolvency and Bankruptcy Code, 2016. The petition was admitted on 2023-05-01. Initially, Mr. Tarun Kumar Ray was appointed as the Interim Resolution Professional (IRP), but later, the CoC replaced him with Mrs. Rachna Jhunjhunwala. A public announcement was made as per Regulation 6(1) of the IBBI regulations. The last date for submission of claims was fixed as 2023-05-15. The Committee of Creditors (CoC) was constituted on 2023-05-27, with Indian Bank as the sole financial creditor holding 100% voting share. The RP appointed two Registered Valuers on 2023-06-06. The fair value of the company was assessed at Rs.

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by M/s. Shyam Enterprises complies with the requirements of …

**Ratio:** The resolution plan must comply with the provisions of the I&B Code, including

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

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**Interpretation:** Sections 30(2) and 31 of the I&B Code are interpreted to ensure that

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**Application:** The Adjudicating Authority found that the resolution plan submitted by M/s.

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## Parties

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

## Timeline

- **2022-01-01 — Company Petiti…**: C.P. (IB) No. 104/KB/2022 was…
- **2023-05-01 — CIRP Init…**: The Adjudicating Authority admitted the petition and initiated CIRP in respect of the…

## 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)

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