# Approval of Resolution Plan - Privilege Industries Limited

> NCLT judgment dated 2024-02-23. Citation: TCN-2024-NCLT-02438. The document pertains to an application filed by the Resolution Professional of Privilege…

- **Court:** NCLT
- **Order date:** 23 Feb 2024
- **Citation:** TCN-2024-NCLT-02438
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/approval-of-resolution-plan-privilege-industries-limited-d39b68aa

## Summary

### Background

The document pertains to an application filed by the Resolution Professional of Privilege Industries Limited, seeking approval of the Resolution Plan submitted by SNJ Breweries Private Limited. The Corporate Debtor, Privilege Industries Limited, was admitted into the corporate insolvency resolution process (CIRP) following an order by the Hon'ble Tribunal. Subsequent to the admission order, an Interim Resolution Professional (IRP) was appointed, a public announcement was issued, and a Committee of Creditors (CoC) was constituted. The CoC later replaced the IRP with the current Resolution Professional (RP). The RP then conducted several meetings of the CoC to discuss the resolution process, including the issuance of FORM G to invite prospective resolution applicants.

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## Facts

1. Privilege Industries Limited was admitted into CIRP based on an application under the Insolvency and Bankruptcy Code, 2016.
2. Sripatham Venkatasubramanian Ramkumar was appointed as the Resolution Professional (RP).
3. An Interim Resolution Professional (IRP) was initially appointed but later replaced by the current RP.
4. The Committee of Creditors (CoC) was constituted, comprising Omkara Asset Reconstruction Company Private Limited and Unity Small Finance Bank Limited.
5. The RP convened multiple CoC meetings to discuss the resolution process.
6. FORM G was issued to invite prospective resolution applicants.
7. Nine prospective resolution applicants expressed interest, and six submitted resolution plans.
8. The CoC approved the resolution plan submitted by SNJ Breweries

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by SNJ Breweries Private Limited meets the requirements of …

**Ratio:** Section 30(2) of the IBC outlines the mandatory requirements that a resolution plan must

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**Reasoning:** The Tribunal examined the Resolution Plan to ensure that it complied with all the

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**Interpretation:** Section 30(2) is interpreted as setting a minimum threshold for the content of

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**Application:** The Tribunal found that the Resolution Plan submitted by SNJ Breweries Private

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## Parties

- **Judges:** Reeta K…; Madhu S…
- **Appellants:** Sripatham…
- **Respondents:** Privilege…

## Timeline

- **2020-01-01 — Company Petiti…**: Company Petition…
- **2023-02-15 — Initiation…**: Date of Initiation of Corporate…

## 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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