# Approval of Resolution Plan - Rajnigandha Suppliers Private Limited

> NCLT judgment dated 2023-11-09. Citation: TCN-2023-NCLT-00821. The case pertains to IA-4305/2023 filed under Section 30(6) of the Insolvency & Bankruptcy…

- **Court:** NCLT
- **Order date:** 9 Nov 2023
- **Citation:** TCN-2023-NCLT-00821
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/approval-of-resolution-plan-rajnigandha-suppliers-private-limited-cfdc62ae

## Summary

### Background

The case pertains to IA-4305/2023 filed under Section 30(6) of the Insolvency & Bankruptcy Code, 2016, regarding the Corporate Insolvency Resolution Process (CIRP) of Rajnigandha Suppliers Private Limited. The CIRP was initiated based on an application filed by Rohit Motilal Agarwal, a Financial Creditor, under Section 7 of the IBC. Mr. Arun Kishanlal Bagaria was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). The RP invited claims from creditors and constituted the Committee of Creditors (CoC). A resolution plan was submitted by M/s Rishab Enterprises, which was approved by 100% of the CoC members. The RP examined the resolution plan to ensure compliance with Section 30(2) of the Code and Regulation

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## Facts

The Corporate Insolvency Resolution Process (CIRP) for Rajnigandha Suppliers Private Limited was initiated on 2023-03-29 following an application by Rohit Motilal Agarwal, a Financial Creditor, under Section 7 of the Insolvency and Bankruptcy Code, 2016. Arun Kishanlal Bagaria was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). The RP made a public announcement on 2023-04-01 inviting claims from creditors. The Committee of Creditors (CoC) was constituted, and its first meeting was held on 2023-04-29. Form G was published on 2023-05-22, inviting Expression of Interest, with a submission deadline of 2023-07-21. M/s Rishab Enterprises submitted a resolution plan with an Earnest Money Deposit on 2023-07-21.

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by M/s Rishab Enterprises meets the requirements of Section …

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

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**Reasoning:** The NCLT observed that the Resolution Plan provides for payment of CIRP costs as

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**Interpretation:** Section 30(2) sets the minimum standards for a resolution plan to be considered

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**Application:** The NCLT applied the requirements of Section 30(2) to the Resolution Plan

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## Parties

- **Judges:** Anu Jagmoha…; KISHORE VEMULAPALL…
- **Appellants:** Arun Kishanlal…
- **Respondents:** Rajnigandha…; Rohit Motilal…
- **Advocates:** Umang M…; Aalisha S…

## Timeline

- **2023-03-29 — Initiation…**: Corporate Insolvency Resolution Process (CIRP) initiated vide an order of the Court in…
- **2023-04-01 — Public Annou…**: Public announcement made in…

## 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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