# Approval of Resolution Plan - Rathi Graphic Technologies Limited

> NCLT judgment dated 2023-07-27. Citation: TCN-2023-NCLT-02303. The case pertains to an application (IA No.31/2021) filed in connection with the Corporate…

- **Court:** NCLT
- **Order date:** 27 Jul 2023
- **Citation:** TCN-2023-NCLT-02303
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/approval-of-resolution-plan-rathi-graphic-technologies-limited-9889bcfe

## Summary

### Background

The case pertains to an application (IA No.31/2021) filed in connection with the Corporate Insolvency Resolution Process (CIRP) of Rathi Graphic Technologies Limited. The CIRP was initiated based on a petition filed by Exim Scrips Dealers Private Limited under Section 7 of the Insolvency and Bankruptcy Code, 2016. The application was filed by the Resolution Professional (RP), Anshul Gupta, seeking approval of the resolution plan submitted by Surbhika Steels Private Limited through its unit Nikunj Udhyog. The Adjudicating Authority admitted the company petition on 03.02.2020, and the CIRP commenced on the same date. Several CoC meetings were held, and the resolution plan was eventually approved by the CoC with a 100% voting share. The RP filed the instant IA for

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## Facts

Exim Scrips Dealers Private Limited filed a company petition (CP (IB) No.325/ALD/2019) under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Rathi Graphic Technologies Limited. The Adjudicating Authority admitted the petition on 03.02.2020, marking the Insolvency Commencement Date. Mr. Sunil Kumar Aggarwal was initially appointed as the Interim Resolution Professional (IRP), later replaced by Mr. Anshul Gupta. A public announcement was made on 03.02.2020, inviting claims from creditors. The Committee of Creditors (CoC) was constituted on 26.02.2020, comprising two financial creditors: State Bank of India (90.68% voting share) and Exim Scrips Dealers Private Limited (9.32% voting share). The total

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## Issues and analysis

### Issue 1: Whether the resolution plan submitted by Surbhika Steels Private Limited through its unit Nikunj …

**Ratio:** Section 30(2) of the Insolvency and Bankruptcy Code, 2016, specifies the mandatory

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**Reasoning:** The Adjudicating Authority reviewed the resolution plan to ensure that it complies with

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**Interpretation:** Section 30(2) is interpreted to ensure that the resolution plan adequately

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**Application:** The Adjudicating Authority found that the resolution plan submitted by Surbhika

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## Parties

- **Judges:** Praveen…; Ashish…
- **Respondents:** M/S RATHI GRAPHIC…; Raj Kumar Rathi…

## Timeline

- **2019-01-01 — Company Petiti…**: Company Petition CP (IB) No.325/ALD/2019 filed by Exim Scrips Dealers Private Limited…
- **2020-02-03 — Admission of Petition…**: Adjudicating Authority admitted the company petition, marking the Insolvency Commencement…

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