# Approval of Resolution Plan - Reliance Big Private Limited

> NCLT judgment dated 2025-02-18. Citation: TCN-2025-NCLT-00474. The case pertains to the Corporate Insolvency Resolution Process (CIRP) of Reliance Big Private…

- **Court:** NCLT
- **Order date:** 18 Feb 2025
- **Citation:** TCN-2025-NCLT-00474
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/approval-of-resolution-plan-reliance-big-private-limited-7c995d5d

## Summary

### Background

The case pertains to the Corporate Insolvency Resolution Process (CIRP) of Reliance Big Private Limited. The CIRP was initiated due to the corporate debtor's failure to maintain the security cover as per the terms of transaction documents relating to subscription of debentures, leading to a Mandatory Prepayment Event. The application was filed under Section 30(6) r/w Section 31 (1) of the Insolvency and Bankruptcy Code, 2016. The Resolution Professional (RP), Mr. Rohit Ramesh Mehra, sought approval of the resolution plan submitted by Mr. Manoj Kumar Upadhyay, the Successful Resolution Applicant (SRA), which was approved by 100% of the Committee of Creditors (CoC). The CIRP timeline was extended multiple times to ensure completion of all pending procedures. The

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## Facts

Reliance Big Private Limited, incorporated on 08.12.2006, faced financial distress due to its failure to maintain the required security cover for debentures. This triggered a Mandatory Prepayment Event, leading to the initiation of CIRP. The company owns a wind energy generator in Tenkasi, Tamil Nadu, and land parcels in Thiruvallur and Tirunelveli Districts, supplying electricity to the Tamil Nadu Electric Board. The CIRP was initiated on 18.08.2023, with Mr. Rohit Ramesh Mehra appointed as the Interim Resolution Professional (IRP). Public announcement was made on 23.08.2023, inviting claims from creditors. The Committee of Creditors (CoC) was formed, comprising financial creditors, and the RP's appointment was confirmed on 28.11.2023. The RP received EOIs from 7

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by the Successful Resolution Applicant complies with the …

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

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**Reasoning:** The Adjudicating Authority examined the Resolution Plan to ensure that it complied with

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**Interpretation:** Section 30(2) is interpreted as setting out the minimum standards that a

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**Application:** The Adjudicating Authority found that the Resolution Plan complied with all the

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## Parties

- **Judges:** Shri. Prabhat…; V.G. B…
- **Appellants:** Rohit Rames…
- **Respondents:** Reliance Big…
- **Advocates:** Saurabh Bac…; Pooj…; +6 more

## Timeline

- **2006-12-08 — Incorporation of…**: Reliance Big Private Limited was…
- **2023-08-18 — Initiation…**: Corporate Debtor was admitted into the Corporate Insolvency Resolution Process (“CIRP")…

## 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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