# Approval of Resolution Plan - Reward Business Solutions Private Limited

> NCLT judgment dated 2025-06-06. Citation: TCN-2025-NCLT-00005. The case pertains to the Corporate Insolvency Resolution Process (CIRP) of Reward Business…

- **Court:** NCLT
- **Order date:** 6 Jun 2025
- **Citation:** TCN-2025-NCLT-00005
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/approval-of-resolution-plan-reward-business-solutions-private-limited-33fcb1bf

## Summary

### Background

The case pertains to the Corporate Insolvency Resolution Process (CIRP) of Reward Business Solutions Private Limited. The CIRP was initiated by the Tribunal on 18.02.2021 under Section 7 of the Insolvency and Bankruptcy Code (IBC). The Resolution Professional (RP) filed an application under Section 30(6) r/w 31(1) of the IBC seeking approval of the Resolution Plan submitted by the Respondent, Consortium of Mr. Ravindra Khandelwal, Mr. Ajoy Kumar Mohta & M/s ARSK Consultants Private Limited. The Resolution Plan was approved by the Committee of Creditors (CoC) with 88.48% voting share.

## Facts

Reward Business Solutions Private Limited ('Corporate Debtor') is engaged in providing business solutions services. The CIRP was initiated on 18.02.2021 based on Section 7 of the IBC. The applicant was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). A public announcement was made on 24.02.2021, inviting claims from creditors. The total claim received from financial creditors was INR 182.26 Cr, out of which INR 94.76 Cr was admitted. Ezeego One Travel Tours Limited filed an IA against rejection of their claim, which was allowed on 16.02.2024. The RP appointed registered valuers to determine the liquidation and fair value of the Corporate Debtor. The RP published Form G inviting Expression of Interest (EoI)

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## Issues and analysis

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

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

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**Reasoning:** The Tribunal perused Form H, the compliance certificate submitted by the RP, and found

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

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**Application:** In this case, the Tribunal found that the Resolution Plan met all the

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## Parties

- **Judges:** Sushil Mahadeorao…; Charanjeet Singh…
- **Appellants:** Piyush Kisanlal…
- **Respondents:** Reward Business…; CONSORTIUM OF MR.…

## Timeline

- **2021-02-18 — Initiation…**: The Corporate Insolvency Resolution Process (CIRP) of Reward Business Solutions Private…
- **2021-02-24 — Public Annou…**: A Public Announcement inviting claims…

## 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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