# Approval of Resolution Plan - Richfeel Health and Beauty Pvt. Ltd.

> NCLT judgment dated 2024-06-20. Citation: TCN-2024-NCLT-01138. The Interlocutory Application (IA No. 03/2024) was filed by Mr. Mayur Rajendra Kumar Popat, the…

- **Court:** NCLT
- **Order date:** 20 Jun 2024
- **Citation:** TCN-2024-NCLT-01138
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/approval-of-resolution-plan-richfeel-health-and-beauty-pvt-ltd-9659867f

## Summary

### Background

The Interlocutory Application (IA No. 03/2024) was filed by Mr. Mayur Rajendra Kumar Popat, the Resolution Professional (RP) of Richfeel Health & Beauty Pvt Ltd, seeking approval of the resolution plan under Section 30(6) of the Insolvency and Bankruptcy Code, 2016. The Corporate Insolvency Resolution Process (CIRP) was initiated against Richfeel Health & Beauty Pvt Ltd following an application by the Financial Creditor, Rajul Mehta & Ors., under Section 7 of the Code. The CIRP was initiated on 26.08.2022, and Mr. Anuj Bajpai was appointed as the Interim Resolution Professional (IRP). The IRP made a public announcement inviting claims on 28.08.2022. The Committee of Creditors (CoC) was constituted on 18.09.2022. The resolution plan submitted by the

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## Facts

Richfeel Health & Beauty Pvt Ltd underwent Corporate Insolvency Resolution Process (CIRP) initiated by Financial Creditor, Rajul Mehta & Ors. The CIRP was triggered under Section 7 of the Insolvency and Bankruptcy Code, 2016. Mr. Anuj Bajpai was appointed as Interim Resolution Professional (IRP), later replaced by Mr. Mayur Rajendra Kumar Popat. A public announcement was made on 28.08.2022 to invite claims. The Committee of Creditors (CoC) was formed on 18.09.2022. The resolution plan was submitted by a consortium of Ms. Bina Mukesh Shah and Ms. Seema Goel, and it was approved by 90.41% of the CoC members in their meeting held on 19.12.2023. The resolution plan involves transferring the Trichology Division of the Corporate Debtor to Resolution Applicant 2 for

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by the consortium of Ms. Bina Mukesh Shah and Ms. Seema Goel …

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

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**Reasoning:** The Adjudicating Authority perused the Resolution Plan and related documents and found

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**Interpretation:** Section 30(2) of the Code is interpreted to mean that the Adjudicating

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**Application:** In this case, the Adjudicating Authority found that the Resolution Plan

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## Parties

- **Judges:** ANIL RAJ C…; Kuldip Kumar…
- **Appellants:** Mayur Rajendrakuma…
- **Respondents:** Richfeel Health &…; Rajul Mehta…

## Timeline

- **2022-08-26 — CIRP Init…**: CIRP initiated against…
- **2022-08-26 — Appointment…**: Mr. Anuj Bajpai appointed as…

## 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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