# Approval of Resolution Plan - Rubique Technologies India Private Limited

> NCLT judgment dated 2025-05-02. Citation: TCN-2025-NCLT-00127. The Interlocutory Application (I.A.) (I.B.C) (Plan) No. 55/MB/2024 was filed by Mr. Pranav…

- **Court:** NCLT
- **Order date:** 2 May 2025
- **Citation:** TCN-2025-NCLT-00127
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/approval-of-resolution-plan-rubique-technologies-india-private-limited-1fcd0be0

## Summary

### Background

The Interlocutory Application (I.A.) (I.B.C) (Plan) No. 55/MB/2024 was filed by Mr. Pranav Damania, the Resolution Professional, on behalf of the Committee of Creditors (CoC) of Rubique Technologies India Private Limited, the Corporate Debtor. The application sought approval of the Resolution Plan under Section 30(6) read with Section 31 of the Insolvency and Bankruptcy Code, 2016, along with relevant regulations and rules. The Resolution Plan was submitted by Mr. Pravin Jain, the Successful Resolution Applicant (SRA). The Corporate Insolvency Resolution Process (CIRP) was initiated on 07.10.2020, and Mr. Ajay Gupta was appointed as the Interim Resolution Professional. During the CIRP, a public announcement was made, claims were invited, and the CoC was constituted

…

## Facts

Mr. Pranav Damania, the Resolution Professional, filed an application seeking approval of the Resolution Plan for Rubique Technologies India Private Limited, the Corporate Debtor. The CIRP was initiated on 07.10.2020 following a petition by Mr. Salil Shashank Kulkarni. Initially, Mr. Ajay Gupta was appointed as the Interim Resolution Professional. The CoC, comprising Blacksoil Capital Private Limited as the sole Financial Creditor, initially decided to liquidate the Corporate Debtor. However, after receiving interest from a Resolution Applicant, the CoC decided to invite a Resolution Plan. The present Applicant was appointed as the Resolution Professional, replacing the Erstwhile IRP. Expressions of Interest (EOI) were invited, and the Resolution Plan submitted by Mr.

…

## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by Mr. Pravin Kumar Jain meets the requirements of Section …

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

…

**Reasoning:** The Tribunal reviewed the Resolution Plan and found that it provides for priority payment

…

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

…

**Application:** The Tribunal applied the requirements of Section 30(2) to the specific

…

## Parties

- **Judges:** ASHISH…; SANJIV…
- **Appellants:** Pranav Da…
- **Respondents:** Rubique Technologi…; Income tax…

## Timeline

- **2019-01-01 — CP (IB)…**: CP (IB) No. 4304/MB/2019…
- **2020-10-07 — CIRP Init…**: The Tribunal admitted the Corporate Debtor into Corporate Insolvency Resolution Process…

## 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)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/approval-of-resolution-plan-rubique-technologies-india-private-limited-1fcd0be0