# Approval of Resolution Plan - Rudraksh Dealcom Private Limited

> NCLT judgment dated 2024-03-05. Citation: TCN-2024-NCLT-02208. The legal document pertains to an application filed under section 30(6) and section 31(1) of…

- **Court:** NCLT
- **Order date:** 5 Mar 2024
- **Citation:** TCN-2024-NCLT-02208
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/approval-of-resolution-plan-rudraksh-dealcom-private-limited-a3913b21

## Summary

### Background

The legal document pertains to an application filed under section 30(6) and section 31(1) of the Insolvency & Bankruptcy Code, 2016, read with regulation 39(4) of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, seeking approval of a Resolution Plan for Rudraksh Dealcom Private Limited. The CIRP was initiated, and Neeraj Jain was appointed as the Resolution Professional. The CoC approved the resolution plan submitted by M/s. S2M2 Finserve Private Limited with 100% voting shares. The resolution applicant also submitted performance security as required.

## Facts

Rudraksh Dealcom Private Limited underwent Corporate Insolvency Resolution Process (CIRP). Neeraj Jain was appointed as the Resolution Professional (RP). M/s. S2M2 Finserve Private Limited submitted a Resolution Plan, which was approved by the Committee of Creditors (CoC) with 100% voting shares. The Resolution Applicant (SRA) also submitted Performance Security of Rs. 7 Lakhs as Earnest Money Deposit along with Eol documents on March 12, 2023, and further transferred a sum of Rs. 50,000/- on 09th June, 2023 towards Performance Security. The Resolution Plan provided for a total plan value of Rs. 16,00,000 Lakhs for the Corporate Debtor. The CIRP cost was estimated at Rs. 11,00,000. The Resolution Plan also addressed the treatment of unsecured financial creditors and

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by M/s. S2M2 Finserve Private Limited complies with the …

**Ratio:** Section 30(2) of the IBC lays down the conditions that a resolution plan must fulfill to

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**Reasoning:** The Adjudicating Authority examined the Resolution Plan to ensure that it met all the

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**Interpretation:** Section 30(2) is interpreted as a mandatory provision that sets out the minimum

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

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## Parties

- **Judges:** Smt Bidisha…; Balraj…
- **Respondents:** Rudraksh Dealcom…

## Timeline

- **2022-07-11 — CIRP Init…**: Corporate Debtor…
- **2022-07-11 — Appointment…**: Mr. Neeraj Jain appointed as the…

## 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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