# Approval of Resolution Plan - S and H Gears Private Limited

> NCLT judgment dated 2023-07-10. Citation: TCN-2023-NCLT-02584. The case pertains to an application filed under Section 30(6) and Section 31 of the Insolvency…

- **Court:** NCLT
- **Order date:** 10 Jul 2023
- **Citation:** TCN-2023-NCLT-02584
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/approval-of-resolution-plan-s-and-h-gears-private-limited-a5d427a1

## Summary

### Background

The case pertains to an application filed under Section 30(6) and Section 31 of the Insolvency and Bankruptcy Code, 2016, seeking approval of the Resolution Plan submitted by the Resolution Applicant, Gajra Consortium, for the Corporate Debtor, S and H Gears Private Limited. The Corporate Insolvency Resolution Process (CIRP) was initiated by the NCLT on 24.01.2020 under Section 7 of the IBC. The Resolution Professional (RP) was initially Mr. Navin Khandelwal, later replaced by Ms. Teena Saraswat Pandey. The Committee of Creditors (COC) approved the Resolution Plan with a 77.21% voting share.

## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against S and H Gears Private Limited on 24.01.2020. Mr. Navin Khandelwal was initially appointed as the Interim Resolution Professional (IRP), later replaced by Ms. Teena Saraswat Pandey. The Committee of Creditors (COC) was formed, consisting of financial creditors like Bank of Baroda, MPFC Dewas, and Rani Agro Private Limited. The COC approved a resolution plan submitted by Gajra Consortium with a 77.21% voting share. The resolution plan includes provisions for payment to various stakeholders, including financial creditors, operational creditors, workmen, and related parties. The plan also addresses the treatment of CIRP costs and the infusion of funds by the resolution applicant. The NCLT considered

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by Gajra Consortium meets the requirements of Section 30(2) …

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

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**Reasoning:** The NCLT examined the Resolution Plan to ensure that it complied with each of the

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

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**Application:** The NCLT found that the Resolution Plan submitted by Gajra Consortium met all

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## Parties

- **Judges:** Kuldip Kumar…; ANURADHA SANJAY…
- **Respondents:** S & H Gears…

## Timeline

- **2020-01-24 — CIRP Init…**: Corporate Insolvency Resolution Process (CIRP) of the Corporate Debtor was initiated by…
- **2020-06-22 — 1st COC M…**: The COC in its 1st meeting held on 22.06.2020 appointed Mr. Navin Khandelwal as the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 36(4) — Liquidation estate](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-36)

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