# Approval of Resolution Plan - Sadhna Communications Pvt. Ltd.

> NCLT judgment dated 2023-10-31. Citation: TCN-2023-NCLT-00952. The application was filed under Section 30(6) read with Section 31(1) of the Insolvency &…

- **Court:** NCLT
- **Order date:** 31 Oct 2023
- **Citation:** TCN-2023-NCLT-00952
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/approval-of-resolution-plan-sadhna-communications-pvt-ltd-0a5a98d5

## Summary

### Background

The application was filed under Section 30(6) read with Section 31(1) of the Insolvency & Bankruptcy Code, 2016, seeking approval of the Resolution Plan submitted by M/s Vigyashree Infrastructure Private Limited, which was approved by the Committee of Creditors (CoC) in its 4th CoC Meeting held on 30.12.2022 with 100% voting shares. The Corporate Insolvency Resolution Process (CIRP) against Sadhna Communications Pvt. Ltd was initiated on 19.07.2022, and Mr. Manoj Kulshrestha was appointed as the Interim Resolution Professional (IRP). The IRP constituted a Committee of Creditors (CoC) comprising of sole Financial Creditor, Mr. Subodh Kumar Nath. The IRP convened the first CoC meeting on 17.08.2022, where Mr. Manoj Kulshrestha was appointed as the Resolution

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## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against Sadhna Communications Pvt. Ltd. on 19.07.2022. Mr. Manoj Kulshrestha was appointed as the Interim Resolution Professional (IRP) and later as the Resolution Professional (RP). The Committee of Creditors (CoC) consisted of a sole financial creditor, Mr. Subodh Kumar Nath. The RP received one Expression of Interest (EOI) from M/s Vigyashree Infrastructure Private Limited. The Resolution Applicant (Vigyashree Infrastructure Private Limited) submitted a Resolution Plan, which was approved by the CoC with 100% voting share on 30.12.2022. The Resolution Applicant proposed an amount of Rs. 1,26,00,000/- including the CIRP cost. The average fair value and liquidation value of the Corporate Debtor are Rs.

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by the Resolution Applicant meets the requirements of Section …

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

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**Reasoning:** The Adjudicating Authority reviewed the Resolution Plan and found that it complies with

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

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

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## Parties

- **Judges:** SH. BACHU VENKAT…; SH. RAHUL…
- **Appellants:** Subodh Kuma…
- **Respondents:** Sadhna Communicati…; M/s. Sadhna…

## Timeline

- **2022-07-19 — Initiation…**: Corporate Insolvency Resolution Process…
- **2022-07-19 — Appointment…**: Mr. Manoj Kulshrestha was appointed as the…

## 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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