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

> NCLT judgment dated 2023-10-31. Citation: TCN-2023-NCLT-00956. 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-00956
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/approval-of-resolution-plan-sadhna-communications-pvt-ltd-b682ea6a

## Summary

### Background

The application was filed under Section 30(6) read with Section 31(1) of the Insolvency & Bankruptcy Code, 2016, and Regulation 39(4) of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. It was filed by the Resolution Professional (RP) of M/s. Sadhna Communications Pvt. Ltd ('Corporate Debtor'), seeking approval of the Resolution Plan submitted by M/s Vigyashree Infrastructure Private Limited ('Successful Resolution Applicant'). The Resolution Plan was approved by the Committee of Creditors ('CoC') in its 4th CoC Meeting held on 2022-12-30 with 100% voting shares.

## Facts

The Corporate Insolvency Resolution Process (CIRP) against Sadhna Communications Pvt. Ltd ('Corporate Debtor') was initiated on 2022-07-19, and Mr. Manoj Kulshrestha was appointed as the Interim Resolution Professional (IRP). The IRP prepared a list of creditors and constituted a Committee of Creditors (CoC), comprising only one financial creditor, Mr. Subodh Kumar Nath. The first CoC meeting was held on 2022-08-17, where Mr. Manoj Kulshrestha was appointed as the Resolution Professional (RP). The RP received only one Expression of Interest (EOI) from M/s Vigyashree Infrastructure Private Limited. The Resolution Applicant submitted its final Resolution Plan on 2022-12-28, which was approved by the CoC in its 4th meeting held on 2022-12-30 with 100% voting share. The

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## Issues and analysis

### Issue 1: Whether the resolution plan meets the requirements of Section 30(2) of the Insolvency and …

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

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**Reasoning:** The Adjudicating Authority examined the resolution plan and found that it complies with

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**Interpretation:** Section 30(2) ensures that the resolution plan is fair and equitable to all

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**Application:** The resolution plan was found to meet the requirements of Section 30(2), as it

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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…
- **2022-08-17 — First CoC M…**: The first Meeting of Committee…

## 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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