# Approval of Resolution Plan - Safeco Hygiene Films Pvt. Ltd.

> NCLT judgment dated 2023-07-31. Citation: TCN-2023-NCLT-02270. The case pertains to an application filed on 15.06.2023 under Section 30(6) & 31 of the…

- **Court:** NCLT
- **Order date:** 31 Jul 2023
- **Citation:** TCN-2023-NCLT-02270
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/approval-of-resolution-plan-safeco-hygiene-films-pvt-ltd-f9d7593e

## Summary

### Background

The case pertains to an application filed on 15.06.2023 under Section 30(6) & 31 of the Insolvency & Bankruptcy Code, 2016 by Mr. Charudutt Marathe, the Resolution Professional (RP) of the corporate debtor, Safeco Hygiene Films Pvt. Ltd., for approval of the Resolution Plan submitted by Mr. Jaydeep Maheshwari. The Corporate Debtor was admitted into Corporate Insolvency Resolution Process (CIRP) by the Adjudicating Authority vide order dated 01.08.2022, in an application filed by Ayodhya Orchards LLP, the Financial Creditor, under Section 7 of the IB Code, 2016, wherein a moratorium was declared and CIRP was initiated. Mr. Charudutt Marathe was appointed as Interim Resolution Professional (IRP). Subsequently, an appeal was preferred against the admission order

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## Facts

The Corporate Debtor, Safeco Hygiene Films Pvt. Ltd., was admitted into Corporate Insolvency Resolution Process (CIRP) on 01.08.2022 following an application by Ayodhya Orchards LLP, a Financial Creditor, under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. Charudutt Marathe was appointed as the Interim Resolution Professional (IRP) and later as the Resolution Professional (RP). The Committee of Creditors (CoC) initially consisted of Ayodhya Orchards LLP (68% voting share) and Union Bank of India (32% voting share) and was later reconstituted. An appeal against the admission order was filed by M/s. Loganmoy Ltd. Mathesan Trust Company (BVI) Ltd. before the NCLAT, which directed that the Corporate Debtor be run as a going concern. The RP published Form-G

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## Issues and analysis

### Issue 1: Whether the resolution plan submitted by Mr. Jaydeep Maheshwari for Safeco Hygiene Films Pvt. Ltd. …

**Ratio:** Section 30(6) of the IBC, 2016 allows for the approval of a resolution plan if it meets

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**Reasoning:** The Adjudicating Authority considered the compliance certificate in Form-H, which

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**Interpretation:** Section 30(6) of the IBC, 2016 is interpreted to mean that if a resolution plan

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**Application:** The resolution plan of Mr. Jaydeep Maheshwari for Corporate Debtor i.e., Safeco

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## Parties

- **Judges:** SHAMMI…; Ajai Das Me…
- **Respondents:** SAFECO Hygiene…

## Timeline

- **2022-08-01 — Admission in…**: Corporate Debtor admitted into Corporate Insolvency Resolution Process (CIRP) by the…
- **2022-08-18 — Constitution…**: Committee of Creditors…

## 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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