# Approval of Resolution Plan - Saffron Therapeutics Private Limited

> NCLT judgment dated 2024-11-06. Citation: TCN-2024-NCLT-00295. The application was filed under Section 30(6) of the Insolvency & Bankruptcy Code, 2016 by the…

- **Court:** NCLT
- **Order date:** 6 Nov 2024
- **Citation:** TCN-2024-NCLT-00295
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/approval-of-resolution-plan-saffron-therapeutics-private-limited-c59181c2

## Summary

### Background

The application was filed under Section 30(6) of the Insolvency & Bankruptcy Code, 2016 by the Resolution Professional of the corporate debtor, seeking approval of the Resolution Plan submitted by the Successful Resolution Applicant, Mr. Amit Singh. The Financial Creditor had filed an insolvency application under Section 7 of the Code for initiation of Corporate Insolvency Resolution Process (“CIRP”) against the Corporate Debtor, which was admitted vide Order dated 25.09.2023. Mr. Omkarchand Rikhabdas Maloo was appointed as IRP. The public announcement inviting the claims from creditors of the Corporate Debtor was made in Form-A on 27.09.2023, with the last date for submission of claims being 09.10.2023. The IRP collated the claims and constituted the Committee of

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## Facts

The Financial Creditor, Gusaiji Trading Private Limited, initiated CIRP against Saffron Therapeutics Pvt. Ltd. under Section 7 of the IBC. Omkarchand Rikhabdas Maloo was appointed as the IRP and later as the Resolution Professional. The CoC consisted solely of Gusaiji Trading Private Limited, holding 100% voting share. The RP received one resolution plan from Amit Singh, the promoter of Saffron Therapeutics Pvt. Ltd. The CoC approved the resolution plan with a 100% vote. The resolution plan involves payments to financial creditors, statutory dues, and CIRP costs. The resolution applicant has submitted affidavits in compliance with Section 29A r.w. Section 240A. The resolution applicant has already paid EMD along with the Eol and has further deposited an amount of Rs.

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by the Successful Resolution Applicant complies with the …

**Ratio:** The Resolution Plan must comply with the provisions of Section 30(2) of the IBC and

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**Reasoning:** The Adjudicating Authority observed that the Resolution Plan is in compliance with the

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**Interpretation:** Section 30(2) of the IBC outlines the requirements for a resolution plan,

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**Application:** The Adjudicating Authority found that the Resolution Plan complies with Section

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## Parties

- **Judges:** Chitra Ha…; Velamur G Venkata…
- **Appellants:** Omakar Maloo IRP…
- **Respondents:** Saffron Therapeuti…

## Timeline

- **2023-09-25 — Admission o…**: Order admitting the Corporate Debtor into…
- **2023-09-27 — Public Annou…**: Public announcement inviting claims from creditors of the Corporate Debtor was made in…

## 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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