# Approval of Resolution Plan - Saffron Therapeutics Private Limited

> NCLT judgment dated 2024-11-06. Citation: TCN-2024-NCLT-00292. The case pertains to an application filed under Section 30(6) of the Insolvency & Bankruptcy…

- **Court:** NCLT
- **Order date:** 6 Nov 2024
- **Citation:** TCN-2024-NCLT-00292
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/approval-of-resolution-plan-saffron-therapeutics-private-limited-eedae22b

## Summary

### Background

The case pertains to an application filed under Section 30(6) of the Insolvency & Bankruptcy Code, 2016 by the Resolution Professional of the corporate debtor, Saffron Therapeutics Private Limited. The application seeks the approval of a resolution plan submitted by the successful resolution applicant, Mr. Amit Singh. The Corporate Insolvency Resolution Process (CIRP) was initiated following an insolvency application filed by a financial creditor under Section 7 of the Code. The Committee of Creditors (CoC) comprised of one financial creditor, Gusaiji Trading Private Limited, holding 100% voting share. The resolution plan was approved by the CoC with 100% votes in favor.

## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against Saffron Therapeutics Private Limited following an application by a financial creditor under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. The application was admitted on 25.09.2023, and Mr. Omkarchand Rikhabdas Maloo was appointed as the Interim Resolution Professional (IRP). A public announcement was made on 27.09.2023, inviting claims from creditors, with a deadline of 09.10.2023. The Committee of Creditors (CoC) was constituted on 18.10.2023, comprising Gusaiji Trading Private Limited as the sole financial creditor with 100% voting share, as other creditors were related parties. The first CoC meeting was held on 25.10.2023, where Mr. Omkarchand Rikhabdas Maloo was appointed as

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## Issues and analysis

### Issue 1: Whether the resolution plan submitted by Mr. Amit Singh complies with the provisions of the …

**Ratio:** The resolution plan must comply with Section 30(2) of the IBC, 2016, and Regulation 38

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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) and Regulation 38 (1A) set out the mandatory requirements for a

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**Application:** The Adjudicating Authority reviewed the resolution plan and found that it

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## Parties

- **Judges:** Chitra Ha…; Velamur G Venkata…
- **Appellants:** Omkarchand…
- **Respondents:** Saffron Therapeuti…

## Timeline

- **2023-09-25 — Admission of Insolvency…**: The insolvency application against Saffron…
- **2023-09-27 — Public Annou…**: Public announcement inviting claims…

## 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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