# Approval of Resolution Plan - Sanmati Pressings Private Limited

> NCLT judgment dated 2024-04-29. Citation: TCN-2024-NCLT-01544. The case involves an application filed by CS Anagha Anasingaraju, the Resolution Professional…

- **Court:** NCLT
- **Order date:** 29 Apr 2024
- **Citation:** TCN-2024-NCLT-01544
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/approval-of-resolution-plan-sanmati-pressings-private-limited-a4441e3b

## Summary

### Background

The case involves an application filed by CS Anagha Anasingaraju, the Resolution Professional (RP) of M/s. Sanmati Pressings Private Limited (Corporate Debtor), under Section 30(6) of the Insolvency and Bankruptcy Code, 2016, seeking approval of the Resolution Plan submitted by M/s. Platemasters (the Successful Resolution Applicant). The Corporate Insolvency Resolution Process (CIRP) was initiated following a petition filed by Janaseva Sahakari Bank Limited, the Financial Creditor. The Committee of Creditors (CoC) approved the Resolution Plan with 100% voting share.

## Facts

Janaseva Sahakari Bank Limited initiated CIRP against Sanmati Pressings Private Limited under Section 7 of IBC, 2016. CS Anagha Anasingaraju was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). Public announcement was made, inviting claims from stakeholders, and the CoC was constituted. Twelve CoC meetings were held. The RP published FORM-G, inviting Expression of Interest (EOI) for submission of a Resolution Plan. Initially, only one EOI was received, leading to a fresh EOI publication. Eventually, three EOIs were received, and a list of Prospective Resolution Applicants (PRAs) was prepared. The Resolution Plan submitted by M/s. Platemasters was approved by the CoC with 100% voting share. The fair value of

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by M/s. Platemasters meets the requirements of Section 30(2) …

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

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**Reasoning:** The Adjudicating Authority observed that the Resolution Plan provides for the payment of

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**Interpretation:** The interpretation of Section 30(2) requires the Adjudicating Authority to

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

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## Parties

- **Judges:** Anu Jagmoha…; KISHORE VEMULAPALL…
- **Appellants:** CS Anagha…
- **Respondents:** Sanmati Pressings…; M/s. Sanmati…

## Timeline

- **2023-12-28 — Application…**: The instant application was filed by CS Anagha…
- **2023-01-20 — Initiation…**: The Tribunal initiated Corporate Insolvency Resolution Process (CIRP) of the Corporate…

## 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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