# Approval of Resolution Plan - Saurashtra Specialities Pvt Ltd.

> NCLT judgment dated 2024-02-01. Citation: TCN-2024-NCLT-02819. The case pertains to an application filed under Section 30(6) and Section 31 read with Section…

- **Court:** NCLT
- **Order date:** 1 Feb 2024
- **Citation:** TCN-2024-NCLT-02819
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/approval-of-resolution-plan-saurashtra-specialities-pvt-ltd-e3a97196

## Summary

### Background

The case pertains to an application filed under Section 30(6) and Section 31 read with Section 60(5) of the Insolvency and Bankruptcy Code (IBC) 2016, regarding the Corporate Insolvency Resolution Process (CIRP) of Saurashtra Specialities Pvt Ltd. The CIRP was initiated following an application by an operational creditor, Aries Paper Company. The Committee of Creditors (CoC) initially appointed Mr. Ashish Shah as the Interim Resolution Professional (IRP), who was later replaced by Mr. Rishabh Chand Lodha. The CoC then approved the resolution plan submitted by Besto Tradelink Limited with a 100% majority in its 13th meeting, rejecting the plan submitted by Mr. Kapil Mantri.

## Facts

Saurashtra Specialities Pvt Ltd was admitted into CIRP following an application by Aries Paper Company, an operational creditor. Mr. Ashish Shah was initially appointed as the Interim Resolution Professional (IRP) but was later replaced by Mr. Rishabh Chand Lodha. The Committee of Creditors (CoC) comprised City Union Bank, HDFC Bank Limited, and Capfloat Financial Services Private Limited. The CoC unanimously approved the resolution plan submitted by Besto Tradelink Limited in its 13th meeting with a 100% majority, rejecting the plan submitted by Mr. Kapil Mantri. The fair value of the assets of the Corporate Debtor was Rs. 11.33 Crores, and the liquidation value was Rs. 7.53 Crores. The resolution plan was approved for Rs. 729 lakhs, with financial creditors to

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## Issues and analysis

### Issue 1: Whether the resolution plan submitted by Besto Tradelink Limited meets the requirements of Section …

**Ratio:** The resolution plan must comply with the provisions of the IBC and IBBI regulations to be

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**Reasoning:** The Tribunal examined the resolution plan and found that it met the requirements of the

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**Interpretation:** Section 30(6) and 31 of the IBC, along with Section 60(5), outline the

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**Application:** The Tribunal applied the ratio to the facts of the case, noting that the

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## Parties

- **Judges:** Chitra Ha…; Velamur G Venkata…
- **Appellants:** Rishabh Chand…
- **Respondents:** Saurashtra…

## Timeline

- **2022-10-31 — CIRP Init…**: Saurashtra Specialities Pvt Ltd admitted into CIRP based on application by Aries Paper…
- **2022-10-31 — Appointment…**: Mr. Ashish Shah appointed as…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 60(5) — Adjudicating Authority for corporate persons](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-60)

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