# Approval of Resolution Plan - Sheel Auto Industries Pvt. Ltd.

> NCLT judgment dated 2025-05-06. Citation: TCN-2025-NCLT-00116. The application was filed by Mr. Akhil Ahuja, the Resolution Professional of Sheel Auto…

- **Court:** NCLT
- **Order date:** 6 May 2025
- **Citation:** TCN-2025-NCLT-00116
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/approval-of-resolution-plan-sheel-auto-industries-pvt-ltd-bdb3d268

## Summary

### Background

The application was filed by Mr. Akhil Ahuja, the Resolution Professional of Sheel Auto Industries Pvt. Ltd., under Section 30(6) read with Regulation 39 of the IBBI (Insolvency Resolution Process of Corporate Persons) Regulations, 2016, seeking approval of the Resolution plan submitted by Mr. Ramdhan Gupta, the Successful Resolution Applicant. The Corporate Insolvency Resolution Process (CIRP) was initiated following an application under Section 10 of the Code. Mr. Deepankur Sharma was initially appointed as the Interim Resolution Professional (IRP), later replaced by Mr. Akhil Ahuja. The Committee of Creditors (CoC) approved the resolution plan with a 98.75% vote share.

## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against Sheel Auto Industries Pvt. Ltd. following an application under Section 10 of the Insolvency and Bankruptcy Code, 2016. Initially, Mr. Deepankur Sharma was appointed as the Interim Resolution Professional (IRP), but he was later replaced by Mr. Akhil Ahuja. A public announcement was made on August 27, 2023, inviting claims from creditors. The Committee of Creditors (CoC) was constituted, initially comprising Bank of India with a claim of Rs. 7,93,65,353. The CoC was later reconstituted to include RBL Bank with a claim of Rs. 9,74,606.86. The CoC approved the issuance of an invitation for Expression of Interest (EOI) on November 9, 2023. Four resolution plans were received, and after a Swiss

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by Mr. Ramdhan Gupta meets the requirements of Sections 30 …

**Ratio:** Sections 30 and 31 of the Code outline the requirements for a valid resolution plan,

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**Reasoning:** The Adjudicating Authority reviewed the Resolution Plan to ensure it complied with the

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**Interpretation:** The interpretation of Sections 30 and 31 requires the Adjudicating Authority to

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**Application:** The Adjudicating Authority determined that the Resolution Plan met the

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## Parties

- **Judges:** Sh. Harnam Singh…; Sh. Ashish…
- **Appellants:** Akhil A…
- **Respondents:** Sheel Auto…; Ramdhan…

## Timeline

- **2021-01-01 — CP (IB) No. 155/Chd/Pb/2…**: Application filed under…
- **2023-08-25 — Admission of Ap…**: Application admitted by the Adjudicating…

## 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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