# Approval of Resolution Plan - Shree Gopinath Paper Mills Private Limited

> NCLT judgment dated 2025-06-05. Citation: TCN-2025-NCLT-00014. The case pertains to an application filed under Section 30 of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 5 Jun 2025
- **Citation:** TCN-2025-NCLT-00014
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/approval-of-resolution-plan-shree-gopinath-paper-mills-private-limited-6226f93a

## Summary

### Background

The case pertains to an application filed under Section 30 of the Insolvency and Bankruptcy Code, 2016 (IBC) r.w. Regulation 39 of IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, for the approval of a resolution plan submitted by White Gold Cotton and Oil Industries for the corporate debtor, Shree Gopinath Paper Mills Private Limited. The financial creditor had initiated the Corporate Insolvency Resolution Process (CIRP) under Section 7 of the Code. The Corporate Debtor was admitted into CIRP, and an IRP was appointed. Public announcement was made to invite claims from creditors.

## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against Shree Gopinath Paper Mills Private Limited following an application by a financial creditor under Section 7 of the Insolvency and Bankruptcy Code (IBC). The application was admitted, and an Interim Resolution Professional (IRP) was appointed, who then constituted a Committee of Creditors (CoC) comprising HDFC Bank Limited and Bank of Baroda. The IRP received two resolution plans and, after a bidding process, the CoC approved the resolution plan submitted by White Gold Cotton and Oil Industries with a 100% voting share. The successful resolution applicant (SRA) provided a declaration under Section 29A of the IBC and deposited 10% of the resolution plan value as performance security. The resolution

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## Issues and analysis

### Issue 1: Whether the Resolution Plan meets the requirements of Section 30(2) of the Insolvency and …

**Ratio:** Section 30(2) of the IBC stipulates mandatory compliances for a resolution plan,

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

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**Interpretation:** Section 30(2) is interpreted as setting out the minimum standards a resolution

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**Application:** The Resolution Plan was found to be in compliance with Section 30(2) as it

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## Parties

- **Judges:** Chitra Ha…; Velamur G Venkata…
- **Appellants:** Rakesh Kumar…
- **Respondents:** Shree Gopinath…

## Timeline

- **2024-06-20 — Order Da…**: Corporate Debtor admitted vide order dated…
- **2024-06-22 — Public Annou…**: Public announcement inviting claims from creditors of the Corporate Debtor was made in…

## 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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