# Approval of Resolution Plan - Shree Rajasthan Syntex Limited

> NCLT judgment dated 2023-08-22. Citation: TCN-2023-NCLT-01967. The application was filed by Dr. Lekhraj Bajaj, the Resolution Professional (RP) of the…

- **Court:** NCLT
- **Order date:** 22 Aug 2023
- **Citation:** TCN-2023-NCLT-01967
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/approval-of-resolution-plan-shree-rajasthan-syntex-limited-ac529dc7

## Summary

### Background

The application was filed by Dr. Lekhraj Bajaj, the Resolution Professional (RP) of the Corporate Debtor, Shree Rajasthan Syntex Limited, under Section 54K (15) of the Insolvency and Bankruptcy Code, 2016, read with Regulation 49 of the IBBI (Pre-Packaged Insolvency Resolution Process) Regulations, 2021. The application sought approval of the Base Resolution Plan for the Corporate Debtor. The Corporate Debtor is a public listed company engaged in manufacturing synthetic spun yarns, cotton yarns, and polypropylene yarns. The Pre-packaged Insolvency Resolution Process (PPIRP) was initiated under Section 54C, and the Adjudicating Authority admitted the petition on 19.04.2023, appointing Dr. Lekh Raj Bajaj as the Resolution Professional.

## Facts

Shree Rajasthan Syntex Limited, a public listed company engaged in manufacturing synthetic spun yarns, cotton yarns, and polypropylene yarns, underwent a Pre-packaged Insolvency Resolution Process (PPIRP). The PPIRP was initiated under Section 54C of the Insolvency and Bankruptcy Code (IBC), 2016. The Adjudicating Authority admitted the petition on 19.04.2023 and appointed Dr. Lekh Raj Bajaj as the Resolution Professional (RP). The RP performed duties under Section 54F, including issuing a public announcement and constituting a Committee of Creditors (CoC). The CoC comprised State Bank of India (SBI), IDBI Bank, and Bank of Baroda, with voting shares of 47.21%, 26.70%, and 26.09%, respectively. The RP placed the Base Resolution Plan before the CoC, which approved it

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## Issues and analysis

### Issue 1: Whether the Base Resolution Plan submitted by the Corporate Debtor meets the requirements of …

**Ratio:** Section 30(2) of the IBC outlines the requirements that a resolution plan must meet for

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**Reasoning:** The Adjudicating Authority found that the Base Resolution Plan submitted by the Corporate

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**Interpretation:** Section 30(2) is interpreted to ensure that the resolution plan adequately

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**Application:** In this case, the Adjudicating Authority applied Section 30(2) by examining the

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## Parties

- **Judges:** Deep Chandr…; ATUL CHAT…
- **Appellants:** Lekhraj…
- **Respondents:** Shree Rajasthan…; State Bank of…

## Timeline

- **2020-07-21 — Udyam Regis…**: Corporate Debtor is a registered MSME having Udyam Registration Certificate No.…
- **2023-04-19 — Admission o…**: The petition under Section 54C was…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 54K(15) — Consideration and approval of resolution plan](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-54k)

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