# Approval of Resolution Plan - Shree Rudra Shakti Industries Private Limited

> NCLT judgment dated 2025-04-30. Citation: TCN-2025-NCLT-00143. The case pertains to an application filed by the Resolution Professional (RP) of Shree Rudra…

- **Court:** NCLT
- **Order date:** 30 Apr 2025
- **Citation:** TCN-2025-NCLT-00143
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/approval-of-resolution-plan-shree-rudra-shakti-industries-private-limited-6c359444

## Summary

### Background

The case pertains to an application filed by the Resolution Professional (RP) of Shree Rudra Shakti Industries Pvt. Ltd. (Corporate Debtor) under Section 30(6) and 31(1) of the Insolvency and Bankruptcy Code (IBC) seeking approval of the Resolution Plan submitted by the Successful Resolution Applicant (SRA), Mr. Samala Raja Shekar. The Committee of Creditors (COC) had approved the plan with 100% voting share. The Corporate Insolvency Resolution Process (CIRP) was initiated following the admission of a petition filed by V.N. Commercial Corporation, an Operational Creditor (OC). Several Interim Resolution Professionals (IRPs) and RPs were appointed and replaced during the CIRP. The COC was reconstituted multiple times. The RP had filed applications regarding

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## Facts

V.N. Commercial Corporation initiated Corporate Insolvency Resolution Process (CIRP) against Shree Rudra Shakti Industries Pvt. Ltd. under Section 9 of IBC. The application was admitted on 14.05.2019. Narala Vara Lakshmi was appointed as the Interim Resolution Professional (IRP), later replaced by Chakravarthi Srinivasan, and subsequently by Ram Narayana Boga, and finally by Dantu Indu Sekhar. The Committee of Creditors (COC) was reconstituted multiple times. The Resolution Professional (RP) filed applications for preferential, undervalued, and fraudulent transactions. Expression of Interest (EOI) was invited, and Mr. Samala Raja Shekar submitted a Resolution Plan. The COC approved the Resolution Plan with 100% voting share on 28.01.2025. The RP issued a Letter of

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by Mr. Samala Raja Shekar meets the requirements of Section …

**Ratio:** Section 30(2) of the IBC and Regulations 37, 38 & 39 of the CIRP Regulations

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**Reasoning:** The NCLT considered the facts of the case and the rulings of the Supreme Court, and

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**Interpretation:** Section 30(2) and related regulations are interpreted to ensure that the

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**Application:** The NCLT applied the requirements of Section 30(2) and the CIRP Regulations to

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## Parties

- **Judges:** Rajeev Bh…; Sanjay…
- **Appellants:** V.N. Commercial…
- **Respondents:** Shree Rudra…

## Timeline

- **2018-01-01 — CP(IB) NO. 430/9/HDB/201…**: Company Petition CP(IB) No. 430/9/HDB/2018 was…
- **2019-05-14 — Admission of CP(IB) No.…**: Company Petition CP(IB) No.…

## 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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