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

> NCLT judgment dated 2025-04-30. Citation: TCN-2025-NCLT-00142. 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-00142
- **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-e04ebb0c

## 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) for approval of the Resolution Plan submitted by the Successful Resolution Applicant (SRA), Mr. Samala Raja Shekar. The Corporate Insolvency Resolution Process (CIRP) was initiated following the admission of a petition filed by V.N. Commercial Corporation, an Operational Creditor, under Section 9 of the IBC. The Committee of Creditors (COC) approved the Resolution Plan with a 100% voting share.

## Facts

V.N. Commercial Corporation initiated CIRP against Shree Rudra Shakti Industries Pvt. Ltd. The application was admitted under Section 9 of IBC. Narala Vara Lakshmi was appointed as Interim Resolution Professional (IRP) and later confirmed as RP. The COC was reconstituted, and Chakravarthi Srinivasan replaced Narala Varalakshmi as RP. Subsequently, Ram Narayana Boga replaced Chakravarthi Srinivasan. Dantu Indu Sekhar was then appointed as RP. The COC approved a resolution plan submitted by Samala Raja Shekar with 100% voting share. The resolution plan proposed a total value of Rs. 10,54,32,331/-, including payments to financial and operational creditors, and infusion of funds into the corporate debtor. The NCLT considered the compliance of the resolution plan with

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## Issues and analysis

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

**Ratio:** The Resolution Plan must meet the requirements specified in Section 30(2) of the IBC,

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**Reasoning:** The NCLT considered the compliance of the Resolution Plan with Section 30(2) of the IBC

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**Interpretation:** Section 30(2) of the IBC sets out the mandatory requirements that a resolution

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**Application:** The NCLT found that the Resolution Plan submitted by Mr. Samala Raja Shekar

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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…
- **2019-05-14 — Admission of CP(IB) No.…**: The Company Petition CP(IB) No. 430/9/HDB/2018 was admitted by this Authority u/s 9 of…

## 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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