# Approval of Resolution Plan - Sindhanur Gangavathi Tollway Private Limited

> NCLT judgment dated 2024-01-10. Citation: TCN-2024-NCLT-03208. The case pertains to an application (IA No. 1947/2023) filed by the Resolution Professional…

- **Court:** NCLT
- **Order date:** 10 Jan 2024
- **Citation:** TCN-2024-NCLT-03208
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/approval-of-resolution-plan-sindhanur-gangavathi-tollway-private-limited-68b90d9d

## Summary

### Background

The case pertains to an application (IA No. 1947/2023) filed by the Resolution Professional (RP) of M/s. Sindhanur Gangavathi Tollway Private Limited/Corporate Debtor ('CD') seeking approval of the Resolution Plan submitted by M/s. Kalyan Toll Infrastructure Limited ('SRA'). The Corporate Insolvency Resolution Process (CIRP) was initiated against the CD following the admission of a petition filed by IDBI Bank Limited under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. Mr. Raghu Babu Gunturu was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). The Committee of Creditors (COC) was constituted, and a public announcement was made to invite claims from stakeholders. Several meetings of the COC

…

## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against Sindhanur Gangavathi Tollway Private Limited after IDBI Bank Limited filed a petition under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. The petition was admitted on 2022-12-08. Raghu Babu Gunturu was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). A public announcement was issued on 2022-12-23, inviting claims from stakeholders. The Committee of Creditors (COC) was constituted on 2023-01-12, comprising Canara Bank (51.91% voting share), IDBI Bank Ltd. (26.73% voting share), and IFCL (21.36% voting share). The RP conducted fifteen COC meetings during the CIRP. Form-G was issued on 2023-02-09. Twelve Prospective

…

## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by M/s. Kalyan Toll Infrastructure Limited meets the …

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

…

**Reasoning:** The NCLT reviewed the Resolution Plan and found that it provides for upfront payment of

…

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

…

**Application:** The NCLT applied the provisions of Section 30(2) to the specific facts of the

…

## Parties

- **Judges:** Rajeev Bh…; Sanjay…
- **Respondents:** Sindhanur…; Sindhanur…

## Timeline

- **2022-12-08 — Admission of Section 7…**: IDBI Bank Limited's petition under Section 7 of the IBC was admitted, initiating CIRP…
- **2022-12-23 — Public Annou…**: Public announcement was issued in Financial Express and Hosadigantha, inviting claims…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 14 — Moratorium](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-14)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/approval-of-resolution-plan-sindhanur-gangavathi-tollway-private-limited-68b90d9d