# Approval of Resolution Plan - Slogan Infotech Private Limited

> NCLT judgment dated 2023-07-12. Citation: TCN-2023-NCLT-02555. The case pertains to IA No. 1131/MB-V/2023 filed in CP (IB) No.648/MB-V/2021 under Section 30…

- **Court:** NCLT
- **Order date:** 12 Jul 2023
- **Citation:** TCN-2023-NCLT-02555
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/approval-of-resolution-plan-slogan-infotech-private-limited-14eb9a4b

## Summary

### Background

The case pertains to IA No. 1131/MB-V/2023 filed in CP (IB) No.648/MB-V/2021 under Section 30 of the Insolvency and Bankruptcy Code (IBC), 2016. The application was filed by Mr. Shreyansh Jain, the Resolution Professional (RP) of M/s Slogan Infotech Private Limited, seeking approval of the Resolution Plan submitted by the consortium of MKS Flexituff Limited and Anamika Infracon Private Limited. The Corporate Insolvency Resolution Process (CIRP) was initiated against Slogan Infotech Private Limited after the admission of a petition filed by a Financial Creditor. The RP carried out the necessary procedures, including public announcements and inviting Expression of Interest (EOI) from prospective resolution applicants. The Committee of Creditors (CoC) approved the

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## Facts

1. An application, IA No. 1131/MB-V/2023, was filed in CP (IB) No.648/MB-V/2021 under Section 30 of the IBC, 2016.
2. The applicant was Mr. Shreyansh Jain, the Resolution Professional (RP) of M/s Slogan Infotech Private Limited.
3. The application sought approval of the Resolution Plan submitted by the consortium of MKS Flexituff Limited and Anamika Infracon Private Limited.
4. The Resolution Plan proposed a total resolution amount of Rs. 1,02,69,429/-
5. The CIRP was initiated following the admission of a petition filed by Luhariwala Finance & Investment Private Limited, the Financial Creditor, under Section 7 of the IBC.
6. The RP made public announcements and invited Expression of Interest (EOI) from prospective resolution applicants.
7. The last date for submission

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by the consortium of MKS Flexituff Limited and Anamika …

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

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**Reasoning:** The NCLT examined the Resolution Plan to ensure it complied with each clause of Section

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**Interpretation:** Section 30(2) is interpreted as setting a minimum threshold for the

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**Application:** In this case, the Resolution Plan was found to meet all the requirements of

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## Parties

- **Judges:** Kuldip Kumar…; ANURADHA SANJAY…
- **Respondents:** Slogan Infotech…; Luhariwala…
- **Advocates:** KunalKa…; Tanushree…; +1 more

## Timeline

- **2021-01-01 — CP (IB) No.648/…**: The Corporate Insolvency…
- **2022-07-15 — Admission of…**: Tribunal admitted the Petition filed by the Financial Creditor under section 7 of the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 61 — Appeals and Appellate Authority](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-61)

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