# Approval of Resolution Plan - Smaaash Entertainment Private Limited

> NCLT judgment dated 2025-05-07. Citation: TCN-2025-NCLT-00107. The case involves an application filed by Bhrugesh Amin, the Resolution Professional (RP) of…

- **Court:** NCLT
- **Order date:** 7 May 2025
- **Citation:** TCN-2025-NCLT-00107
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/approval-of-resolution-plan-smaaash-entertainment-private-limited-7b7ae3e8

## Summary

### Background

The case involves an application filed by Bhrugesh Amin, the Resolution Professional (RP) of Smaaash Entertainment Private Limited (Corporate Debtor), under Section 30(6) of the Insolvency and Bankruptcy Code, 2016, seeking approval of the resolution plan submitted by Nazara Technologies Limited (Successful Resolution Applicant/SRA). The Corporate Insolvency Resolution Process (CIRP) was initiated following an application under Section 7 of the IBC by Edelweiss Asset Reconstruction Company. The resolution plan was approved by the Committee of Creditors (CoC) with 99.59% voting. The application also seeks declarations that the approved resolution plan is binding on the Corporate Debtor and its stakeholders.

## Facts

Edelweiss Asset Reconstruction Company filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, leading to the initiation of the Corporate Insolvency Resolution Process (CIRP) for Smaaash Entertainment Private Limited. Bhrugesh Amin was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). The IRP made a public announcement inviting claims from creditors, leading to the constitution of the Committee of Creditors (CoC). The CoC approved the resolution plan submitted by Nazara Technologies Limited with 99.59% voting. The resolution plan proposed a total value of Rs. 126 crores. The RP filed an application seeking approval of the resolution plan. The suspended directors of the Corporate

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by Nazara Technologies Limited meets the requirements of …

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

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**Reasoning:** The court examined the Compliance Certificate in Form H and found that the Resolution

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

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**Application:** The court applied the requirements of Section 30(2) to the specific provisions

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## Parties

- **Judges:** Hariharan…; LAKSHMI G…
- **Appellants:** Bhrugesh…
- **Respondents:** Smaaash Entertainm…; Nazara Technologie…

## Timeline

- **2022-05-06 — CIRP Init…**: Corporate Insolvency Resolution Process…
- **2022-05-11 — Public Annou…**: IRP made public announcement on 11.05.2022…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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