# Approval of Resolution Plan - SMR Entertainment Private Limited

> NCLT judgment dated 2024-01-09. Citation: TCN-2024-NCLT-03237. The application was filed under Section 30(6) read with Section 31(1) of the Insolvency &…

- **Court:** NCLT
- **Order date:** 9 Jan 2024
- **Citation:** TCN-2024-NCLT-03237
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/approval-of-resolution-plan-smr-entertainment-private-limited-602e6355

## Summary

### Background

The application was filed under Section 30(6) read with Section 31(1) of the Insolvency & Bankruptcy Code, 2016, and Regulation 39(4) of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, by Mr. Ashwani Kumar, the Resolution Professional (Applicant), on behalf of M/s SMR Entertainment Private Limited (Corporate Debtor), seeking approval of the Resolution Plan submitted by M/s K2 Plan Power Renewals Private Limited (Successful Resolution Applicant). The Resolution Plan was approved by the Committee of Creditors (CoC) with 100% votes in its 8th CoC Meeting held on 19.11.2021. The Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor on 07.01.2021.

## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against M/s SMR Entertainment Private Limited ('Corporate Debtor') on 07.01.2021. Mr. Kailash Chandra Jain was initially appointed as the Interim Resolution Professional (IRP). Public announcement was made on 13.01.2021 to invite claims from creditors. The IRP sent a letter on 18.01.2021 to the suspended Board of Directors requesting cooperation, but no information was received. Mr. Harish Chander Arora replaced the existing IRP on 02.03.2021. The Committee of Creditors (CoC) was constituted on 24.04.2021. The Applicant, Mr. Ashwani Kumar, was appointed as the Resolution Professional on 10.06.2021. Form G inviting Expression of Interest (EoI) was published on 30.07.2021. M/s K2 Power Renewal Private

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by M/s K2 Plan Power Renewals Private Limited meets the …

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

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**Reasoning:** The Adjudicating Authority examined the Resolution Plan to ensure it complied with

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**Interpretation:** Section 30(2) sets out mandatory requirements for a resolution plan to be

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**Application:** The Adjudicating Authority found that the Resolution Plan met the requirements

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## Parties

- **Judges:** MAHENDRA KHANDELWA…; Sanjeev R…
- **Appellants:** FUTURE POWER…
- **Respondents:** SMR Entertainment…; M/S. SMR ENTERTAIN…

## Timeline

- **2021-01-07 — Initiation…**: Adjudicating Authority initiated Corporate Insolvency Resolution Process against the…
- **2021-01-13 — Public Annou…**: Public Announcement was made for inviting the claims from the creditors of Corporate…

## 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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