# Approval of Resolution Plan - Spectrum Aero Private Limited

> NCLT judgment dated 2025-01-20. Citation: TCN-2025-NCLT-00607. The case pertains to an application (I.A. (IBC) (PLAN)/72 (PB)/2024) filed in the matter of the…

- **Court:** NCLT
- **Order date:** 20 Jan 2025
- **Citation:** TCN-2025-NCLT-00607
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/approval-of-resolution-plan-spectrum-aero-private-limited-488e627e

## Summary

### Background

The case pertains to an application (I.A. (IBC) (PLAN)/72 (PB)/2024) filed in the matter of the Corporate Insolvency Resolution Process (CIRP) of M/s Spectrum Aero Pvt. Ltd. The CIRP was initiated following a petition (CP(IB) - 742/PB/2023) filed by the Financial Creditor, M/s Meghdoot Corrougators & Packers Pvt. Ltd., under Section 7 of the Insolvency and Bankruptcy Code (IBC). The application seeks approval of the resolution plan submitted by Salsan Steel Private Limited, the successful resolution applicant (SRA). The corporate debtor's business is divided into aircraft chartering and airport management. The resolution plan proposes a demerger of the aircraft chartering business, with the SRA acquiring its operations. The CoC approved the resolution plan with

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## Facts

M/s Spectrum Aero Pvt. Ltd. underwent Corporate Insolvency Resolution Process (CIRP) following a petition filed by M/s Meghdoot Corrougators & Packers Pvt. Ltd., the Financial Creditor. The company's business is divided into aircraft chartering and airport management. Mr. Punit Handa was appointed as the Resolution Professional (RP). The RP made public announcements and convened 12 CoC meetings. A resolution plan submitted by Salsan Steel Private Limited was approved by the CoC with 100% voting share. The liquidation value and fair value of the Corporate Debtor was assessed at Rs. 432/-. The resolution plan proposes a demerger of the aircraft chartering business, with Salsan Steel Private Limited acquiring its operations. Salsan Steel Private Limited submitted a

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## Issues and analysis

### Issue 1: Whether the resolution plan submitted by Salsan Steels Private Limited complies with the …

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

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**Reasoning:** The court examined the resolution plan and found that it provides for the payment of

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**Interpretation:** Section 30(2) ensures that the resolution plan adequately addresses the

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

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## Parties

- **Judges:** Ramalingam…; AVINASH K.…
- **Appellants:** M/s Meghdoot…
- **Respondents:** M/s Spectrum Aero…
- **Advocates:** Anandh Venkatarama…; Anshul S…; +2 more

## Timeline

- **2023-01-01 — Filing of Company…**: M/s Meghdoot Corrougators & Packers Pvt. Ltd. filed CP(IB) - 742/PB/2023 under Section 7…
- **2024-03-11 — Admission of Company…**: The Adjudicating Authority admitted the…

## 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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