# Approval of Resolution Plan - Sri Adhikari Brothers Television Network Ltd.

> NCLT judgment dated 2023-12-08. Citation: TCN-2023-NCLT-00326. The case involves the Corporate Insolvency Resolution Process (CIRP) of Shri Adhikari Brothers…

- **Court:** NCLT
- **Order date:** 8 Dec 2023
- **Citation:** TCN-2023-NCLT-00326
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/approval-of-resolution-plan-sri-adhikari-brothers-television-network-ltd-f48ffb81

## Summary

### Background

The case involves the Corporate Insolvency Resolution Process (CIRP) of Shri Adhikari Brothers Television Network Limited. Central Bank of India, a financial creditor, initiated the CIRP under Section 7 of the Insolvency and Bankruptcy Code, 2016. The corporate debtor was admitted into CIRP on 20.12.2019. The resolution professional (RP) was appointed and invited claims from creditors. After initial rejection of resolution plans and an order for liquidation, the NCLAT directed the RP to consider a revised resolution plan submitted by a consortium including SAB Events & Governance Now Media Ltd and Marvel Media Pvt. Ltd, along with Ravi Adhikari and Kailashnath Adhikari. The CoC approved this plan with a 93.50% majority.

## Facts

Shri Adhikari Brothers Television Network Limited ('Corporate Debtor') was admitted into CIRP on 2019-12-12 based on an application by Central Bank of India ('Financial Creditor') under Section 7 of the IBC. The Resolution Professional (RP) was appointed and claims were invited. Several resolution plans were submitted and rejected. The NCLT initially ordered liquidation on 2021-12-16. However, the NCLAT directed the RP to consider a revised resolution plan submitted by a consortium including SAB Events & Governance Now Media Ltd, Marvel Media Pvt. Ltd, Ravi Adhikari, and Kailashnath Adhikari. This plan was approved by the CoC with 93.50% voting share. Central Bank of India, holding 6.49% voting rights, dissented and filed an application objecting to the plan's

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## Issues and analysis

### Issue 1: Whether the resolution plan can provide for …

**Ratio:** Resolution Plan providing for extinguishment of personal guarantee as approved by the

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**Reasoning:** The Hon'ble NCLAT reiterated its earlier view and answered the question that the

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**Interpretation:** The use of expressions 'per se' and 'ipso facto' clearly indicate that by

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**Application:** The NCLT held that when COC has passed a resolution plan with 93.5% votes after

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## Parties

- **Judges:** LAKSHMI G…; SH. CHARANJEET…
- **Appellants:** Central Bank of…
- **Respondents:** Adhikari Brothers…; SAB Events &…

## Timeline

- **2019-12-12 — CIRP Init…**: Corporate Debtor admitted into CIRP based on…
- **2019-12-20 — Appointment…**: Interim Resolution…

## 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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