# Approval of Resolution Plan - Srikanth International Private Limited

> NCLT judgment dated 2023-10-13. Citation: TCN-2023-NCLT-01246. The case pertains to an application filed by the Resolution Professional (RP) of the Corporate…

- **Court:** NCLT
- **Order date:** 13 Oct 2023
- **Citation:** TCN-2023-NCLT-01246
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/approval-of-resolution-plan-srikanth-international-private-limited-14bf1c92

## Summary

### Background

The case pertains to an application filed by the Resolution Professional (RP) of the Corporate Debtor (CD), Srikanth International Private Limited, under Section 30(6) of the Insolvency and Bankruptcy Code (IBC), 2016, read with Regulation 39(4) of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, seeking approval of the Resolution Plan submitted by the Resolution Applicant (RA), M/s. Summit Marine Exports Private Limited. The Corporate Insolvency Resolution Process (CIRP) was initiated against the CD on 30.06.2022. The Committee of Creditors (CoC) approved the Resolution Plan with 100% voting.

## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against Srikanth International Private Limited on 30.06.2022. Mr. Mayur Rajendra Kumar Popat was appointed as Interim Resolution Professional (IRP). The IRP made a public announcement on 14.07.2022 inviting claims and constituted the Committee of Creditors (CoC) comprising of a single member, State Bank of India. The present Applicant was appointed as the Resolution Professional (RP) on 12.08.2022 and affirmed by the Tribunal on 30.08.2022. The RP filed an application in IA 1416 of 2022 for exclusion of 51 days from the CIRP period, which was allowed on 12.04.2023. Form-G was published on 09.11.2022 and 04.12.2022 inviting Expression of Interest (EoI). The RP informed the CoC about the receipt of EoI from

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by the Resolution Applicant complies with the provisions of …

**Ratio:** Section 30(6) of the IBC read with Regulation 39(4) of the IBBI (Insolvency Resolution

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**Reasoning:** The Tribunal carefully considered the submissions made by the Counsel for the Applicant

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**Interpretation:** This section and regulation outline the requirements for a valid resolution

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**Application:** The Tribunal applied Section 30(6) of the IBC and Regulation 39(4) of the IBBI

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## Parties

- **Judges:** SHRI. RAJEEV…; SHRI. SANJA…
- **Appellants:** Immaneni Eswara…
- **Respondents:** M/s. Srikanth…; M/s. Pattabi…

## Timeline

- **2022-06-30 — CIRP Init…**: Corporate Insolvency Resolution Process (CIRP)…
- **2022-07-14 — Public Annou…**: Interim Resolution Professional (IRP) made…

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