# Approval of Resolution Plan - Sristi Hospitality Pvt. Ltd.

> NCLT judgment dated 2024-07-12. Citation: TCN-2024-NCLT-01022. The case pertains to an application filed under Section 30(6) and Section 31 of the Insolvency…

- **Court:** NCLT
- **Order date:** 12 Jul 2024
- **Citation:** TCN-2024-NCLT-01022
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/approval-of-resolution-plan-sristi-hospitality-pvt-ltd-354cfca5

## Summary

### Background

The case pertains to an application filed under Section 30(6) and Section 31 of the Insolvency and Bankruptcy Code, 2016, seeking approval of a resolution plan for Sristi Hospitality Pvt Ltd. The Corporate Insolvency Resolution Process (CIRP) was initiated on 2023-02-27 under Section 7 of the IBC. Rajan Deshraj Agarwal was appointed as the Interim Resolution Professional (IRP) and later as the Resolution Professional. The Committee of Creditors (CoC) was formed, and a resolution plan submitted by Consortium of Admas Industries Pvt Ltd, Subh Ashish Exim Pvt Ltd, and Mr. Amit Jatia was approved with 100% voting share.

## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against Sristi Hospitality Pvt Ltd on 2023-02-27. Rajan Deshraj Agarwal was appointed as the Interim Resolution Professional (IRP) and later as the Resolution Professional. Public announcements were made to invite claims from creditors. The Committee of Creditors (CoC) was constituted, with Saraswat Co-operative Bank Ltd holding 100% voting share. Five registered valuers were appointed to determine the fair value and liquidation value of the assets. The last date for submission of Expression of Interest (EOI) from Prospective Resolution Applicants was 2023-06-15. Three resolution plans were received, and the CoC approved the plan submitted by Consortium of Admas Industries Private Limited & Ors with a

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## Issues and analysis

### Issue 1: Whether the Resolution Plan meets the requirements of Section 30(2) of the Insolvency and …

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

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**Reasoning:** The NCLT examined the Resolution Plan to ensure it complied with each of the requirements

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

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**Application:** In this case, the NCLT found that the Resolution Plan met all the requirements

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## Parties

- **Judges:** Reeta K…; Madhu S…
- **Appellants:** Rajan Deshraj…
- **Respondents:** Sristi Hospitality…; Consortium of…

## Timeline

- **2023-02-27 — CIRP Init…**: Corporate Insolvency Resolution Process (CIRP) of the Corporate Debtor was initiated…
- **2023-03-02 — Public Annou…**: The Applicant published a Public Announcement in Form A in accordance with Section 15 of…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 30(6) — Submission of resolution plan](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-30)

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