# Approval of Resolution Plan - Srius Business Solutions Private Limited

> NCLT judgment dated 2023-12-12. Citation: TCN-2023-NCLT-00277. The case pertains to the Corporate Insolvency Resolution Process (CIRP) initiated against Srius…

- **Court:** NCLT
- **Order date:** 12 Dec 2023
- **Citation:** TCN-2023-NCLT-00277
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/approval-of-resolution-plan-srius-business-solutions-private-limited-04a4e193

## Summary

### Background

The case pertains to the Corporate Insolvency Resolution Process (CIRP) initiated against Srius Business Solutions Pvt Ltd. The CIRP was initiated following an order by the National Company Law Tribunal (NCLT) on February 3, 2023. Subsequently, an Interim Resolution Professional (IRP) was appointed, who then issued a public announcement inviting claims from creditors. The IRP received a claim from the Operational Creditor, Key Solutions Inc. USA. The Committee of Creditors (CoC) was formed with Key Solutions Inc. USA as the sole operational creditor. The CoC confirmed the Applicant as the Resolution Professional (RP), which was approved by the Tribunal on March 27, 2023. The RP published Form-G inviting Expression of Interest (EoI) from Prospective Resolution

…

## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against Srius Business Solutions Pvt Ltd based on an order from the NCLT on 2023-02-03. An Interim Resolution Professional (IRP) was appointed, who issued a public announcement on 2023-02-08, inviting claims from creditors. The IRP received a claim of Rs.3,64,25,656/- from the Operational Creditor, Key Solutions Inc. USA. No claims were received from any Financial Creditor. The Committee of Creditors (CoC) was constituted with Key Solutions Inc. USA as the sole Operational Creditor. The CoC confirmed the Applicant as the Resolution Professional (RP) on 2023-03-04, which was approved by the Tribunal on 2023-03-27. The RP published Form-G on 2023-04-13, inviting Expression of Interest (EoI) from Prospective

…

## Issues and analysis

### Issue 1: Whether the instant Resolution Plan satisfies the requirements of Section 30 (2) of the Code and …

**Ratio:** Section 30(2) of the Code and Regulations 37, 38, 38 (1A) and 39 (4) of the Regulations

…

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

…

**Interpretation:** This involves interpreting the statutory requirements for a valid resolution

…

**Application:** The Tribunal applied the requirements of Section 30(2) of the Code and

…

## Parties

- **Judges:** Rajeev Bh…; Sanjay…
- **Appellants:** Artham Someswara…
- **Respondents:** Srius Business…
- **Advocates:** G. Srik…

## Timeline

- **2023-02-03 — CIRP Init…**: The Corporate Insolvency Resolution Process (CIRP) against the Corporate Applicant was…
- **2023-02-08 — Public Annou…**: The IRP issued a public announcement in…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 30(2) — Submission of resolution plan](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-30)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/approval-of-resolution-plan-srius-business-solutions-private-limited-04a4e193