# Approval of Resolution Plan - Srius Business Solutions Private Limited

> NCLT judgment dated 2023-12-12. Citation: TCN-2023-NCLT-00299. The case pertains to IA (IBC)/1815/2023 filed in Company Petition IB/392/2022 before the…

- **Court:** NCLT
- **Order date:** 12 Dec 2023
- **Citation:** TCN-2023-NCLT-00299
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/approval-of-resolution-plan-srius-business-solutions-private-limited-d9aeca0f

## Summary

### Background

The case pertains to IA (IBC)/1815/2023 filed in Company Petition IB/392/2022 before the National Company Law Tribunal (NCLT), Hyderabad Bench. The Corporate Insolvency Resolution Process (CIRP) was initiated against Srius Business Solutions Pvt Ltd on 2023-02-03. Subsequently, the Interim Resolution Professional (IRP) was appointed and a public announcement was made on 2023-02-08, 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 2023-03-27. The RP published Form-G on 2023-04-13, inviting

…

## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against Srius Business Solutions Pvt Ltd following an order by the Tribunal on 2023-02-03. Mr. Artham Someswara Rao was appointed as the Interim Resolution Professional (IRP) and subsequently confirmed as the Resolution Professional (RP). A public announcement was made on 2023-02-08, inviting claims from creditors. The IRP received a claim of Rs.3,64,25,656/- from the Operational Creditor, M/s. Key Solutions Inc. USA. The Committee of Creditors (CoC) was constituted with M/s. Key Solutions Inc. USA as the sole operational creditor, holding 100% voting share. The CoC approved the Resolution Plan submitted by M/s. Samala Rajashekar & Company on 2023-10-30 with 100% voting. The Resolution Plan amount is

…

## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by M/s. Samala Rajashekar & Company satisfies the …

**Ratio:** Section 30(2) of the IBC outlines the requirements for a resolution plan to be approved,

…

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

…

**Interpretation:** Section 30(2) mandates that a resolution plan must adhere to the statutory

…

**Application:** The Tribunal applied the provisions of Section 30(2) and the relevant

…

## Parties

- **Judges:** Rajeev Bh…; Sanjay…
- **Appellants:** Artham Someswara…
- **Respondents:** Srius Business…

## Timeline

- **2023-02-03 — Initiation…**: The Corporate Insolvency Resolution Process (CIRP) was initiated against Srius Business…
- **2023-02-08 — Public Annou…**: The Interim Resolution Professional (IRP) issued a public announcement, inviting claims…

## 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-d9aeca0f