# Approval of Resolution Plan - Starlite Components Limited

> NCLT judgment dated 2024-03-14. Citation: TCN-2024-NCLT-02044. The case involves an application filed by Mr. Naren Seth, the Resolution Professional of M/s…

- **Court:** NCLT
- **Order date:** 14 Mar 2024
- **Citation:** TCN-2024-NCLT-02044
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/approval-of-resolution-plan-starlite-components-limited-f68b6491

## Summary

### Background

The case involves an application filed by Mr. Naren Seth, the Resolution Professional of M/s Starlite Components Limited, seeking approval of the resolution plan under section 30(6) of the Insolvency and Bankruptcy Code, 2016. The Corporate Insolvency Resolution Process (CIRP) was initiated against Starlite Components Limited following an application by Shree Enterprises, an Operational Creditor, under Section 9 of the Code. The resolution plan was submitted by Solar Copyer Limited, the Successful Resolution Applicant (SRA), and unanimously approved by the Committee of Creditors (CoC) in its 4th meeting held on 01.01.2021 with 100% voting share.

## Facts

Shree Enterprises, an Operational Creditor, initiated the Corporate Insolvency Resolution Process (CIRP) against Starlite Components Limited under Section 9 of the Insolvency and Bankruptcy Code, 2016. Mr. Naren Seth was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). Public announcement was made on 10.02.2020. The CoC was constituted with Rutwik Sales Private Limited and Solar Copyer Limited as financial creditors. The CoC unanimously approved the resolution plan submitted by Solar Copyer Limited in its 4th meeting held on 01.01.2021 with 100% voting share. The resolution plan includes provisions for payment to various stakeholders, including financial creditors, operational creditors, employees, and

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by Solar Copyer Limited meets the requirements of Section …

**Ratio:** Section 30(2) of the Insolvency and Bankruptcy Code, 2016, specifies the requirements

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**Reasoning:** The Adjudicating Authority perused the Resolution Plan and observed that it provides for

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**Interpretation:** Section 30(2) sets out mandatory requirements for a resolution plan to be

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**Application:** In this case, the Adjudicating Authority found that the Resolution Plan

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## Parties

- **Judges:** Reeta K…; Madhu S…
- **Appellants:** Naren…
- **Respondents:** Starlite Component…

## Timeline

- **2019-01-01 — CIRP Init…**: Corporate Insolvency Resolution Process (CIRP)…
- **2020-01-29 — Order for CIRP…**: Order passed for initiation of CIRP against the Corporate Debtor under Section 9 of the…

## 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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