# Approval of Resolution Plan - Starlite Power Systems Limited

> NCLT judgment dated 2024-05-06. Citation: TCN-2024-NCLT-01430. The case involves an application (IA-04/2024) in an insolvency resolution process…

- **Court:** NCLT
- **Order date:** 6 May 2024
- **Citation:** TCN-2024-NCLT-01430
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/approval-of-resolution-plan-starlite-power-systems-limited-eaa7ffd8

## Summary

### Background

The case involves an application (IA-04/2024) in an insolvency resolution process (IB-744/ND/2022) concerning Starlit Power Systems Limited, the Corporate Debtor. Advani Private Limited, a Financial Creditor, initiated the Corporate Insolvency Resolution Process (CIRP) under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. The application seeks approval of a resolution plan submitted by Ms. Babita Jain, the Successful Resolution Applicant (SRA). The CIRP process included the appointment of an Interim Resolution Professional (IRP), formation of a Committee of Creditors (CoC), invitation of Expression of Interest (EOI), submission of resolution plans, negotiations, and approval of the resolution plan by the CoC with 97% voting share. The Resolution

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## Facts

Advani Private Limited initiated CIRP against Starlit Power Systems Limited under Section 7 of IBC, 2016. The NCLT admitted the application on 2023-03-20. Khushvinder Singhal was appointed as the Interim Resolution Professional (IRP). The IRP published Form-A on 2023-03-22, inviting claims from creditors. The Committee of Creditors (CoC) was formed, consisting of Punjab National Bank and Adani Powers Ltd. The CoC appointed Ms. Reshma Mittal as the Resolution Professional (RP) on 2023-07-26. The RP re-published Form-G on 2023-08-28, inviting EOIs. The deadline for submission of EOI was 2023-09-12. The RP received EOIs from 17 prospective resolution applicants. The RP extended the CIRP timeline by 90 days until 2023-12-15. The RP issued a provisional list of Prospective

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## Issues and analysis

### Issue 1: Whether the resolution plan submitted by Ms. Babita Jain meets the requirements of Section 30(2) of …

**Ratio:** The resolution plan must meet the requirements specified in Section 30(2) of the IBC,

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**Reasoning:** The Tribunal needs to examine whether the resolution plan complies with Section 30(2) of

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**Interpretation:** Section 30(2) of the IBC sets out the mandatory requirements that a resolution

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**Application:** The Adjudicating Authority examined the resolution plan to ensure it met the

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## Parties

- **Judges:** Sh. Ashok Kumar…; SUBRATA KUM…
- **Appellants:** Advani Private…
- **Respondents:** Starlit Power…

## Timeline

- **2022-01-01 — CIRP Init…**: Application bearing CP No. (IB) 744/ND/2022 was preferred by M/s Advani Private Limited a…
- **2023-03-20 — CIRP Admi…**: The Hon'ble Tribunal admitted the application filed under Section 7 of the Code, and…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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