# Approval of Resolution Plan - Stera Engineering (India) Private Limited

> NCLT judgment dated 2025-03-28. Citation: TCN-2025-NCLT-00287. The case pertains to the Corporate Insolvency Resolution Process (CIRP) of Stera Engineering…

- **Court:** NCLT
- **Order date:** 28 Mar 2025
- **Citation:** TCN-2025-NCLT-00287
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/approval-of-resolution-plan-stera-engineering-india-private-limited-6d632a98

## Summary

### Background

The case pertains to the Corporate Insolvency Resolution Process (CIRP) of Stera Engineering (India) Private Limited. The CIRP was initiated based on an application under Section 10 of the Insolvency & Bankruptcy Code, 2016. Ms. Satyadevi Alamuri was appointed as the Interim Resolution Professional and later as the Resolution Professional. The resolution plan submitted by Subhlaxmi Investment Advisory Private Limited was approved by the Committee of Creditors (CoC) with a 90.883% voting share. The Adjudicating Authority is considering the approval of the resolution plan.

## Facts

Stera Engineering (India) Private Limited underwent Corporate Insolvency Resolution Process (CIRP) initiated by the Adjudicating Authority on 2024-03-07, based on an application under Section 10 of the Insolvency & Bankruptcy Code, 2016. Ms. Satyadevi Alamuri was appointed as the Interim Resolution Professional and later as the Resolution Professional. Subhlaxmi Investment Advisory Private Limited submitted a resolution plan, which was approved by the Committee of Creditors (CoC) with 90.883% voting power. The resolution plan proposed a payment of Rs. 27,00,000 to stakeholders, including Rs. 17,68,440 for CIRP costs. The Resolution Applicant has a net worth of Rs. 22.39 Crores and leveraging capabilities of Rs. 40 Crore. The fair value of the Corporate Debtor is

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## Issues and analysis

### Issue 1: Whether the resolution plan submitted by Subhlaxmi Investment Advisory Private Limited complies …

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

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

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**Interpretation:** Section 30(2) sets the minimum standards for a resolution plan to be considered

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**Application:** The Adjudicating Authority found that the resolution plan complied with Section

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## Parties

- **Judges:** JYOTI KUMAR…; RAVICHANDRAN…
- **Appellants:** SATYADEVI A…
- **Respondents:** STERA ENGINEERING…
- **Advocates:** Pranava Cha…

## Timeline

- **2024-03-07 — Initiation…**: Corporate Insolvency Resolution Process…
- **2024-03-14 — Public Annou…**: Public Announcement regarding initiation 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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