# Approval of Resolution Plan - Subi Chemicals Pvt. Ltd.

> NCLT judgment dated 2023-08-25. Citation: TCN-2023-NCLT-01919. The case involves the approval of a resolution plan for Subi Chemicals Pvt. Ltd., which was…

- **Court:** NCLT
- **Order date:** 25 Aug 2023
- **Citation:** TCN-2023-NCLT-01919
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/approval-of-resolution-plan-subi-chemicals-pvt-ltd-551cd3d5

## Summary

### Background

The case involves the approval of a resolution plan for Subi Chemicals Pvt. Ltd., which was admitted into Corporate Insolvency Resolution Process (CIRP) by the Adjudicating Authority on 25.11.2022. The CIRP was initiated following an application by the financial creditor, Bank of Baroda, under Section 7 of the Insolvency and Bankruptcy Code (IBC). Mr. Nimai Gautam Shah was appointed as the Interim Resolution Professional (IRP). The resolution plan was submitted by M/s Nova Dyestuff Industries Pvt. Ltd. and approved by the Committee of Creditors (CoC) with 100% voting share.

## Facts

Subi Chemicals Pvt. Ltd. was admitted into Corporate Insolvency Resolution Process (CIRP) on 25.11.2022 following an application by Bank of Baroda under Section 7 of the IBC. Nimai Gautam Shah was appointed as the Interim Resolution Professional (IRP). The IRP made a public announcement on 01.12.2022, with the last date for receiving claims being 14.12.2022. The RP received only one claim from Bank of Baroda. The first CoC meeting was conducted on 23.12.2022. Form G was issued on 02.01.2023, inviting resolution plans. M/s Nova Dyestuff Industries Pvt. Ltd. submitted a resolution plan, which was approved by the CoC with 100% voting on 20.05.2023. The resolution plan includes a financial outlay of 231 lakhs for the secured financial creditor, Bank of Baroda, to be paid

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## Issues and analysis

### Issue 1: Whether the resolution plan submitted by M/s Nova Dyestuff Industries Pvt. Ltd. complies with the …

**Ratio:** Section 30(6) requires the Resolution Professional to submit a resolution plan approved

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**Reasoning:** The Adjudicating Authority considered the compliance certificate in Form H, the contents

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**Interpretation:** The interpretation of these sections requires the Adjudicating Authority to

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**Application:** In this case, the Adjudicating Authority found that the resolution plan

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## Parties

- **Judges:** Chitra Ha…; V. G. Venkata…
- **Appellants:** Nimai Gauta…
- **Respondents:** Subi Chemicals…; M/s. Nova…

## Timeline

- **2022-11-25 — CIRP Init…**: Adjudicating Authority orders initiation of Corporate Insolvency Resolution Process…
- **2022-12-01 — Public Annou…**: IRP makes a public…

## 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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