# Approval of Resolution Plan - Superways Enterprises Private Limited

> NCLT judgment dated 2024-10-24. Citation: TCN-2024-NCLT-00361. The case pertains to an application filed under Section 30(6) read with Section 31 of the…

- **Court:** NCLT
- **Order date:** 24 Oct 2024
- **Citation:** TCN-2024-NCLT-00361
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/approval-of-resolution-plan-superways-enterprises-private-limited-6c892b1e

## Summary

### Background

The case pertains to an application filed under Section 30(6) read with Section 31 of the Insolvency and Bankruptcy Code, 2016, seeking approval of a resolution plan for Superways Enterprises Private Limited, the Corporate Debtor. The Corporate Debtor was admitted into Corporate Insolvency Resolution Process (CIRP) on July 27, 2022. Initially, Mr. Hemendra Paliwal was appointed as the Interim Resolution Professional (IRP), but he withdrew his consent. Subsequently, Mr. Devang Subodh Thakar was appointed as the IRP. During the CIRP, DBS Bank India Limited, a financial creditor, filed a claim which was rejected by the IRP due to a delay. DBS Bank then filed an Interlocutory Application seeking condonation of the delay. The Committee of Creditors (CoC) rejected the

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## Facts

The case involves Superways Enterprises Private Limited, the Corporate Debtor, which was admitted into Corporate Insolvency Resolution Process (CIRP) on July 27, 2022. Initially, Mr. Hemendra Paliwal was appointed as the Interim Resolution Professional (IRP), but he withdrew his consent, leading to the appointment of Mr. Devang Subodh Thakar. During the CIRP, DBS Bank India Limited, a financial creditor, filed a claim of INR 1,50,40,59,092, which was rejected by the IRP due to a delay of 57 days. DBS Bank then filed an Interlocutory Application seeking condonation of the delay. The Committee of Creditors (CoC) was constituted, comprising Indian Bank Limited and Prarthna Private Limited. The CoC rejected the publication of a fresh Form G and the Eol of Kundan Group. The

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by Ashok Investor Trust Limited meets the requirements of …

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

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**Reasoning:** The Tribunal considered the compliance of the Resolution Plan with the provisions of

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**Interpretation:** Section 30(2) of the IBC and Regulations 37, 38, 38(1A), and 39(4) of the

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**Application:** In this case, the Tribunal applied the provisions of Section 30(2) of the Code

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## Parties

- **Judges:** Reeta K…; Madhu S…
- **Appellants:** Prashant…
- **Respondents:** Superways…

## Timeline

- **2022-07-27 — Admission in…**: Corporate Debtor admitted into Corporate…
- **2022-07-27 — Appointment…**: Mr. Hemendra Paliwal appointed as 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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