# Approval of Resolution Plan - Supriya Pharmaceuticals Limited

> NCLT judgment dated 2023-12-22. Citation: TCN-2023-NCLT-00017. The case involves an application (IA No. 644/JPR/2023) filed by the Resolution Professional…

- **Court:** NCLT
- **Order date:** 22 Dec 2023
- **Citation:** TCN-2023-NCLT-00017
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/approval-of-resolution-plan-supriya-pharmaceuticals-limited-2537fbce

## Summary

### Background

The case involves an application (IA No. 644/JPR/2023) filed by the Resolution Professional (RP) of M/s Supriya Pharmaceuticals Limited ('Corporate Debtor') under Section 30(6) of the Insolvency and Bankruptcy Code, 2016 ('IBC') seeking approval of a resolution plan. The insolvency application was initiated by the Operational Creditor, Apollo International Limited, under Section 9 of the Code. The application was admitted on 22.03.2023. The RP was appointed, and a public announcement was made to invite claims from creditors. The Committee of Creditors (CoC) was duly constituted. The CoC approved a resolution plan submitted by R Net Intelligent Systems Private Limited with a 100% voting share.

## Facts

Apollo International Limited, an Operational Creditor, initiated Corporate Insolvency Resolution Process (CIRP) against Supriya Pharmaceuticals Limited, the Corporate Debtor, under Section 9 of the IBC. The application was admitted on 2023-03-22. An Interim Resolution Professional (IRP) was appointed, who then issued a public announcement inviting claims. The Committee of Creditors (CoC) was formed. The RP received two resolution plans, including one from Sunrise Industries and another from R Net Intelligent Systems Private Limited. The CoC approved the resolution plan of R Net Intelligent Systems Private Limited with 100% voting share. The RP issued a Letter of Intent to R Net Intelligent Systems Private Limited. The resolution plan includes provisions for payment to

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## Issues and analysis

### Issue 1: Whether the resolution plan meets the requirements of Section 30(2) of the Insolvency and …

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

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**Reasoning:** The court examined the resolution plan and found that it complied with the requirements

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**Interpretation:** Section 30(2) is interpreted as setting out the minimum standards that a

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**Application:** The court applied the requirements of Section 30(2) to the specific details of

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## Parties

- **Judges:** Deep Chandr…; RAJEEV ME…
- **Appellants:** Apollo Internation…
- **Respondents:** Supriya Pharmaceut…; M/S SUPRIYA…

## Timeline

- **2021-01-01 — CP No. (IB)- 74/9/JPR/20…**: The Corporate Insolvency…
- **2023-03-22 — Admission of Insolvency…**: The Adjudicating Authority…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 14 — Moratorium](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-14)

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