# Approval of Resolution Plan - Swapnil Promoters And Developers Private Limited

> NCLT judgment dated 2024-07-12. Citation: TCN-2024-NCLT-01016. The case pertains to an application filed by the Resolution Professional (RP) under Section…

- **Court:** NCLT
- **Order date:** 12 Jul 2024
- **Citation:** TCN-2024-NCLT-01016
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/approval-of-resolution-plan-swapnil-promoters-and-developers-private-limited-18ad3e2b

## Summary

### Background

The case pertains to an application filed by the Resolution Professional (RP) under Section 30(6) of the Insolvency and Bankruptcy Code (IBC), 2016, seeking approval of the Resolution Plan submitted by CIAN Agro Industries & Infrastructure Limited, which was approved by 93.08% of the Committee of Creditors (CoC) of the Corporate Debtor, Swapnil Promoters and Developers Private Limited. The Corporate Insolvency Resolution Process (CIRP) was initiated following an application by Omkara Assets Reconstruction Private Limited (Operational Creditor) under Section 7 of the IBC. The RP was appointed and subsequently confirmed after the first CoC meeting. The RP issued invitations for Expression of Interest (EoI) and conducted multiple CoC meetings. An extension of the CIRP

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## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against Swapnil Promoters and Developers Private Limited based on an application by Omkara Assets Reconstruction Private Limited under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. Mr. Amit Vijay Karia was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). Public announcements were made to invite claims from creditors. The Committee of Creditors (CoC) was constituted, and multiple meetings were held. The RP apprised the CoC about the assignment of debt exposure of Omkara Assets Reconstruction to 'Best Power Plus Private Limited'. The CoC voted in favor of the Resolution Plan submitted by CIAN Agro Industries & Infrastructure

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by CIAN Agro Industries & Infrastructure Limited meets …

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

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**Reasoning:** The Resolution Professional confirmed that the Resolution Plan complies with all the

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**Interpretation:** Section 30(2) sets out the mandatory requirements for a resolution plan to be

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**Application:** In this case, the RP's confirmation that the Resolution Plan meets the

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## Parties

- **Judges:** Anu Jagmoha…; KISHORE VEMULAPALL…
- **Appellants:** Amit Vijay…
- **Respondents:** Swapnil Promoters…

## Timeline

- **2024-05-28 — Application…**: The Resolution Professional filed the…
- **2023-07-04 — CIRP Init…**: Corporate Insolvency Resolution…

## 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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