# Approval of Resolution Plan - Techno Forge Limited

> NCLT judgment dated 2024-02-02. Citation: TCN-2024-NCLT-02793. The case pertains to an application filed under Section 30(6) read with Section 31 of the…

- **Court:** NCLT
- **Order date:** 2 Feb 2024
- **Citation:** TCN-2024-NCLT-02793
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/approval-of-resolution-plan-techno-forge-limited-1bd14438

## 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 the Resolution Plan for Techno Forge Limited. The Corporate Insolvency Resolution Process (CIRP) was initiated following a petition filed by Bank of India under Section 7 of the Code. The Interim Resolution Professional (IRP) was appointed, and subsequently, the Committee of Creditors (CoC) was constituted. The CoC convened several meetings to evaluate resolution plans, including revisions and addendums submitted by joint resolution applicants. Ultimately, the CoC approved a revised resolution plan with a final addendum, which is now under consideration for approval by the Tribunal.

## Facts

Bank of India initiated Corporate Insolvency Resolution Process (CIRP) against Techno Forge Limited under Section 7 of the IBC. The application was admitted, and an Interim Resolution Professional (IRP) was appointed. The IRP collated claims from creditors and formed a Committee of Creditors (CoC). The CoC convened multiple meetings to evaluate resolution plans. Joint Resolution Applicants submitted revised resolution plans and addendums. The CoC approved a revised resolution plan with 89.11% voting in favor. The total cost of the resolution plan was Rs. 9,98,78,125. The resolution applicants proposed to pay Rs. 9,98,78,125 within 2 years and 6 months. The resolution plan includes provisions for settling debts of secured financial creditors, unsecured financial

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by the Resolution Applicant complies with the requirements of …

**Ratio:** Section 30(2)(b) of the IBC, 2016, specifies the requirements that a resolution plan must

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**Reasoning:** The Tribunal reviewed the contents of the resolution plan and noted that Regulations 36

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**Interpretation:** Section 30(2)(b) ensures that the resolution plan addresses the essential

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**Application:** The Tribunal found that the resolution plan contains measures to run the

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## Parties

- **Judges:** Chitra Ha…; Velamur G Venkata…
- **Appellants:** Bhavi Shreyans…
- **Respondents:** Techno Forge…

## Timeline

- **2020-07-02 — Order Da…**: Order passed admitting the petition and appointing the applicant as the Interim…
- **2020-07-08 — Public Annou…**: Public announcement inviting…

## 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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