# Approval of Resolution Plan - Teknik Plant and Machhinery MFG Co. Pvt. Ltd.

> NCLT judgment dated 2024-06-12. Citation: TCN-2024-NCLT-01178. The case involves an application (IA/5679/2023) filed by the Resolution Professional (RP) of…

- **Court:** NCLT
- **Order date:** 12 Jun 2024
- **Citation:** TCN-2024-NCLT-01178
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/approval-of-resolution-plan-teknik-plant-and-machhinery-mfg-co-pvt-ltd-cdb9c9d9

## Summary

### Background

The case involves an application (IA/5679/2023) filed by the Resolution Professional (RP) of Teknik Plant and Machinery MFG. Co. Pvt. Ltd. under Section 30(6) and Section 31 of the Insolvency & Bankruptcy Code, 2016, seeking approval of a resolution plan submitted by Mrs. Archana Pankaj Mahale. The Corporate Insolvency Resolution Process (CIRP) was initiated against Teknik Plant and Machinery MFG. Co. Pvt. Ltd. following an application under section 9 of the Code. The Committee of Creditors (CoC), consisting solely of Indian Bank, approved the resolution plan with 100% voting share in its 6th meeting held on 23.10.2023.

## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against Teknik Plant and Machinery MFG. Co. Pvt. Ltd. based on an application under Section 9 of the Insolvency and Bankruptcy Code (IBC). The applicant, Mr. Modilal Dhanraj Pamecha, is the Resolution Professional (RP). The Committee of Creditors (CoC) consists solely of Indian Bank, holding 100% voting share. The RP issued a public announcement inviting claims from creditors. The RP received three claims, including one from Indian Bank as a secured financial creditor and two from operational creditors (ESIC Corporation and Employees Provident Fund Organization). The CoC approved a resolution for liquidation of the Corporate Debtor with 100% voting. The RP filed an application for liquidation. The

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by Archana Pankaj Mahale should be approved under Section 31 …

**Ratio:** Section 31 of the Insolvency and Bankruptcy Code, 2016, provides for the approval of a

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**Reasoning:** The Adjudicating Authority considered the commercial wisdom of the CoC, which approved

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**Interpretation:** Section 31 mandates the Adjudicating Authority to approve a resolution plan if

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**Application:** The Resolution Plan submitted by Archana Pankaj Mahale was found to be in

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## Parties

- **Judges:** LAKSHMI G…; Charanjeet Singh…
- **Appellants:** Modilal Dhanraj…
- **Respondents:** Teknik Plant &…; Archana Pankaj…

## Timeline

- **2022-02-11 — CIRP Init…**: Corporate Insolvency Resolution Process (CIRP) was initiated against Teknik Plant and…
- **2022-04-05 — Public Annou…**: The Applicant issued the Public Announcement in the prescribed Form A in “Financial…

## 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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