# Approval of Resolution Plan - Tribesmen Graphics Private Ltd

> NCLT judgment dated 2024-03-22. Citation: TCN-2024-NCLT-01977. The case involves an application for the approval of a Resolution Plan submitted by Jagdushah…

- **Court:** NCLT
- **Order date:** 22 Mar 2024
- **Citation:** TCN-2024-NCLT-01977
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/approval-of-resolution-plan-tribesmen-graphics-private-ltd-05c148a9

## Summary

### Background

The case involves an application for the approval of a Resolution Plan submitted by Jagdushah International Private Limited for Tribesmen Graphics Private Limited, which was undergoing Corporate Insolvency Resolution Process (CIRP). The CIRP was initiated following an application by an Operational Creditor, M/s Meera Garments. The Committee of Creditors (CoC) was formed, consisting of Zed Chem Pvt. Ltd. and Shriram Finance Ltd. Multiple CoC meetings were held to discuss and evaluate resolution plans. The CIRP period was extended. Ultimately, the CoC approved the resolution plan submitted by Jagdushah International Private Limited with a 99.80% voting share.

## Facts

M/s Meera Garments, an Operational Creditor, filed an application under Section 9 of the IB Code, leading to the initiation of CIRP against Tribesmen Graphics Private Limited on 2023-01-23. Mr. Darshan Bharatbhai Patel was initially appointed as the Interim Resolution Professional (IRP), later replaced by Mr. Jigar Tarunkumar Bhatt. The Committee of Creditors (CoC) was formed, comprising Zed Chem Pvt. Ltd. with 99.80% voting share and Shriram Finance Ltd. with 0.20% voting share. Several CoC meetings were conducted to evaluate resolution plans. Two prospective resolution applicants (PRAs), Mr. Sunil Kumar Kabra and Jagdushah International Private Limited, submitted resolution plans. The CoC approved the resolution plan submitted by Jagdushah International Private

…

## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by Jagdushah International Private Limited meets the …

**Ratio:** Section 30(2) of the IBC and Regulation 38 of the CIRP Regulations outline the mandatory

…

**Reasoning:** The Adjudicating Authority considered the submissions of the Resolution Professional and

…

**Interpretation:** This section mandates that a resolution plan must adhere to specific financial

…

**Application:** The Resolution Professional affirmed that the plan adheres to Section 30(2) and

…

## Parties

- **Judges:** Chitra Ha…; Velamur G Venkata…
- **Appellants:** Jigar Bhatt RP Of…
- **Respondents:** Tribesmen…
- **Advocates:** Arjun…; Rajiv C…

## Timeline

- **2023-01-23 — Admission in…**: The Corporate Debtor was admitted into CIRP following an application filed by the…
- **2023-01-28 — Public Annou…**: Mr. Darshan Bharatbhai Patel, the Interim Resolution Professional (IRP), made a public…

## 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)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/approval-of-resolution-plan-tribesmen-graphics-private-ltd-05c148a9