# Approval of Resolution Plan - Triumvirate Sorority Private Limited

> NCLT judgment dated 2024-10-25. Citation: TCN-2024-NCLT-00340. The case involves an application (IA No. 80/MB/2024) filed by Truue IPE Private Limited, the…

- **Court:** NCLT
- **Order date:** 25 Oct 2024
- **Citation:** TCN-2024-NCLT-00340
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/approval-of-resolution-plan-triumvirate-sorority-private-limited-e48866c0

## Summary

### Background

The case involves an application (IA No. 80/MB/2024) filed by Truue IPE Private Limited, the Resolution Professional (RP) of Triumvirate Sorority Private Limited (Corporate Debtor), seeking approval of a resolution plan under Section 30(6) read with Section 31 of the Insolvency and Bankruptcy Code, 2016 (IBC). The resolution plan was submitted by West End Investment and Finance Consultancy Private Limited, the Successful Resolution Applicant (SRA), and approved by 100% of the Committee of Creditors (CoC). The Corporate Insolvency Resolution Process (CIRP) was initiated following an order dated 21.11.2023, after an application filed by Global Wind Infrastructure and Services Private Limited under Section 9 of the IBC. The RP was initially appointed as the Interim

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## Facts

The case concerns the Corporate Insolvency Resolution Process (CIRP) of Triumvirate Sorority Private Limited (Corporate Debtor/CD). Global Wind Infrastructure and Services Private Limited initiated the CIRP under Section 9 of the IBC. The Adjudicating Authority admitted the CD into CIRP on 21.11.2023. Truue IPE Private Limited was appointed as the Resolution Professional (RP). A public announcement was made on 24.11.2023, inviting claims from creditors. The Committee of Creditors (CoC) was constituted on 13.12.2023 and reconstituted on 10.04.2024, comprising Citi Securities and Financial Services Private Limited. An Expression of Interest (Eol) was invited on 02.02.2024, with a submission deadline of 17.02.2024. Three Prospective Resolution Applicants (PRAs) submitted

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## Issues and analysis

### Issue 1: Whether the resolution plan submitted by West End Investment & Finance Consultancy Private …

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

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**Reasoning:** The Adjudicating Authority (AA) found that the resolution plan provides for the priority

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**Interpretation:** Section 30(2) of the IBC sets out the mandatory requirements for a resolution

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**Application:** The AA applied the requirements of Section 30(2) to the specific resolution

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## Parties

- **Judges:** K. R. SAJI…; SANJIV…
- **Appellants:** Truue IPE Private…
- **Respondents:** Triumvirate…; Global Wind…

## Timeline

- **2023-11-21 — Admission in…**: Adjudicating Authority admitted the Corporate Debtor into Corporate Insolvency Resolution…
- **2023-11-24 — Public Annou…**: Public announcement was made…

## 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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