# Approval of Resolution Plan - Turtle Books Private Limited

> NCLT judgment dated 2023-10-31. Citation: TCN-2023-NCLT-00931. The case involves an application under Section 30(6) read with Section 31(1) of the Insolvency…

- **Court:** NCLT
- **Order date:** 31 Oct 2023
- **Citation:** TCN-2023-NCLT-00931
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/approval-of-resolution-plan-turtle-books-private-limited-3cb560fb

## Summary

### Background

The case involves an application under Section 30(6) read with Section 31(1) of the Insolvency & Bankruptcy Code, 2016, and Regulation 39(4) of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. The application was filed on behalf of Mr. Rajesh Ramnani, the Resolution Professional (RP) of M/s. Turtle Books Private Limited ('Corporate Debtor'), seeking approval of the Resolution Plan submitted by M/s. Jigsaw Edu Solutions Private Limited ('Successful Resolution Applicant'). The Corporate Insolvency Resolution Process (CIRP) against M/s. Turtle Books Private Limited was initiated by the Adjudicating Authority on 19.01.2021, following an application under Section 9 of the Code, 2016, filed by M/s. TCI

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## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against M/s. Turtle Books Private Limited ('Corporate Debtor') on 19.01.2021 by the Adjudicating Authority, following an application under Section 9 of the Code, 2016, filed by M/s. TCI Express Limited ('Operational Creditor'). The Corporate Debtor is engaged in the business of publishing books, which had declined due to the New Education Policy. Mr. Rajesh Ramnani was appointed as the Interim Resolution Professional and later confirmed as the Resolution Professional (RP). A public announcement was made, inviting creditors to submit claims. The Committee of Creditors (CoC) was reconstituted, comprising the sole Financial Creditor, M/s. Aditya Birla Finance Limited. The Invitation for Expression of

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by M/s. Jigsaw Edu Solutions Private Limited meets the …

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

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**Reasoning:** The Adjudicating Authority examined the Resolution Plan to ensure it complies with the

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**Interpretation:** Section 30(2) sets the minimum standards for a resolution plan to be considered

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**Application:** The Adjudicating Authority found that the Resolution Plan submitted by M/s.

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## Parties

- **Judges:** MANNI SANKARIAH…; BINOD KUMAR…
- **Appellants:** TCI Expres…
- **Respondents:** Turtle Books…; Turtle Book Pvt.…

## Timeline

- **2021-01-19 — Initiation…**: The Adjudicating Authority initiated the Corporate Insolvency Resolution Process (CIRP)…
- **2021-01-24 — Public Annou…**: A public announcement in Form A 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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