# Approval of Resolution Plan - U B S Publishers Distributors Private Limited

> NCLT judgment dated 2023-08-21. Citation: TCN-2023-NCLT-01983. The case pertains to IA No. 2920/ND/2023 filed in the matter of Company Petition No.…

- **Court:** NCLT
- **Order date:** 21 Aug 2023
- **Citation:** TCN-2023-NCLT-01983
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/approval-of-resolution-plan-u-b-s-publishers-distributors-private-limited-bf04615e

## Summary

### Background

The case pertains to IA No. 2920/ND/2023 filed in the matter of Company Petition No. (IB)-1095(ND)/2020. The application was filed by Mr. Ajay Gupta, the Resolution Professional (RP) of U.B.S Publishers Distributors Private Limited, seeking approval of the resolution plan of Kapivar & Ors. The underlying main petition was filed by M/s Pearson India Education Services Private Limited against the Corporate Debtor, M/s U.B.S Publishers Distributors Private Limited, under Section 9 of the IBC, 2016. The CIRP was initiated, and Mr. Ajay Gupta was appointed as the IRP and later confirmed as the RP. The resolution plan was approved by the Committee of Creditors (CoC) with a 92.23% voting share.

## Facts

M/s Pearson India Education Services Private Limited initiated Corporate Insolvency Resolution Process (CIRP) against M/s U.B.S. Publishers Distributors Private Limited under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016. The CIRP was admitted on 21.10.2022. Mr. Ajay Gupta was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). A public announcement was made on 24.10.2022 and 02.11.2022 to invite claims from creditors. The RP constituted a Committee of Creditors (CoC) comprising operational creditors. The RP published Form-G on 20.12.2022 and 26.01.2023, with the last date for submission of Resolution Plans being 24.03.2023. The RP received 06 EOIs, out of which 02 PRAs, namely, Kapivar &

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by Kapivar & Ors. should be approved under Section 30(6) …

**Ratio:** Section 30(6) of the IBC states that the Adjudicating Authority shall approve a

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**Reasoning:** The Adjudicating Authority considered the voting results of the CoC, where the resolution

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**Interpretation:** Section 30(6) mandates the Adjudicating Authority to approve a resolution plan

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**Application:** In this case, the CoC approved the resolution plan with the requisite majority,

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## Parties

- **Judges:** Sh. Ashok Kumar…; L. N. G…
- **Appellants:** Pearson India…
- **Respondents:** U.B.S. Publishers…

## Timeline

- **2020-01-01 — Company Petiti…**: Company Petition No.…
- **2022-10-21 — CIRP Init…**: Corporate Insolvency Resolution…

## 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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