# Approval of Resolution plan- UM Green Lighting Private Limited

> NCLT judgment dated 2024-05-30. Citation: TCN-2024-NCLT-01274. The case pertains to IA No. 5974 of 2023 filed by the Resolution Professional (RP) of UM Green…

- **Court:** NCLT
- **Order date:** 30 May 2024
- **Citation:** TCN-2024-NCLT-01274
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/approval-of-resolution-plan-um-green-lighting-private-limited-7075408f

## Summary

### Background

The case pertains to IA No. 5974 of 2023 filed by the Resolution Professional (RP) of UM Green Lighting Private Limited, seeking approval of the resolution plan submitted jointly by Embrace Gas Pipelines Private Limited and M/s. Printtech under Section 30(6) of the Insolvency and Bankruptcy Code (IBC), 2016. The Corporate Insolvency Resolution Process (CIRP) was initiated against UM Green Lighting Private Limited based on a petition filed by Jakson Engineers Limited under Section 9 of the IBC, which was admitted on 13.12.2021. Initially, Mr. Amar Gopal Gambhir was appointed as the Interim Resolution Professional (IRP), but he was later replaced by Mr. Rajiv Bhatnagar as the RP in the second Committee of Creditors (CoC) meeting held on 11.02.2022. The RP made a public

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## Facts

Jakson Engineers Limited initiated Corporate Insolvency Resolution Process (CIRP) against UM Green Lighting Private Limited under Section 9 of IBC, admitted on 13.12.2021. Mr. Amar Gopal Gambhir was initially appointed as IRP, later replaced by Mr. Rajiv Bhatnagar. Public announcement was made on 17.12.2021 to invite claims. Canara Bank is the sole financial creditor with 100% voting share; admitted claim is Rs. 26,22,01,249/-. The RP valued the Corporate Debtor's assets. Several CoC meetings were held. Form G was published on 21.03.2023 and 24.06.2023 to invite Expressions of Interest (EOI). Two EOIs were received, one from Mr. Gaurav Mamik and another jointly from Embrace Gas Pipelines Private Limited and M/s. Printtech. The CoC approved the resolution plan submitted

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## Issues and analysis

### Issue 1: Whether the resolution plan submitted by Embrace Gas Pipelines Private Limited and M/s. Printtech …

**Ratio:** Section 30(2) of the IBC, 2016, specifies the requirements that a resolution plan must

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**Reasoning:** The Adjudicating Authority examined the resolution plan to ensure that it complies with

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**Interpretation:** Section 30(2) of the IBC, 2016, is interpreted to ensure that the resolution

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**Application:** The Adjudicating Authority applied the requirements of Section 30(2) to the

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## Parties

- **Judges:** SH. ASHOK KUMAR…; SH. SUBRATA KUMAR…
- **Appellants:** Jakson Engineers…
- **Respondents:** UM Green Lighting…; Canara…

## Timeline

- **2019-01-01 — Main petitio…**: C.P.(IB)-2581/(PB)/2020 was filed by Jakson Engineers Limited against UM Green Lighting…
- **2021-12-13 — CIRP Admi…**: Order dated 13.12.2021 admitted the petition and initiated the Corporate Insolvency…

## 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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