# Approval of Resolution Plan - Unicast Autotech Private Limited

> NCLT judgment dated 2023-10-31. Citation: TCN-2023-NCLT-00967. The application was filed under Section 30(6) read with Section 31(1) of the Insolvency &…

- **Court:** NCLT
- **Order date:** 31 Oct 2023
- **Citation:** TCN-2023-NCLT-00967
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/approval-of-resolution-plan-unicast-autotech-private-limited-ec141828

## Summary

### Background

The application was filed under Section 30(6) read with Section 31(1) of the Insolvency & Bankruptcy Code, 2016, along with Regulation 39(4) of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. The Resolution Professional (RP) of Unicast Autotech Private Limited ('Corporate Debtor') sought approval of the Resolution Plan submitted by Sahuwala Cylinders Private Limited ('Successful Resolution Applicant'). The plan was approved by the Committee of Creditors (CoC) in its 11th meeting held on 23.03.2023 with 88.27% voting shares. The Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor was initiated on 08.07.2022, and Mr. Kanti Mohan Rustagi was appointed as the Interim

…

## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against Unicast Autotech Private Limited on 08.07.2022. Mr. Kanti Mohan Rustagi was appointed as the Interim Resolution Professional (IRP). The IRP constituted a Committee of Creditors (CoC) comprising Bajaj Finance Limited, ICICI Bank, and Minda Industries Limited. The CoC decided to invite prospective resolution applicants by publishing Expression of Interest/ Form G, with a submission deadline of 08.09.2022. Fourteen Expressions of Interest (EOIs) were received. The CoC extended the deadline for submitting the Resolution Plan to 10.11.2022. Four prospective resolution applicants (PRAs) submitted their resolution plans. The Resolution Plan submitted by Sahuwala Cylinders Private Limited was approved by

…

## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by Sahuwala Cylinders Private Limited should be approved …

**Ratio:** Section 31(1) of the Insolvency and Bankruptcy Code, 2016, provides that if the

…

**Reasoning:** The Adjudicating Authority considered the submissions made by the Ld. Counsel for the

…

**Interpretation:** Section 31(1) mandates the Adjudicating Authority to approve a resolution plan

…

**Application:** The Adjudicating Authority, after reviewing the Resolution Plan and considering

…

## Parties

- **Judges:** SH. BACHU VENKAT…; SH. RAHUL…
- **Appellants:** Minda Industries…
- **Respondents:** Unicast Autotech…

## Timeline

- **2022-07-08 — Initiation…**: Corporate Insolvency Resolution Process…
- **2022-07-08 — Appointment…**: Mr. Kanti Mohan Rustagi…

## 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-unicast-autotech-private-limited-ec141828