# Approval of Resolution Plan - Unistar Tradelink Private Limited

> NCLT judgment dated 2025-05-07. Citation: TCN-2025-NCLT-00108. The case pertains to I.A. (IBC)(Plan) No. 63 of 2024 in C.P. (IB) No. 36/MB/2023, filed under…

- **Court:** NCLT
- **Order date:** 7 May 2025
- **Citation:** TCN-2025-NCLT-00108
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/approval-of-resolution-plan-unistar-tradelink-private-limited-7e3474d3

## Summary

### Background

The case pertains to I.A. (IBC)(Plan) No. 63 of 2024 in C.P. (IB) No. 36/MB/2023, filed under Section 30(6) of the Insolvency and Bankruptcy Code, 2016, by Mr. Kailash Shah, the Resolution Professional (RP) of Unistar Tradelink Private Limited, the Corporate Debtor (CD). The application seeks approval of the Resolution Plan submitted by K.A. Malle Pharmaceuticals, the Successful Resolution Applicant (SRA). The Corporate Insolvency Resolution Process (CIRP) was initiated against the CD in C.P. (IB) No. 36/MB/2023 under Section 10 of the IBC. Mr. Kailash Shah was appointed as the Interim Resolution Professional (IRP). Public announcement of the CIRP commencement was made, inviting claims from creditors, leading to the constitution of the Committee of Creditors (CoC) with

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## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against Unistar Tradelink Private Limited based on an application under Section 10 of the IBC. Kailash Shah was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). The Committee of Creditors (CoC) was formed with Cosmos Co-operative Bank Limited as the sole financial creditor. Several meetings of the CoC were conducted to evaluate resolution plans. Form G was published multiple times to invite Expression of Interest (EOI) from prospective resolution applicants. K.A. Malle Pharmaceuticals submitted a resolution plan that was approved by the CoC with 100% voting share. The Resolution Plan proposed a resolution amount of Rs. 24.75 Crore. The

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by K.A. Malle Pharmaceuticals complies with the requirements …

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

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**Reasoning:** The Tribunal observed that the Resolution Plan provides for the payment of CIRP costs as

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

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**Application:** The Tribunal applied the provisions of Section 30(2) to the Resolution Plan and

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## Parties

- **Judges:** ANIL RAJ C…; K. R. SAJI…
- **Appellants:** Kailash…
- **Respondents:** Unistar Tradelink…

## Timeline

- **2023-05-19 — Order for CIRP…**: Tribunal initiated the Corporate Insolvency Resolution Process (CIRP) of the CD in C.P.…
- **2023-05-22 — Public Announcement of…**: The IRP caused public announcement in two daily newspapers, informing of the commencement…

## 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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