# Approval of Resolution Plan-  Unitech Machines Limited

> NCLT judgment dated 2024-09-13. Citation: TCN-2024-NCLT-00595. The case involves an application under Section 30(6) and 31 of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 13 Sept 2024
- **Citation:** TCN-2024-NCLT-00595
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/approval-of-resolution-plan-unitech-machines-limited-9a1ad376

## Summary

### Background

The case involves an application under Section 30(6) and 31 of the Insolvency and Bankruptcy Code, 2016, read with Regulation 39(4) of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. The application was filed by Mr. Vivek Raheja, the Resolution Professional of M/s Unitech Machines Limited, seeking approval of the Resolution Plan submitted by M/s Ankit International (Successful Resolution Applicant). The Corporate Insolvency Resolution Process (CIRP) was initiated against M/s Unitech Machines Limited following a petition filed by Corporation Bank under Section 7 of the IBC. The Resolution Plan was approved by the Committee of Creditors (CoC) with a majority of 89.79% voting share in their 13th CoC

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## Facts

M/s Unitech Machines Limited, incorporated on 28.02.1986, engaged in manufacturing parts and accessories for motor vehicles. The Corporate Insolvency Resolution Process (CIRP) was initiated against Unitech Machines Limited by Corporation Bank following a petition under Section 7 of the IBC. Mr. Vivek Raheja was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). A Resolution Plan was received from M/s Ankit International, a proprietorship concern of Mr. Pranav Jain, engaged in steel and scrap trading. The CoC initially decided to proceed with liquidation but later reconsidered the Resolution Plan. The Resolution Plan submitted by M/s Ankit International proposed a financial outlay of Rs. 67.35 crore, including

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by M/s Ankit International meets the requirements of Section …

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

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

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**Interpretation:** Section 30(2) sets out the mandatory requirements for a resolution plan to be

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

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## Parties

- **Judges:** MAHENDRA KHANDELWA…; RAHUL BHA…
- **Appellants:** Corporatio…
- **Respondents:** Unitech Machines…

## Timeline

- **2019-03-01 — CIRP Init…**: Corporate Insolvency Resolution Process initiated against M/s Unitech Machines Limited by…
- **2019-04-22 — RP Appointment…**: IRP's appointment as Resolution Professional approved by the Committee of Creditors in…

## 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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