# Approval of Resolution Plan - V-Accurate Management Services Private Limited

> NCLT judgment dated 2024-01-02. Citation: TCN-2024-NCLT-03364. The case pertains to an Interlocutory Application filed by Mr. Ritesh R. Mahajan, the…

- **Court:** NCLT
- **Order date:** 2 Jan 2024
- **Citation:** TCN-2024-NCLT-03364
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/approval-of-resolution-plan-v-accurate-management-services-private-limited-5ece16a6

## Summary

### Background

The case pertains to an Interlocutory Application filed by Mr. Ritesh R. Mahajan, the Resolution Professional of V-Accurate Management Services Private Limited (Corporate Debtor), seeking approval of the resolution plan submitted by Ranjit Mansingh Jagtap under section 30(6) of the Insolvency and Bankruptcy Code, 2016. The Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor by the Financial Creditor, TJSB Sahakari Bank Limited, under Section 7 of the Code on 09.03.2021. The Resolution Plan was approved by 100% of the Committee of Creditors (CoC).

## Facts

The Corporate Debtor, V-Accurate Management Services Private Limited, faced financial difficulties leading to default in repayment of credit facilities. The Financial Creditor, TJSB Sahakari Bank Limited, initiated CIRP under Section 7 of the IBC. Mr. Ritesh Mahajan was appointed as the Interim Resolution Professional (IRP) and later as the Resolution Professional (RP). Public announcements were made, and creditors submitted their claims. The RP constituted the Committee of Creditors (CoC). An Information Memorandum (IM) was prepared and circulated. An invitation for Expression of Interest (EoI) was published, and one response was received. The Resolution Applicant, Ranjit Mansingh Jagtap, submitted a Resolution Plan, which was revised based on suggestions from the

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by Mr. Ranjit Jagtap meets the requirements of Section 30(2) …

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

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**Reasoning:** The Adjudicating Authority perused the Resolution Plan and found that it provides for

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

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**Application:** The Resolution Plan was examined to ensure it complied with the requirements of

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## Parties

- **Judges:** ANIL RAJ C…; Kuldip Kumar…
- **Appellants:** Ritesh Ma…
- **Respondents:** V-Accurate…; TJSB Sahakari…

## Timeline

- **2019-01-01 — CP(IB)No…**: CP(IB)No. 1359/MB/C-II/2…
- **2021-03-09 — CIRP Init…**: The Financial Creditor, TJSB Sahakari Bank Limited, initiated the Corporate Insolvency…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 14 — Moratorium](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-14)

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