# Approval of Resolution Plan - Vadraj Cements Limited

> NCLT judgment dated 2025-04-01. Citation: TCN-2025-NCLT-00284. The case involves an application (I.A No. 11 of 2025) filed by Mr. Pulkit Gupta, the Resolution…

- **Court:** NCLT
- **Order date:** 1 Apr 2025
- **Citation:** TCN-2025-NCLT-00284
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/approval-of-resolution-plan-vadraj-cements-limited-d90faf63

## Summary

### Background

The case involves an application (I.A No. 11 of 2025) filed by Mr. Pulkit Gupta, the Resolution Professional (RP) of Vadraj Cement Limited, under Section 30(6) and Section 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, and Rule 11 of the National Company Law Tribunal Rules, 2016. The application seeks approval of the Resolution Plan submitted by Nuvoco Vistas Corporation Limited, which was approved by a 100% majority of the Committee of Creditors (CoC). The Corporate Insolvency Resolution Process (CIRP) was initiated following a petition for winding up of the Corporate Debtor filed by Beumer Technology India Pvt. Ltd. and

…

## Facts

Vadraj Cement Limited faced a winding-up petition filed by Beumer Technology India Pvt. Ltd. in 2015, which was initially allowed by the Bombay High Court but later recalled. Subsequently, a Corporate Insolvency Resolution Process (CIRP) was initiated by Oriental Bank of Commerce (now Punjab National Bank) under Section 7 of the Insolvency and Bankruptcy Code (IBC) in 2018. Mr. Pulkit Gupta was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). The RP made public announcements, invited claims from creditors, and constituted a Committee of Creditors (CoC). The RP also appointed valuers and a transaction auditor. Nuvoco Vistas Corporation Limited submitted a Resolution Plan, which was approved by the CoC with a

…

## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by Nuvoco Vistas Corporation Limited complies with the …

**Ratio:** Section 30(2) of the Insolvency and Bankruptcy Code, 2016, specifies the mandatory

…

**Reasoning:** The NCLT examined the Resolution Plan and found that it met all the requirements of

…

**Interpretation:** Section 30(2) is interpreted as setting out the minimum standards that a

…

**Application:** In this case, the NCLT applied the requirements of Section 30(2) to the

…

## Parties

- **Judges:** Prabhat…; V.G. B…
- **Respondents:** Vadraj Cement…; Committee of…
- **Advocates:** Gaurav…; Nishant Up…; +6 more

## Timeline

- **2015-01-01 — Winding-up P…**: Beumer Technology India Pvt. Ltd. filed a petition for winding up of Vadraj Cement…
- **2018-08-23 — Winding-up…**: The Bombay High Court allowed the winding-up petition and appointed an Official…

## 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-vadraj-cements-limited-d90faf63