# Approval of Resolution Plan- Varun Media Private Limited

> NCLT judgment dated 2024-09-25. Citation: TCN-2024-NCLT-00541. The case pertains to IA No.269/2024 filed in CP (IB) No.110/ALD/2022 before the National…

- **Court:** NCLT
- **Order date:** 25 Sept 2024
- **Citation:** TCN-2024-NCLT-00541
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/approval-of-resolution-plan-varun-media-private-limited-1e939cba

## Summary

### Background

The case pertains to IA No.269/2024 filed in CP (IB) No.110/ALD/2022 before the National Company Law Tribunal (NCLT), Allahabad Bench, Prayagraj. The application was filed by the Resolution Professional (RP), Mr. Mukesh Chand Jain, for approval of the resolution plan submitted in respect of Varun Media Private Limited, the Corporate Debtor. The Corporate Insolvency Resolution Process (CIRP) was initiated against Varun Media Private Limited based on an application filed by Naman Infradevelopers Private Limited, a Financial Creditor, under Section 7 of the Insolvency and Bankruptcy Code (IBC). The CIRP commenced on 14.07.2023. The RP received three Expressions of Interest (EOIs) and two resolution applicants, Kundan Care Products Ltd. and Bitan Roy, submitted resolution

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## Facts

1. An application was filed under Section 30(6) read with Section 31 of the Insolvency and Bankruptcy Code, 2016, along with Regulation 39(4) of the Insolvency and Bankruptcy Board of India Regulations, 2016.
2. The Corporate Insolvency Resolution Process (CIRP) was initiated against Varun Media Private Limited based on an application by Naman Infradevelopers Private Limited under Section 7 of the IBC.
3. The CIRP commencement date was 14.07.2023.
4. Mr. Pradeep Kumar was initially appointed as the Interim Resolution Professional (IRP) and was later replaced by Mr. Mukesh Chand Jain.
5. Public announcement was made on 18.07.2023.
6. The Committee of Creditors (CoC) was constituted with one Financial Creditor, Naman Infradevelopers Private Limited, holding 100% voting

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## Issues and analysis

### Issue 1: Whether the resolution plan submitted by Bitan Roy complies with the requirements of Section 30(2) …

**Ratio:** Section 30(2) of the IBC outlines the mandatory requirements for a resolution plan,

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**Reasoning:** The NCLT perused the documents and found that the resolution plan has been approved by

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

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**Application:** The NCLT applied the provisions of Section 30(2) to the specific details of the

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## Parties

- **Judges:** Praveen…; Ashish…
- **Respondents:** Varun Media…

## Timeline

- **2022-01-01 — Filing of CP (IB)…**: Company Petition CP (IB) No.110/ALD/2022 filed on behalf of Financial Creditor i.e. of…
- **2023-07-14 — Admission…**: The underlying Company Petition CP (IB) No.110/ALD/2022 was admitted by the Adjudicating…

## 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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