# Approval of Resolution Plan - Viaan Industries Limited

> NCLT judgment dated 2024-02-06. Citation: TCN-2024-NCLT-02749. The Interlocutory Application was filed by Mr. Prakash Naringrekar, the Resolution Professional…

- **Court:** NCLT
- **Order date:** 6 Feb 2024
- **Citation:** TCN-2024-NCLT-02749
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/approval-of-resolution-plan-viaan-industries-limited-ab256747

## Summary

### Background

The Interlocutory Application was filed by Mr. Prakash Naringrekar, the Resolution Professional of Viaan Industries Limited, seeking approval of the resolution plan under Section 30(6) of the Insolvency and Bankruptcy Code, 2016. The resolution plan was submitted by Kundan Care Products Limited, the Successful Resolution Applicant (SRA), and approved by 100% of the Committee of Creditors (CoC) in its 10th CoC meeting held on 18.11.2022. The Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor under Section 7 of the Code vide order dated 11.03.2021. Mr. Prakash Naringrekar was appointed as Interim Resolution Professional (IRP).

## Facts

The present Interlocutory application was filed by Mr. Prakash Naringrekar, the Resolution Professional of Viaan Industries Limited, seeking approval of the resolution plan under section 30(6) of the Insolvency and Bankruptcy Code, 2016. The Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor under Section 7 of the Code vide Order dated 11.03.2021, and Mr. Prakash Naringrekar was appointed as Interim Resolution Professional (IRP). The Applicant published the Public Announcement for inviting claims on 14.03.2022, and the last date for receipt of claims was 25.03.2022. The CoC was constituted with Cash Ur Drive Marketing Private Limited as the sole member. The CoC unanimously resolved and confirmed the appointment of the Applicant as

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by Mr. Prakash Naringrekar for Viaan Industries Limited meets …

**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 observed that the Resolution Plan provides for the payment of

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

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**Application:** The Adjudicating Authority reviewed the Resolution Plan and found that it

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## Parties

- **Judges:** ANIL RAJ C…; Kuldip Kumar…
- **Appellants:** Prakash Naringreka…
- **Respondents:** Viaan Industries…

## Timeline

- **2021-03-11 — Initiation…**: Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor…
- **2021-03-11 — Appointment…**: Mr. Prakash Naringrekar was appointed as…

## 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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