# In the matter of IGOPL Offshore Private Limited IA-2192-2021 In C.P.(IB)-918(MB)2020

> NCLT judgment dated 2022-11-11. Citation: TCN-2022-NCLT-00483. The case involves an application for approval of a Resolution Plan for IGOPL Offshore Private…

- **Court:** NCLT
- **Order date:** 11 Nov 2022
- **Citation:** TCN-2022-NCLT-00483
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/igopl-offshore-private-limited-ia-2192-2021-in-cpib-918mb2020-d001fae3

## Summary

### Background

The case involves an application for approval of a Resolution Plan for IGOPL Offshore Private Limited, a corporate debtor, under the Insolvency and Bankruptcy Code, 2016. The application was filed by the Resolution Professional, Bhavesh Rathod, based on the approval given by the Committee of Creditors (CoC). The Corporate Insolvency Resolution Process (CIRP) was initiated after the corporate debtor filed a petition under Section 10 of the Code. The bench admitted the petition on 15.11.2021 and appointed Mr. Bhavesh Rathod as Interim Resolution Professional. The IRP constituted a CoC with 6 Financial Creditors. The Resolution Professional received resolution plans from two applicants, Jai Kishan Thappa and Jubilant Enpro Private Limited. The CoC approved the plan of

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## Facts

IGOPL Offshore Private Limited underwent Corporate Insolvency Resolution Process (CIRP) after admitting a petition under Section 10 of the Insolvency and Bankruptcy Code (IBC). Bhavesh Rathod was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). The Committee of Creditors (CoC) was formed with 6 Financial Creditors. The RP received resolution plans from Jai Kishan Thappa and Jubilant Enpro Private Limited. The CoC approved Jubilant Enpro Private Limited's plan with 100% voting share in its 8th meeting held on 09.09.2021. The fair value of the company's assets was Rs. 33.16 Crore, and the liquidation value was Rs. 22.87 Crore. The total consideration under the Resolution Plan was INR 24 Crores. Secured

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by Jubilant Enpro Private Limited complies with the mandatory …

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

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**Reasoning:** The Tribunal examined the Resolution Plan to ensure it complies with the mandatory

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

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**Application:** The Tribunal found that the Resolution Plan complies with Section 30(2) as it

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## Parties

- **Judges:** P.N. Deshmukh…; Shyam Babu…
- **Appellants:** Bhavesh R…
- **Respondents:** IGOPL Offshore…

## Timeline

- **2021-11-15 — Initiation…**: The Bench admitted the petition for initiation of Corporate Insolvency Resolution Process…
- **2021-11-15 — Appointment…**: Mr. Bhavesh Rathod was appointed as the…

## 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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