# In the matter of Orma Marble Palace Private Limited IA(IBC)-152(KOB)-2022 in IBA-41-KOB-2020

> NCLT judgment dated 2022-12-23. Citation: TCN-2022-NCLT-00033. The case involves an application filed by the Resolution Professional (RP) under Section 31 of…

- **Court:** NCLT
- **Order date:** 23 Dec 2022
- **Citation:** TCN-2022-NCLT-00033
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/orma-marble-palace-private-limited-iaibc-152kob-2022-in-iba-41-kob-2020-07f66d56

## Summary

### Background

The case involves an application filed by the Resolution Professional (RP) under Section 31 of the Insolvency and Bankruptcy Code, 2016, seeking approval of the Resolution Plan submitted by the successful Resolution Applicant, Dr. K.V. Tolins. The Corporate Insolvency Resolution Process (CIRP) was initiated against Orma Marble Palace Private Limited based on a petition filed by Dhanalaxmi Bank Limited under Section 7 of the IBC. The RP issued invitations for Expression of Interest (EOI) from potential resolution applicants, received EOIs from three prospective applicants, and subsequently, the Resolution Applicant submitted a revised Resolution Plan which was approved by the Committee of Creditors (CoC) with 100% votes.

## Facts

Dhanalaxmi Bank Limited initiated Corporate Insolvency Resolution Process (CIRP) against Orma Marble Palace Private Limited by filing a petition under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. The petition was admitted on 2021-04-09. Mr. Jasin Jose was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). The RP issued invitations for Expression of Interest (EOI) and received EOIs from three prospective resolution applicants. Dr. K.V. Tolins, submitted a Resolution Plan, which was revised multiple times based on feedback from the Committee of Creditors (CoC). The CoC approved the revised Resolution Plan with 100% votes in its 9th meeting held on 2022-05-31. The Resolution Applicant provided

…

## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by Dr. K.V. Tolins complies with the requirements of Sections …

**Ratio:** Section 31 of the IBC mandates that a resolution plan approved by the Committee of

…

**Reasoning:** The Tribunal examined the Resolution Plan to ensure it meets the requirements of Section

…

**Interpretation:** Section 30 and 31 of the IBC are interpreted to ensure that a resolution plan

…

**Application:** The Tribunal found that the Resolution Plan submitted by Dr. K.V. Tolins

…

## Parties

- **Judges:** P. Moha…; Satya Ranjan…
- **Appellants:** Dhanalaxmi Bank…
- **Respondents:** Orma Marble…
- **Advocates:** Joseph Kodi…

## Timeline

- **2020-01-01 — Company Petiti…**: The underlying Company Petition in IBA/41/KOB/2020 was filed by Dhanlaxmi Bank Limited…
- **2021-04-09 — Admission of Company…**: The Company Petition was admitted…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 31 — Approval of resolution plan](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-31)

---

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/orma-marble-palace-private-limited-iaibc-152kob-2022-in-iba-41-kob-2020-07f66d56