# In the matter of Uniply Decor Limited

> NCLT judgment dated 2024-02-19. Citation: TCN-2024-NCLT-02530. The application was filed under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, read…

- **Court:** NCLT
- **Order date:** 19 Feb 2024
- **Citation:** TCN-2024-NCLT-02530
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/uniply-decor-limited-6eec9540

## Summary

### Background

The application was filed under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, read with Rule 11 of the NCLT Rules, seeking reliefs related to the resolution plan of Uniply Décor Limited. The applicant, an ex-director of Uniply Décor Limited, sought the rejection of the approved resolution plan and a direction for the RP and CoC to consider a one-time settlement (OTS) offer. The Corporate Insolvency Resolution Process (CIRP) was initiated by the Tribunal. The ex-management of the Corporate Debtor had been in talks with the Financial Creditor Bank since 2021, making OTS offers. An initial OTS offer was approved, and a payment of Rs.7.80 Crore was made, but the Corporate Debtor failed to make the balance payment due to the COVID-19 pandemic. Subsequent OTS

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## Facts

Keshav Kanatamneni, an ex-director of Uniply Décor Limited, filed an application seeking the rejection of the resolution plan dated 29.08.2022 (revised on 22.11.2022) and a direction for the Resolution Professional (RP) and Committee of Creditors (CoC) to consider a one-time settlement (OTS) offer. The Corporate Insolvency Resolution Process (CIRP) was initiated against Uniply Décor Limited. The 2nd Respondent, Yes Bank Limited, is the sole member of the CoC. The 3rd Respondent, West Coast Paper Mill Limited, submitted the Resolution Plan on 29.08.2022. The ex-management of Uniply Décor Limited made OTS offers to the Financial Creditor Bank since 2021. An initial OTS offer was approved, and the Corporate Debtor paid Rs.7.80 Crore, but failed to pay the balance of

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## Issues and analysis

### Issue 1: Whether the Tribunal can reject the already approved Resolution Plan dated 29.08.2022 as revised on …

**Ratio:** Once a Resolution Plan is approved by the CoC and the Tribunal, and has been implemented,

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**Reasoning:** The Tribunal noted that the Resolution Plan was approved on 20.09.2023 and the entire

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**Interpretation:** The interpretation of the IBC suggests that once a resolution plan is approved

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**Application:** Since the Resolution Plan was already approved and implemented, the Tribunal

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## Parties

- **Judges:** SANJIV…; Venkatataraman…
- **Appellants:** Keshav Kana…
- **Respondents:** Uniply Décor…; Santhanam…

## Timeline

- **2021-01-01 — OTS Offe…**: Ex-management of the Corporate Debtor in talks with the Financial Creditor Bank since…
- **2022-08-29 — Resolution Plan…**: The 3rd Respondent submitted the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 60(5) — Adjudicating Authority for corporate persons](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-60)

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