# Approval of Resolution Plan - Orbit Financial Consultants Private Limited

> NCLT judgment dated 2025-07-01. Citation: TCN-2025-NCLT-00844. The case pertains to an application filed under Section 30 and 31 of the Insolvency and…

- **Court:** NCLT
- **Order date:** 1 Jul 2025
- **Citation:** TCN-2025-NCLT-00844
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-kolkata/approval-of-resolution-plan-orbit-financial-consultants-private-limited-69978ea3

## Summary

### Background

The case pertains to an application filed under Section 30 and 31 of the Insolvency and Bankruptcy Code, 2016, read with Regulation 39 of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Person) 2016 as amended, for the approval of a resolution plan for Orbit Financial Consultants Private Limited.

## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against M/s. Orbit Financial Consultants Private Limited based on an application under Section 10 of the Insolvency and Bankruptcy Code, 2016.

The application was admitted on July 19, 2023, and Mr. Pankaj Kumar Kedia was appointed as the Interim Resolution Professional (IRP), later confirmed as the Resolution Professional.

The IRP made a public announcement on July 21, 2023, in Business Standard and Ekdin newspapers, inviting claims from financial and operational creditors.

The Committee of Creditors (CoC) was constituted on August 11, 2023, with Himalaya Gupta (Prop: Himalaya Gupta & Co.) as the sole member.

…

## Issues and analysis

### Issue 1: Whether the Resolution Plan complies with the provisions of the Insolvency and Bankruptcy Code, …

**Ratio:** The Adjudicating Authority must ensure that the resolution plan complies with Section

…

**Reasoning:** The Adjudicating Authority perused the documents and found that the Resolution Plan

…

**Interpretation:** Compliance with the IBC and its regulations is a prerequisite for the approval

…

**Application:** The Resolution Plan was found to be compliant with the IBC and its regulations,

…

## Parties

- **Judges:** BIDISHA BA…; Siddharth…
- **Appellants:** Pankaj Kuma…
- **Respondents:** Orbit Financial…
- **Other parties:** Himalaya Gupta…
- **Advocates:** Shaunak…; Sutapa…

## Timeline

- **2023-07-19 — Admission of Ap…**: Application under Section 10…
- **2023-07-21 — Public Annou…**: Public announcement made in…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 30 — Submission of resolution plan](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-30)

---

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-kolkata/approval-of-resolution-plan-orbit-financial-consultants-private-limited-69978ea3