# Approval of Resolution Plan - Barracks Retail India Pvt. Ltd.

> NCLT judgment dated 2025-11-04. Citation: TCN-2025-NCLT-01595. The application was filed by the Resolution Professional of M/s. Barracks Retails India Pvt.…

- **Court:** NCLT
- **Order date:** 4 Nov 2025
- **Citation:** TCN-2025-NCLT-01595
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-mumbai/approval-of-resolution-plan-barracks-retail-india-pvt-ltd-96b43f5b

## Summary

### Background

The application was filed by the Resolution Professional of M/s. Barracks Retails India Pvt. Ltd. under Section 30(6) of the Insolvency and Bankruptcy Code, 2016, seeking approval of the Resolution Plan submitted by Aikyam Stressed Assets Fund I.

## Facts

The CIRP was initiated on 09.01.2024.

Ganesh Venkata Siva Rama Krishna Remani was appointed as the Resolution Professional.

The Resolution Plan submitted by Aikyam Stressed Assets Fund I was approved by 100% of the CoC.

The CoC consisted of only one secured financial creditor, ASREC (India) Limited.

The Resolution Applicant proposes to make a payment of Rs.3,780/- to Operational Creditors.

The Resolution Applicant proposes to make a payment of Rs.8,75,96,220/- to Secured Financial Creditor.

## Issues and analysis

### Issue 1: Whether the Resolution Plan meets the requirements of Section 30(2) of the Insolvency and …

**Ratio:** The Resolution Plan must provide for payment of insolvency resolution process costs,

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**Reasoning:** The Adjudicating Authority is required to satisfy itself that the Resolution Plan meets

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**Interpretation:** Section 30(2) outlines the mandatory requirements for a Resolution Plan to be

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**Application:** The Adjudicating Authority found that the Resolution Plan provides for the

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## Parties

- **Judges:** Prabhat…; Sushil Mahadeorao…
- **Appellants:** Ganesh Venkata…
- **Respondents:** M/s. Barracks…
- **Other parties:** Asrec (India)…
- **Advocates:** Hasti Bhan…

## Timeline

- **2024-01-09 — Initiation…**: The CIRP of the…
- **2024-01-12 — Public Annou…**: Public announcement was made…

## 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)

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