# Approval of Resolution Plan - Genix Automation Pvt. Ltd.

> NCLT judgment dated 2025-10-29. Citation: TCN-2025-NCLT-01550. The case involves an Interlocutory Application (I.A. (IBC)(Plan) No. 54 of 2025) filed by the…

- **Court:** NCLT
- **Order date:** 29 Oct 2025
- **Citation:** TCN-2025-NCLT-01550
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-mumbai/approval-of-resolution-plan-genix-automation-pvt-ltd-26fe7f7a

## Summary

### Background

The case involves an Interlocutory Application (I.A. (IBC)(Plan) No. 54 of 2025) filed by the Resolution Professional (RP) of Genix Automation Pvt. Ltd, the Corporate Debtor, seeking approval of a Resolution Plan submitted by MRCA Financial Services (India) Private Limited, the Successful Resolution Applicant (SRA).

## Facts

The Corporate Debtor, Genix Automation Pvt. Ltd., was admitted into CIRP on 16.05.2024, following a Section 9 application by Arm Welders Pvt. Ltd., an Operational Creditor, due to unpaid dues of Rs. 1,76,35,847/-.

Mr. Purusottam Behera was appointed as the Interim Resolution Professional (IRP).

The CoC comprises only one creditor, Omkara Asset Reconstruction Private Limited, with a claim of Rs. 48,50,85,667/-.

The IRP faced difficulties in securing the Corporate Debtor's assets and information due to the sale of the registered office premises by the CoC member under the SARFAESI Act, 2002.

Mr. Rajat Mukherjee was appointed as the Resolution Professional (RP) with 100% approval of the CoC.

Form G was published on 15.10.2024, inviting Prospective Resolution Applicants (PRAs).

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by MRCA Financial Services (India) Private Limited meets the …

**Ratio:** The Hon'ble Supreme Court in K. Sashidhar v. Indian Overseas Bank & Others [(2019)

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**Reasoning:** The Tribunal reviewed the Resolution Plan and found that it provides for the payment of

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**Interpretation:** The Adjudicating Authority's role is limited to ensuring that the Resolution

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**Application:** The Tribunal, after reviewing the Resolution Plan, determined that it complies

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## Parties

- **Judges:** ANIL RAJ C…; K. R. SAJI…
- **Appellants:** Rajat Muk…
- **Respondents:** Genix Automation…
- **Other parties:** Omkara Assets…; Nika…; +2 more
- **Advocates:** KunalKa…; Tanushree…; +1 more

## Timeline

- **16.05.2024 — Admission in…**: Corporate Debtor…
- **18.05.2024 — Form A Publ…**: IRP published Form A, informing…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 66(1) — Fraudulent trading or wrongful trading](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-66)

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