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

> NCLT judgment dated 2025-10-29. Citation: TCN-2025-NCLT-01551. The case involves an Interlocutory Application (I.A. (IBC)(Plan) No. 54 of 2025) filed by Mr.…

- **Court:** NCLT
- **Order date:** 29 Oct 2025
- **Citation:** TCN-2025-NCLT-01551
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-mumbai/approval-of-resolution-plan-genix-automation-pvt-ltd-41ec4e21

## Summary

### Background

The case involves an Interlocutory Application (I.A. (IBC)(Plan) No. 54 of 2025) filed by Mr. Rajat Mukherjee, 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). The plan was approved by 100% of the Committee of Creditors (CoC).

## Facts

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

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

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

The IRP faced difficulties in securing control and possession of the Corporate Debtor's assets due to the sale of the property by the sole CoC member under the SARFAESI Act 2002.

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

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## Issues and analysis

### Issue 1: Whether the Resolution Plan meets the …

**Ratio:** The Adjudicating Authority must ensure that the Resolution Plan complies with Section

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**Reasoning:** The Tribunal relied on the judgments in K. Sashidhar v. Indian Overseas Bank & Others

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**Interpretation:** The Adjudicating Authority's role is limited to ensuring compliance with

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**Application:** The Tribunal found that the Resolution Plan provides for the matters specified

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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

- **2023 — C.P. (IB) No.…**: Company Petition filed…
- **2024-05-16 — Admission in…**: Corporate Debtor admitted into Corporate…

## 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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