# Approval of Resolution Plan - Greatweld Engineering Pvt. Ltd.

> NCLT judgment dated 2023-07-18. Citation: TCN-2023-NCLT-05295. The case involves an application filed under Section 30(6) and Section 31 of the Insolvency and…

- **Court:** NCLT
- **Order date:** 18 Jul 2023
- **Citation:** TCN-2023-NCLT-05295
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-mumbai/approval-of-resolution-plan-greatweld-engineering-pvt-ltd-30156af2

## Summary

### Background

The case involves an application filed under Section 30(6) and Section 31 of the Insolvency and Bankruptcy Code, 2016, by the Resolution Professional seeking approval of the Resolution Plan submitted by Y Axis Structural Steels Pvt. Ltd.

## Facts

Corporate Insolvency Resolution Process (CIRP) was initiated against Greatweld Engineering Pvt. Ltd. on 29.01.2021.

Fanendra Harakchand Munot was appointed as Interim Resolution Professional (IRP).

The Committee of Creditors (COC) was constituted, and in its first meeting on 08.03.2021, the present Applicant was appointed as the Resolution Professional (RP).

The Resolution Professional (RP) published a public announcement inviting claims from creditors.

The COC approved the Resolution Plan submitted by Yaxis Structural Steels Pvt. Ltd. with a 100% voting share on 08.03.2022.

The Resolution Plan provides for payment of insolvency resolution process costs, operational creditors, and financial creditors.

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## Issues and analysis

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

**Ratio:** The Adjudicating Authority must satisfy itself that the Resolution Plan meets the

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**Reasoning:** Section 30(2) specifies the mandatory requirements that a resolution plan must adhere to,

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

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**Application:** The Adjudicating Authority found that the Resolution Plan met the requirements

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## Parties

- **Judges:** Kuldip Kumar…; ANURADHA SANJAY…
- **Appellants:** Fanendra…
- **Respondents:** Greatweld…
- **Other parties:** Karma Roa…; Canara…; +4 more
- **Advocates:** Nausher…; Kunal C…

## Timeline

- **2021-01-29 — Initiation…**: Corporate Insolvency Resolution Process (CIRP) was initiated against Greatweld…
- **2021-03-08 — Appointment…**: The COC appointed the present Applicant…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 30(6) — Submission of resolution plan](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-30)

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