# Approval of Resolution Plan - Indian Refrigerator Company Limited

> NCLT judgment dated 2025-12-19. Citation: TCN-2025-NCLT-01880. The case involves an application (I.A. 37/2024) filed by Neha Agarwal, the Resolution…

- **Court:** NCLT
- **Order date:** 19 Dec 2025
- **Citation:** TCN-2025-NCLT-01880
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-mumbai/approval-of-resolution-plan-indian-refrigerator-company-limited-066c6977

## Summary

### Background

The case involves an application (I.A. 37/2024) filed by Neha Agarwal, the Resolution Professional of Indian Refrigerator Company Limited, under Section 30(6) of the Insolvency and Bankruptcy Code, 2016, seeking approval of the resolution plan submitted by Klassic Wheels Limited.

## Facts

The Corporate Insolvency Resolution Process (CIRP) of Indian Refrigerator Company Ltd was initiated on 14.08.2024 under Section 9 of the Code.

Neha Agarwal was appointed as the Interim Resolution Professional (IRP) of the Corporate Debtor.

A public announcement inviting claims from creditors was made on 17th August 2024.

The Committee of Creditors (CoC) was constituted on 05.09.2024, comprising of one unsecured financial creditor, M/s. KBS Realtors Private Limited.

The IRP was appointed as the Resolution Professional (RP) in the 1st CoC meeting convened on 12.09.2024.

Klassic Wheels Limited and Consortium of Resurgent Property Ventures Private Limited and Sanjay Lodha submitted the Expression of Interest.

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by Klassic Wheels Limited meets the requirements of Section …

**Ratio:** The Hon'ble Apex Court held that if the CoC had approved the Resolution Plan by requisite

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**Reasoning:** The Tribunal perused Form-H and found that the Resolution Plan is in compliance with the

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

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**Application:** The Tribunal satisfied itself that the Resolution Plan meets the requirements

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## Parties

- **Judges:** NILESH S…; Charanjeet Singh…
- **Appellants:** Silveroak Home…; Neha Ag…
- **Respondents:** Indian Refrigerato…
- **Other parties:** KBS Realtors…; Sunil Shantilal…; +15 more
- **Advocates:** Amir Ars…; Shubham S…

## Timeline

- **2024-08-14 — Commencement…**: CIRP commenced and IRP…
- **2024-08-17 — Public Annou…**: Publication of Public…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 9 — Application for initiation of corporate insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-9)

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