# Approval of Resolution Plan - Indrajit Power Private Limited

> NCLT judgment dated 2026-04-20. Citation: TCN-2026-NCLT-00389. The case involves an application filed by Mr. Prakul Thadi, the Resolution Professional (RP) of…

- **Court:** NCLT
- **Order date:** 20 Apr 2026
- **Citation:** TCN-2026-NCLT-00389
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-mumbai/approval-of-resolution-plan-indrajit-power-private-limited-d34b37c7

## Summary

### Background

The case involves an application filed by Mr. Prakul Thadi, the Resolution Professional (RP) of Indrajit Power Private Limited, seeking approval of a resolution plan submitted by the consortium of Evonith Metallics Limited and Evonith Holdings Pte. Limited, Singapore.

## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against Indrajit Power Private Limited based on an application filed by Yes Bank Limited.

Mr. Bhuvan Madan was initially appointed as the Interim Resolution Professional (IRP).

The Committee of Creditors (CoC) was duly constituted after the dismissal of an appeal by the Hon'ble NCLAT.

The CoC resolved to replace the IRP with Mr. Prakul Thadi as the Resolution Professional (RP).

The RP published an invitation for Expression of Interest (EOI) and received twelve EOIs.

The CoC approved the resolution plan submitted by the Evonith Consortium with a majority of 99.71% voting share.

The Successful Resolution Applicant (SRA) is a consortium of Evonith Metallics Limited and Evonith Holdings Pte. Limited.

…

## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by the Evonith Consortium complies with the requirements of …

**Ratio:** Section 30(2) of the IBC specifies the requirements that a resolution plan must meet for

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**Reasoning:** The Tribunal examined the Resolution Plan to ensure that it provides for the payment of

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**Interpretation:** The Tribunal interpreted Section 30(2) to mean that the Resolution Plan must

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**Application:** The Tribunal found that the Resolution Plan complied with the requirements of

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## Parties

- **Judges:** ANIL RAJ C…; K. R. SAJI…
- **Appellants:** Prakul…
- **Respondents:** Indrajit Power…
- **Other parties:** Yes Bank L…; Bhuvan…
- **Advocates:** Chetan Ka…; Surbhi P…; +2 more

## Timeline

- **2024-02-01 — CIRP Init…**: Corporate Insolvency Resolution Process (CIRP)…
- **2024-02-23 — NCLAT Or…**: Hon'ble NCLAT directed the IRP not to take any further steps in pursuance of the order of…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 30(1) — Submission of resolution plan](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-30)

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