# Approval of Resolution Plan - Prince SWR Systems Private Limited

> NCLT judgment dated 2025-03-27. Citation: TCN-2025-NCLT-01034. The case involves an application (I.A. 1227/2022) filed by the Resolution Professional, Amit…

- **Court:** NCLT
- **Order date:** 27 Mar 2025
- **Citation:** TCN-2025-NCLT-01034
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-mumbai/approval-of-resolution-plan-prince-swr-systems-private-limited-14d1918e

## Summary

### Background

The case involves an application (I.A. 1227/2022) filed by the Resolution Professional, Amit Chandrasekhar Poddar, seeking approval of the Resolution Plan submitted by Chemtrade Overseas Private Limited for the Corporate Debtor, Prince SWR Systems Private Limited, under Section 30(6) of the Insolvency and Bankruptcy Code, 2016.

## Facts

The Corporate Insolvency Resolution Process (CIRP) of Prince SRW Systems Private Limited was initiated on 16.04.2021 under Section 7 of the Insolvency and Bankruptcy Code, 2016.

Mr. Hirachand Bafna was initially appointed as the Interim Resolution Professional (IRP).

A public announcement for submission of claims was made on 03.05.2021.

The IRP constituted a Committee of Creditors (COC).

Amit C. Poddar was appointed as the Resolution Professional (RP) on 18.10.2021.

The RP appointed registered valuers to determine the fair value and liquidation value of the Corporate Debtor's assets.

Two prospective resolution applicants (PRA) were shortlisted initially, but no resolution plans were received within the stipulated time.

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by Chemtrade Overseas Private Limited meets the requirements …

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

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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 must ensure that the resolution plan adheres to the

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**Application:** The tribunal determined that the Resolution Plan met the requirements of

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## Parties

- **Judges:** LAKSHMI G…; Charanjeet Singh…
- **Appellants:** Midas Impex…; Amit C P…
- **Respondents:** Prince SWR…
- **Other parties:** Axis Bank L…; Standard Chartered…; +5 more
- **Advocates:** Rohit G…; Krishnan…; +1 more

## Timeline

- **2021-04-16 — Initiation…**: Corporate Insolvency Resolution Process (CIRP) initiated under Section 7 of the…
- **2021-05-03 — Public Annou…**: Public announcement made…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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