# Approval of Resolution Plan - Steadfast Shipping Private Limited

> NCLT judgment dated 2025-08-06. Citation: TCN-2025-NCLT-01176. The case pertains to an application filed by the Resolution Professional, Mr. Nilesh Rajendra…

- **Court:** NCLT
- **Order date:** 6 Aug 2025
- **Citation:** TCN-2025-NCLT-01176
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-mumbai/approval-of-resolution-plan-steadfast-shipping-private-limited-f74619ab

## Summary

### Background

The case pertains to an application filed by the Resolution Professional, Mr. Nilesh Rajendra Kothari, for approval of the Resolution Plan submitted by M/s Priyam Projects (I) Pvt. Ltd. for M/s Steadfast Shipping Private Limited, the Corporate Debtor.

## Facts

The application was filed under Section 30(6) r/w Section 31 of the Insolvency and Bankruptcy Code, 2016.

The Corporate Debtor is M/s Steadfast Shipping Private Limited.

The Financial Creditor, Punjab National Bank (International) Limited, initiated CIRP under Section 7 of IBC, 2016.

Mr. Nilesh Rajendra Kothari was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP).

The Resolution Plan was submitted by M/s Priyam Projects (I) Pvt. Ltd. (Successful Resolution Applicant/SRA).

The CoC approved the Resolution Plan with 100% voting share in its 7th meeting held on 22.05.2025.

The total outlay in the Resolution Plan submitted by the SRA is Rs.3,40,00,000/-.

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## Issues and analysis

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

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

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**Reasoning:** The Resolution Professional has examined the Resolution Plan and confirmed that it

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**Interpretation:** The Tribunal interprets Section 30(2) to ensure that the Resolution Plan

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**Application:** The Tribunal applied the provisions of Section 30(2) to the Resolution Plan and

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## Parties

- **Judges:** Sushil Mahadeorao…; Prabhat…
- **Appellants:** Punjab National…; Nilesh Rajendra…
- **Respondents:** Steadfast…
- **Advocates:** Mily Gh…; Sophia Hu…

## Timeline

- **2023-11-27 — Date of Initiation of…**: CIRP was initiated…
- **2024-11-30 — Date of Publication of…**: Public announcement was…

## 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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