# Approval of Resolution Plan - RCI Industries & Technologies Limited

> NCLT judgment dated 2025-10-09. Citation: TCN-2025-NCLT-01581. The application pertains to the approval of a resolution plan submitted by JTL Industries…

- **Court:** NCLT
- **Order date:** 9 Oct 2025
- **Citation:** TCN-2025-NCLT-01581
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-new-delhi/approval-of-resolution-plan-rci-industries-technologies-limited-c81a62c5

## Summary

### Background

The application pertains to the approval of a resolution plan submitted by JTL Industries Limited for RCI Industries and Technologies Limited, a corporate debtor undergoing CIRP. The CIRP was initiated following an application under Section 9 of the IBC by Standard Chartered Bank (Singapore) Limited.

## Facts

CIRP was initiated against RCI Industries and Technologies Limited based on a Section 9 application by Standard Chartered Bank (Singapore) Limited.

Mr. Brijesh Singh Bhadauriya was appointed as the Resolution Professional (RP).

JTL Industries Limited submitted a resolution plan that was approved by the CoC with 98.05% voting share.

The resolution plan involves the acquisition of 100% equity of the Corporate Debtor by JTL Industries Limited.

The fair value of the Corporate Debtor is Rs. 5441.85 Lakhs, and the liquidation value is Rs. 3831.61 Lakhs.

The resolution plan provides for the payment of CIRP costs, secured financial creditors, operational creditors, and workmen.

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## Issues and analysis

### Issue 1: Whether the Adjudicating Authority can …

**Ratio:** The Adjudicating Authority cannot interfere

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**Reasoning:** The Adjudicating Authority relied on the Supreme Court's decision in Vallal RCK vs. M/s.

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**Interpretation:** The decision reinforces the principle that the Adjudicating Authority should

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**Application:** The Adjudicating Authority approved the resolution plan based on the CoC's

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## Parties

- **Judges:** BACHU VENKAT…; Sanjeev R…
- **Appellants:** Standard Chartered…; Brijesh Singh…
- **Respondents:** RCI Industries…
- **Other parties:** Union Bank of…; Punjab National…; +7 more
- **Advocates:** Abhishek…; Karan K…; +3 more

## Timeline

- **2022-11-25 — Initiation…**: CIRP initiated against RCI…
- **2022-12-01 — Public Annou…**: Public announcement of…

## 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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