# Approval of Resolution Plan - Shri Krishna Prasadam Limited

> NCLT judgment dated 2023-07-14. Citation: TCN-2023-NCLT-05322. The application was filed under Section 30(6) read with Section 31(1) of the Insolvency &…

- **Court:** NCLT
- **Order date:** 14 Jul 2023
- **Citation:** TCN-2023-NCLT-05322
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-new-delhi/approval-of-resolution-plan-shri-krishna-prasadam-limited-4e2c1845

## Summary

### Background

The application was filed under Section 30(6) read with Section 31(1) of the Insolvency & Bankruptcy Code, 2016, seeking approval of the Resolution Plan submitted by Newage Intermediaries LLP and approved by the Committee of Creditors (CoC).

## Facts

The Corporate Insolvency Resolution Process (CIRP) against Shri Krishna Prasadam Limited was initiated on 14.03.2022.

Public announcement for inviting claims from creditors was made on 22.03.2022.

The Committee of Creditors (CoC) was constituted, and its first meeting was held on 18.04.2022.

Jaswant Singh was appointed as the Interim Resolution Professional and later as the Resolution Professional.

Seven entities submitted Expression of Interest for the Resolution Plan.

Newage Intermediaries LLP was the sole Prospective Resolution Applicant (PRA).

The CoC approved the Resolution Plan submitted by Newage Intermediaries LLP in its 7th meeting held on 21.09.2022 with 100% voting rights.

…

## Issues and analysis

### Issue 1: Whether the Resolution Plan meets the requirements of Section 30(2) of the Insolvency and …

**Ratio:** The Resolution Plan must comply with Section 30(2) of the Code, which includes provisions

…

**Reasoning:** The Adjudicating Authority examined the Resolution Plan and found that it provides for

…

**Interpretation:** Section 30(2) sets out the minimum requirements that a resolution plan must

…

**Application:** The Adjudicating Authority applied the provisions of Section 30(2) to the

…

## Parties

- **Judges:** BACHU VENKAT…; RAHUL BHA…
- **Appellants:** M/s. Capital…; Jaswant…
- **Respondents:** Krishna Prasadam…; Krishna Prasadam…
- **Other parties:** M/s Capital…; M/s Divinus…; +1 more
- **Advocates:** Harish T…; CS R…

## Timeline

- **14.03.2022 — Initiation…**: Corporate Insolvency Resolution Process…
- **22.03.2022 — Public Annou…**: Public Announcement for inviting…

## 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)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-new-delhi/approval-of-resolution-plan-shri-krishna-prasadam-limited-4e2c1845