Kisanrao Kashiprasad Borale Vs Latakisan Construction Private Limited (NCLT Mumbai)
NCLT Mumbai held that resolution plan for Latakisan Construction P. Ltd. as submitted by Successful Resolution Applicant stands approved as approved by 100% Committee of Creditors. Accordingly, resolution plan is allowed.
Facts- The Resolution Professional of Latakisan Construction Private Limited (“Corporate Debtor”), Mr. Ajay Gupta (“Resolution Professional” / “Applicant”), has filed an Application seeking approval of Resolution Plan dated 15.10.2024, submitted by the Successful Resolution Applicant, Shri Kisan Kashiprasad Borele in terms of Section 31 of the Insolvency and Bankruptcy Code, 2016 after the approval of Committee of Creditors of the Corporate Debtor with 100% at the 12th CoC meeting dated 07.11.2024. Notably, the CIRP of the Corporate Debtor was initiated vide this Tribunal’s order dated 23.06.2023 and Mr. Prasad Kamalakar Dharap was appointed as the Interim Resolution Professional.
Conclusion- In K Sashidhar v. Indian Overseas Bank & Others, the Hon’ble Apex Court held that if the CoC had approved the Resolution Plan by requisite percent of voting share, then as per Section 30(6) of the Code, it is imperative for the Resolution Professional to submit the same to the Adjudicating Authority (NCLT). On receipt of such a proposal, the Adjudicating Authority is required to satisfy itself that the Resolution Plan as approved by CoC meets the requirements specified in Section 30(2) of the Code.
