In re Dr. G. V. Narasimha Rao, Resolution Professional of M/s. Neoaska Pharma Private Limited (NCLT Hyderabad)
Approval of the resolution plan for M/s. Neoaska Pharma Pvt. Ltd. by the National Company Law Tribunal (NCLT) in Hyderabad- The Resolution Professional, Dr. G. V. Narasimha Rao, presents the comprehensive details of the plan submitted by Madhya Pradesh Waste Management Pvt. Ltd.
Analysis: The application filed by the Resolution Professional under the relevant sections of the Insolvency and Bankruptcy Code seeks approval for the resolution plan submitted by Madhya Pradesh Waste Management Pvt. Ltd. The Committee of Creditors approved the plan with 100% votes. The order outlines the timeline of events, including the formation of the Committee of Creditors, the appointment of the Resolution Professional, and the subsequent COC meetings. It also covers the compliance checks, valuation assessments, and financial proposals of the resolution plan.
Furthermore, the order highlights the salient features of the approved resolution plan, including the financial proposals, distribution of voting share among the financial creditors, and the proposed timeline for implementation. It discusses the Monitoring Committee’s role, compliance with mandatory contents of the resolution plan, and relevant legal precedents emphasizing minimal judicial interference in such matters.
Conclusion: In conclusion, the NCLT Hyderabad has approved the resolution plan submitted by Madhya Pradesh Waste Management Pvt. Ltd. for M/s. Neoaska Pharma Pvt. Ltd. Dr. G. V. Narasimha Rao, as the Resolution Professional, ensures that the plan meets the requirements of the Insolvency and Bankruptcy Code and the applicable regulations.
FULL TEXT OF THE NCLT JUDGMENT/ORDER
1. This Application is filed by the Resolution Professional of M/s Neoaska Pharma Private Limited (Corporate Debtor) under Section 30(6) & 31 of IBC, 2016 r/w regulation 39(4) of Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 & Rule 11 of NCLT Rules, 2016, seeking approval of the resolution plan submitted by Madhya Pradesh Waste Management Private Limited (MPWMPL/ Resolution Applicant) as duly approved by the Committee of Creditors with 100% votes.
2. To put precisely, on an application filed by operational creditor i.e., M/s Afita Constructions Pvt. Ltd, this Tribunal vide order dated 01.04.2022 admitted the Petition under Section 9 of the Insolvency and Bankruptcy Code, 2016 (“Code”) and appointed Mr. Gullapalli Kishore Babu as the Interim Resolution Professional (“IRP”) of the Corporate Debtor/M/sNeoaska Pharma Private Limited through the said order dated 0 1.04.2022.
3. Upon his taking over charge, the IRP issued a public announcement of initiation of CIRP of Corporate Debtor and inviting claims on 07.04.2022. After collating and verification of the claim, the Committee of Creditors (“CoC”) was constituted with TWO financial creditors having 100% of the voting share in the CoC.
4. Subsequently, the Applicant herein was appointed as the Resolution Professional vide order dated 08.07.2022 passed by this Tribunal considering the decision of the Committee of Creditors (“CoC”) in its 2nd
5. The Applicant avers that a total of seven COC meetings have been held during the CIRP period, as follows:
