Case Law Details
Dhankalash Distributors Private Limited Vs Arena Superstructures Private Limited (NCLT Delhi)
NCLT Delhi subject to the observations, approved the Resolution Plan in respect of Arena Superstructures Private Limited (Corporate Debtor) as the Resolution Plan has been approved by the CoC with 71.11% of the members voting and is in accordance with the law.
Facts- The present interlocutory application was moved on 22.07.2022 by Mr. Ayyagiri Viswanadha Sarma, Resolution Professional of Arena Superstructures Private Limited, under the provisions of Sections 30(6) and 31(1)of the Insolvency & Bankruptcy Code, 2016 read with Regulation 39(4) of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 for approval of the Resolution Plan in respect of Arena Superstructures Private Limited (Corporate Debtor).
Conclusion- Held that the Resolution Plan has been approved by the CoC with 71.11% of the members voting in favour of the Resolution Plan. As per the CoC, the Plan meets the requirement of being a viable and feasible revival of the Corporate Debtor. By and large, there are provisions for making the Plan effective after approval by this Bench.
On perusal of the documents on record, we are satisfied that the Resolution Plan is in accordance with Sections 30 and 31 of the IBC and also complies with regulations 38 and 39 of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations,2016.
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