Resolution plan by RP of Safeco Hygiene found to be feasible and viable hence approved

In re Charudutt Marathe (NCLT Ahmedabad)

NCLT Ahmedabad held that resolution plan submitted by Resolution Professional (RP) of the corporate debtor- Safeco Hygiene Films Pvt. Ltd. duly complies with regulations of CIRP Regulations, 2016 as well as IB Code and, the resolution plan is found to be both feasible and viable as held by CoC. Accordingly, the same is approved.

Facts- The present application under Section 30(6) & 31 of Insolvency & Bankruptcy Code, 2016 is filed by Mr. Charudutt Marathe, Resolution Professional (RP) of the corporate debtor- Safeco Hygiene Films Pvt. Ltd. for approval of the Resolution Plan submitted by Mr. Jaydeep Maheshwari.

Conclusion- Held that Regulations 36 to 39 of CIRP Regulations, 2016 have been complied with. We further noted that the resolution plan complies with all requirements under Section 30(2)(b) of the IB Code. We also find that the resolution plan addresses the cause for failure and also contains measures to run the Corporate Debtor in future and that the resolution plan is both feasible and viable as held by CoC and it also contains provisions for its effective implementation. Accordingly, we being satisfied, approve the Resolution Plan.

FULL TEXT OF THE NCLT JUDGMENT/ORDER

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