Axis Trustee Services Limited Vs Reliance Big Private Limited (NCLT Mumbai)
NCLT Mumbai approved ACME Cleantech Solutions Private Limited resolution plan as moved by resolution professional of Reliance Big Private Limited
Facts- The present Application is moved by Mr. Rohit Ramesh Mehra (“Applicant”), Resolution Professional of Reliance Big Private Limited (“Corporate debtor”) under Section 30(6) r/w Section 31 (l) of the Insolvency and Bankruptcy Code, 2016 (“Code”) r/w Regulation 39 (4) of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons), 2016 (“IBBI Regulations”) for seeking approval of the Resolution Plan along with the Addendum thereto submitted by Mr. Manoj Kumar Upadhyay (“Successful Resolution Applicant/SRA”) and as approved in 100% majority by Committee of Creditors.
Conclusion- Held that the instant Resolution Plan meets the requirements of Section 30(2) of the Code and Regulations 37, 38, 38 (1A) and 39 (4) of the Regulations. The Resolution Plan is not in contravention of any of the provisions of Section 29A of the Code and is in accordance with law. The same needs to be approved. Hence, ordered.
FULL TEXT OF THE NCLT JUDGMENT/ORDER
1. The present Application is moved by Mr. Rohit Ramesh Mehra (“Applicant”), Resolution Professional of Reliance Big Private Limited (“Corporate debtor”) under Section 30(6) r/w Section 31 (l) of theInsolvency and Bankruptcy Code, 2016 (“Code”) r/w Regulation 39 (4) of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons), 2016 (“IBBI Regulations”) for seeking approval of the Resolution Plan along with the Addendum thereto submitted by Mr. Manoj Kumar Upadhyay (“Successful Resolution Applicant/SRA”) and as approved in 100% majority by Committee of Creditors. This application is filed for the following reliefs:
(a) allow the present application and approve the revised Resolution Plan dated 20 February 2024 read with the Addendum dated 18 March 2024 submitted by Mr. Manoj Kumar Upadhyay for the Corporate Debtor in terms of Section 31 (1) of the Code;
(b) direct that the Resolution Plan approved/ sanctioned by this Hon’ble Adjudicating Authority shall be binding on the Corporate Debtor, its employees, members/ shareholders, creditors, guarantors and other stakeholders of the Corporate Debtor; and
(c) pass such order or further relief(s) as this Hon’ble Adjudicating Authority may deem fit and proper in facts and circumstances of the case
Brief facts of the case
