ASREC Vs Cane Agro Energy (India) Ltd. (NCLT Mumbai)
NCLT Mumbai approved resolution plan of Corporate Debtor [Cane Agro Energy (India) Ltd] as submitted by resolution applicant [M/s. Raigaon Sugar & Power Ltd.] as resolution plan meets requirements of section 30(2) of the Insolvency and Bankruptcy Code.
Facts- The above captioned Application was filed under Section 30(6) and Section 31, of the Insolvency and Bankruptcy Code, 2016 by the Resolution Professional (applicant), seeking approval of the Resolution Plan, submitted by the Resolution Applicant – M/s Raigaon Sugar & Power Ltd. JV, which was approved by 81%.voting shares of the members of the Committee of Creditors.
Conclusion- Held that this Bench is of the considered view 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 Resolution Plan is feasible and viable and has been duly approved by the CoC in their Commercial Wisdom and under the requisite proceedings of ‘Code’. The Resolution Plan balances the interest of all the stakeholders and thus it deserves to be approved.
