Consultshah Financial Services Pvt. Ltd. Vs Shivom Investment & Consultancy Ltd. (NCLT Mumbai)
NCLT Mumbai held that resolution plan of Corporate Debtor [Shivom Investment and Consultancy Limited] as submitted by Successful Resolution Applicant [Prashantbhai Ghanshyambhai Ukani] stands approved as meets the requirement of section 30(2) of the Insolvency and Bankruptcy Code.
Facts- The instant application was filed on 05.08.2024, by Mr. Nimai Gautam Shah, the Resolution Professional (Applicant/RP) of Shivom Investment and Consultancy Limited (Corporate Debtor), under Section 30(6) of the Insolvency and Bankruptcy Code, 2016 (IBC/Code). The application seeks approval of the Resolution Plan submitted by Prashantbhai Ghanshyambhai Ukani, the Successful Resolution Applicant (SRA) which was approved by 100% of the voting share of the members of the Committee of Creditors (CoC).
Conclusion- In the case of K. Sashidhar v. Indian Overseas Bank & Others [(2019) ibclaw.in 08 SC], the Hon’ble Supreme Court held that if the CoC approves the resolution plan by the requisite percent of voting share, then, as per section 30(6) of the Code, it is imperative for the resolution professional to submit the same to the Adjudicating Authority. On receipt of the plan approved by the CoC, the Adjudicating Authority is required to satisfy itself that the plan, as approved by the CoC, meets the requirements specified in Section 30(2) of the IBC. The Hon’ble Court observed that the role of the NCLT is ‘no more and no less’. It further held that the discretion of the Adjudicating Authority is circumscribed by Section 31 of the IBC and is limited to scrutiny of the Resolution Plan “as approved” by the requisite percent of voting share of financial creditors. Even in that enquiry, the grounds on which the Adjudicating Authority can reject the resolution plan is in reference to matters specified in Section 30(2) of the Code when the resolution plan does not conform to the stated requirements.
