Punjab National Bank (International) Limited Vs Steadfast Shipping Private Limited (NCLT Mumbai)
NCLT Mumbai held that resolution plan submitted by M/s. Priyam Projects (I) Pvt. Ltd. [Successful Resolution Applicant] for M/s. Steadfast Shipping Private Limited [Corporate Debtor] meeting requirements of Section 30(2) of IBC and Regulations 37, 38, 38 (1A) and 39 (4) of the Regulations stands approved.
Facts- The present Application is filed by Resolution Professional Nilesh Rajendra Kothari (Applicant/Resolution Professional) u/s. 30(6) r/w Section 31 of the Insolvency and Bankruptcy Code, 2016 read with regulation 38 and 39 of the Insolvency & Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 for seeking approval of the Resolution Plan dated 18.04.2025 revised on 20.05.2025, submitted by M/s Priyam Projects (I) Pvt. Ltd. (Successful Resolution Applicant/SRA), which is approved by 100% of the voting share of the members of the Committee of Creditors in the 7th CoC meeting held on 22.05.2025, for M/s Steadfast Shipping Private Limited (Corporate Debtor).
Conclusion- In K Sashidhar v. Indian Overseas Bank & Others the Hon’ble Apex Court held that if the CoC had approved the Resolution Plan by 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 (NCLT). On receipt of such a proposal, the Adjudicating Authority is required to satisfy itself that the Resolution Plan as approved by CoC meets the requirements specified in Section 30(2).
