Consortium of Shantech International Pvt Ltd. Vs Amit Poddar & Ors (NCLT Mumbai)
NCLT Mumbai held that resolution plan of Unijules Life Sciences Limited [Corporate Debtor] as submitted by S.S. Fabricators & Manufacturers P. Ltd. [Successful Resolution Applicant] approved since it is duly approved by CoC and also meets requirement of Section 30(2) of the IBC.
Facts- The Resolution Professional of Unijules Life Sciences Limited (“Corporate Debtor”), Mr. Amit Poddar (“Resolution Professional” / “Applicant”), has filed an Application seeking approval of Resolution Plan dated 08.06.2024 resubmitted on 04.03.2025 by the Successful Resolution Applicant, S.S. Fabricators & Manufacturers Private Limited in terms of Section 31 of the Insolvency and Bankruptcy Code, 2016 (“Code”) after the approval of Committee of Creditors (“CoC”) of the Corporate Debtor with 98.54% at the 39th CoC meeting dated 24.03.2025.
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) of the Code.
