In re Chandra Prakash Jain (NCLT Mumbai)
NCLT Mumbai held that resolution plan submitted by Micro Capital Pvt. Ltd. for Pifiniti Movies Pvt. Ltd. [Corporate Debtor] meeting the requirements of Section 30(2) of the Insolvency and Code and Regulations 37, 38, 38 (1A) and 39 (4) of the Regulations is approved.
Facts- The present Application is filed by Resolution Professional Chandra Prakash Jain (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 09.01.2025, submitted by Micro Capitals Pvt. Ltd. (Successful Resolution Applicant), which is approved by 100% of the voting share of the members of the Committee of Creditors, for Pifiniti Movies Private Limited (Corporate Debtor) and for passing order/appropriate direction that this Tribunal may deem fit in the present matter.
Conclusion- The RP has complied with the requirement of the Code in terms of Section 30(2)(a) to 30(2)(f) and Regulations 38(1), 38(1)(a), 38(2)(a), 38(2)(b), 38(2)(c) & 38(3) of the Regulations. The RP has filed Compliance Certificate in Form-H along with the Plan. On perusal the same is found to be in order. The Resolution Plan has been approved by the CoC by majority of 100%.
