The court affirmed the approval of the resolution plan under the Insolvency and Bankruptcy Code, highlighting compliance with statutory provisions and equitable treatment of creditors.

ORDER

Brief Facts:

1. The present Application is filed by Resolution Professional Orion Resolution & Turnaround Private Limited acting through Mr. Sanjay Mahajan (hereinafter referred to as the “Applicant/Resolution Professional”) under Section 30 (6) r/w Section 31 (1) of the Insolvency and Bankruptcy Code, 2016 and Regulation 39(4) of the Insolvency & Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 for seeking approval of the Resolution Plan dated 29.04.2025, submitted by Supreme Capinfra Pvt. Ltd. (hereinafter referred to as the “Successful Resolution Applicant/SRA”), which is approved by 100% of the voting share of the members of the Committee of Creditors (hereinafter referred to as 'CoC') in the 28^th CoC meeting held on 28.04.2025 with e-voting concluded on 16.05.2025, for Marshall Breeders Private Limited (hereinafter referred to as the “Corporate Debtor”) and for passing order/appropriate direction that this Tribunal may deem fit in the present matter.

2. The Corporate Debtor is a private limited company bearing CIN U01222MH2000PTC124317 was incorporated on 17/02/2000 having its registered address at C & M House, N D Patel Road, Nashik, Maharashtra - 422001. Its Authorized and paid-up share capital is Rs. 10,00,000/-.

3. The SRA is a private limited company registered under the Companies Act, 1956 bearing CIN U45200MH2012PTC238678 incorporated on 11.12.2012 and having its registered office at Y-501/502, Golden Rays, Shastri Nagar, Andheri (West), Mumbai 400053. It is engaged in the business of working on turnaround of distressed units within the Banking, Non-banking Financial Companies (NBFCs) and Asset Reconstruction Companies (ARCs) sectors and providing these businesses with Risk Capital for successful Turnaround.

4. The CP (IB) No. 437/MB/2022 was filed under Section 7 of IBC, 2016 by Omkara Assets Reconstruction Private Limited (hereinafter referred to as the “Financial Creditor”), which was admitted into CIRP vide Order dated 15.05.2024 passed by this Bench thereby appointing Mr. Kamal Rajkumar Sharma as the Interim Resolution Professional (“IRP”) of the Corporate Debtor.

5. Public announcement was issued by IRP which was published in Indian Express (English) and Loksatta (Marathi) newspapers at Nashik on 18.05.2024. The last date for submission of claims as per Public announcement was 29.05.2024. The IRP received five claims against the Corporate Debtor, one claim from Secured Financial Creditor (other than financial creditors belonging to any class of creditors); one claim from Authorized representative of Workmen and Employees; two claims from Operational Creditors (other than Workmen and Employees and Government Dues), and one claim from Other Creditors, if any, (other than Financial Creditors and Operational Creditors). After verifications, one claim received from Secured Financial Creditor, one claim received from other Creditor was admitted by the IRP. Since the other claims received were not supported by sufficient proof of claim, the claim could not be substantiated and hence the same was kept under verification.

6. The Committee of Creditors (CoC) was constituted on 07.06.2024 with Omkara ARC as sole member, with 100% voting share.

7. First meeting of the CoC was conducted by the IRP on 14.06.2024 whereby, the CoC passed a resolution for replacement of the IRP with 100% voting and also appointed registered valuers.

8. The Second CoC meeting was held on 12.07.2024, wherein M/s Kansal Singla & Associates were appointed as Transaction Auditor to ascertain fraudulent and avoidance transactions under the provisions of IBC and fees were approved.

9. Thereafter Form G was published on 14.07.2024 inviting Expression of Interest (EOI) in Indian Express (English) and Loksatta (Marathi) for resolution applicants; original EOI deadline being set as July 29, 2024.

10. The Application bearing IA No. 3488 of 2024 was filed by Omkara Assets Reconstruction Private Limited for appoi