The court affirmed that the approval of a resolution plan under the IBC is a matter of commercial wisdom of the Committee of Creditors, with limited grounds for judicial review confined to compliance with statutory requirements.

ORDER

[Per: Bench]

1. This application is filed by the Resolution Professional of Skylead Chemicals Limited (Corporate Debtor) under Section 30 (6) and Section 31 of the Insolvency and Bankruptcy Code, 2016 (“Code”) r.w. Regulation 39(4) of Insolvency and Bankruptcy Board of India (Insolvency Process of Corporate Persons) Regulations, 2016 seeking the following prayers:

a. Your lordship may be pleased to allow the present application;

b. Your lordship may be pleased to approve final revised Resolution Plan dated 02.06.2023 along with its addendum dated 28.06.2023 and 14.07.2023 submitted by M/s. Rolence Pharma & Chemicals LLP;

c. To approve the Resolution Plan approved by the Committee of Creditors in compliance with Section 30 (6) and 31(1) of the Code read with Regulation 39 of the IBBI (Insolvency Resolution Process for Corporate Person) Regulations, 2016;

d. Your Lordship may be pleased to grant any other relief or relief as may deem fit in the interest of justice.

2. It is stated that this Tribunal vide its order dated 30.11.2022 admitted the Corporate Debtor – Skylead Chemicals Ltd., to Corporate Insolvency Resolution Process (“CIRP”) in Company Petition No. 113 of 2019 filed by Financial Creditor - Stressed Asset Stabilisation Fund under Section 7 of the Code and thereby appointed the Applicant herein as the Interim Resolution Professional (“IRP”) of the Corporate Debtor.

3. It is stated that the public announcement inviting the claims from all creditors of the Corporate Debtor was made in Form-A on 03.12.2022 wherein the last date for submission of claims was 14.12.2022.

4. It is stated that pursuant to the publication of Form-A dated 03.12.2022, the IRP collated the claims and constituted the Committee of Creditors (“CoC”) on 22.12.2022 and report certifying the constitution of CoC was filed before this Tribunal on 23.12.2022 Subsequently, the IRP filed a report certifying the re- constitution of the CoC, comprising of Stressed Assets Stabilization Fund (“SASF”), having 45.77% voting share and Gujarat State Financial Corporation (“GSFC”), having 54.23% voting share before this Tribunal on 24.03.2023. A copy of the same is annexed as Annexure- C at page no. 21-28 of this application.

5. It is stated that the 1st meeting of CoC was held on 28.12.2022 wherein the Applicant herein was appointed as Resolution Professional (“RP”).

6. It is stated that 2nd meeting of the CoC was held on 21.01.2023 wherein the CoC resolved to publish Expression of Interest (“EoI”) in Form-G. Accordingly, Form-G was published in Times of India (in English) and Divya Bhaskar (in Gujarati) and Financial Express (in English & Gujarati) on 25.01.2023 with the last date of submission of EoI as 09.02.2023. A copy of the publication of Form-G is annexed as Annexure F at page no. 53 of the application.

7. It is stated that 3^rd meeting of CoC was held on 08.02.2023 wherein RP appraised the CoC that one email has been received from the Prospective Resolution Application (“PRA”) for the extension of time of EoI. Accordingly, the CoC resolved to extend the last date of EoI from 09.02.2023 to 20.02.2023.

8. It is stated that 4^th meeting of the CoC was held on 20.02.2023 wherein the CoC gave approval for E- valuation Matrix & Request for Resolution Plan (“RFRP”) and ratified the CIRP cost incurred by the Applicant.

9. It is stated that 5th meeting of the CoC was held on 12.04.2023 wherein the RP apprised the CoC that till 12.04.2023, three Resolution Plans were received from the following PRAs:-

(i) Shiv Enterprise Jointly with Kudia Brothers,

(ii) Prabodh Steel Pvt. Ltd., and

(iii) Rolence Pharma & Chemicals LLP.

10. It is stated that 6th meeting of the CoC was held on 02.05.2023, wherein the CoC discussed the valuation report of the Corporate Debtor submitted by the registered valuers and further discussed the Resolution Plans submitted by the PRAs.

11. It is stated that in the 7^th CoC meeting held on 12.05.2023, the CoC negotiated with the PRAs regarding the Resolution Pla