A resolution plan approved by 100% of the Committee of Creditors and compliant with the IBC and CIRP Regulations must be approved. Upon approval, all claims not part of the plan stand extinguished, and the new management takes over with a clean slate.

Headnote:(A) Insolvency and Bankruptcy Code, 2016 - Sections 29A, 30(6) and 31 - Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 - Regulations 36, 38, 39, 39(4) - Approval of Resolution Plan - Plan approved by 100% of Committee of Creditors (CoC) - Plan must be viable and feasible for revival - Resolution Applicant must be eligible under Section 29A - Plan must not contravene any law - Claims not part of resolution plan stand extinguished upon approval. (Paras 1, 2.3, 3, 5, 6, 7, 20, 21, 37, 38, 39)

(B) Insolvency and Bankruptcy Code, 2016 - Section 30(2)(a) - CIRP costs - Resolution Plan must prioritize CIRP costs over all other debts - Payment of estimated CIRP costs (Rs. 19,00,000) to be made from upfront payment. (Paras 13, 23)

(C) Insolvency and Bankruptcy Code, 2016 - Section 32A - Liability of Corporate Debtor - Upon approval of resolution plan with new management, past criminal and civil liabilities of the Corporate Debtor stand extinguished - New management starts with a clean slate - Old management liable for offences committed prior to CIRP. (Paras 40, 41)

Facts of the case:
The Corporate Debtor was admitted into Corporate Insolvency Resolution Process (CIRP) on 28th November 2024. The sole Financial Creditor constituted the Committee of Creditors (CoC). After publication of three Forms G, Expressions of Interest were received from three Prospective Resolution Applicants (PRAs). Two resolution plans were submitted. In the 12th CoC meeting, the plan from M/s Agravanshi Steells Private Limited was approved with 100% voting share. The Resolution Professional filed an application under Section 30(6) and 31 of the Code seeking final approval of the plan. The plan proposed payment of Rs. 105.00 Lakhs against total admitted claims of Rs. 1737.30 Lakhs (a 93.96% haircut). A belated claim from the Income Tax Department was admitted after condonation of delay. Another Interlocutory Application resulted in a direction to admit a claim at a notional value of Re. 1/-, which was issued after the plan was reserved for orders.

Findings of Court:
The Tribunal found that the resolution plan submitted by Agravanshi Steells Private Limited was approved by the CoC with 100% voting share and met the requirements of being viable and feasible for revival. All statutory compliances under the Code and CIRP Regulations were fulfilled. The Resolution Applicant was eligible under Section 29A. The plan adequately addressed CIRP costs priority. The Tribunal directed that the claim of additional financial creditor be treated as per the plan's clause regarding additional creditors. The claims not part of the resolution plan were directed to stand extinguished. The Tribunal also granted reliefs regarding statutory obligations, approvals, and extinguishment of past liabilities in line with settled law.

Issues: The main issues were whether the Resolution Plan met the requirements under Sections 30 and 31 of the IBC, whether the plan was viable and feasible for revival, and whether all statutory compliances were fulfilled.

Ratio Decidendi: The court ruled that a resolution plan approved by 100% of the CoC and meeting all statutory requirements under the IBC and CIRP Regulations should be granted final approval. Upon approval, all claims not part of the resolution plan stand extinguished, and the new management takes over with a clean slate, with past criminal and civil liabilities of the Corporate Debtor being extinguished in accordance with Section 32A of the Code.

Result: The Resolution Plan submitted by M/s Agravanshi Steells Private Limited was approved. The plan was directed to be binding on all stakeholders. The moratorium under Section 14 ceased to have effect. The Resolution Professional was discharged and directed to hand over all records to the Resolution Applicant. The SRA was directed to pay the regulatory fee of Rs. 26,250 to IBBI within 30 days. The interlocutory application and main petition were disposed of accordingly. (Paras 42, 43, 44)

Table of Content
1. application for approval of a resolution plan under ibc. (Para 1)
2. factual background and chronology of cirp. (Para 2)

Application under section 30 and 31 of the Insolvency and Bankruptcy Code, 2016 read with Regulation 39 of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons)

Regulation 2016.

IN THE MATTER OF:

M/s Linkpoint Advisory Private Limited ……Corporate Debtor IN THE MATTER OF:

Mr. Vishnu Kumar Tulsyan, Resolution Professional of RSI Private Limited ……Applicant Coram:

Shri. Labh Singh, Hon’ble Member (Judicial)

Ms. Rekha Kantilal Shah, Hon’ble Member (Technical)

APPEARANCES (Physically Or Virtually):

For the RP i. Ms. Manju Bhuteria, Sr. Adv.

ii. Ms. Rachita Arora, Adv.

iii. Ms. Arundhati Barman Roy, Adv.

iv. Mr. Vishnu Kumar Tulsyan, Adv.

For the SRA i. Ms. Nabanita Dutta, Adv.

Date of Pronouncement: 08.05.2026

O R D E R

Per: Rekha Kantilal Shah, Member (Technical)

1. This Application has been preferred by the Resolution Professional Mr. Vishnu Kumar Tulsyan, the Resolution Professional (hereinafter referred to as the “RP”) of the Corporate Debtor, Linkpoint Advisory Private Limited (hereinafter referred to as the “CD”) under section 30(6) and 31 of the Insolvency and Bankruptcy Code, 2016 (“IBC”), seeking direction for final approval of Resolution Plan submitted by M/s Agravanshi Steells Private Limited.

2. Background of the Case

2.1 The CD was admitted into Corporate Insolvency Resolution Process (hereinafter referred to as the “CIRP”) vide an order of this Tribunal dated 28^th November, 2024 and Mr. Vishnu Kumar Tulsyan, the applicant in the instant case, was appointed as the Interim Resolution Professional for the CD.

2.2 The public announcement intimating the initiation of CIRP was published on 01^st December, 2024 in the newspapers- Financial Express (English) and Ekdin (Bengali). The last date of submissions of claim as per the public announcement was 12^th December, 2024.

2.3 The Committee of Creditors (hereinafter referred to as the “CoC”) was constituted by the IRP on 30^th December 2024, with the FC, namely M/s Pixel Consultancy Private Limited, being the sole member of the CoC. The first meeting of CoC was held on 08^th January, 2025, and the applicant was confirmed as the RP with 100% voting approval.

2.4 The list of creditors prepared by the RP as on 31.07.2024 is provided hereinbelow:-

2.5 It has been stated for invitation of Expression of Interest (hereinafter referred to as the “EOI”) three Form G’s were published – firstly on 26^th January, 2025, secondly on 14^th February, 2025 and thirdly on 04^th March, 2025, all published in Financial Express (English) and Ekdin (Bengali).

2.6 Subsequent to publishing the third Form G, the applicant received EOIs from three Prospective Resolution Applicants (hereinafter referred to “PRA”). Out of the three PRAs, one PRA failed to deposit the Earnest Money Deposit of Rs. 5,00,000/- (Rupees Five Lakhs). In view of the above, the RP prepared the final list of PRAs on 31^st March, 2025 which has been extracted hereinbelow:-

2.7 As the CD only owned Financial Assets, the RP had appointed two valuers for the purpose of valuation of the Financial Assets of the CD. The excerpts of the valuation reports submitted by the said valuers are as follows:-

2.8 In compliance with Section 29 of the Code read with Regulation

36 of the CIRP Regulations, the Applicant prepared the Information Memorandum containing the details related to matters listed in Regulation 36(2)(a) to (l) of the CIRP Regulations (“IM”) on 03^rd March, 2025. In accordance with the provisions of Regulation 36(4) of the CIRP Regulations, the IM was shared with the members of the CoC upon obtaining an undertaking of confidentiality from the members.

2.9 Pursuant to the publication of the Request for Resolution Plans in accordance with Insolvency and Bankruptcy Code, 2016 and the corresponding provisions of the CIRP Regulations, a total of two (2) Resolution Plans were received from t