AI Overview...
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Base Resolution Plan Rejection - The Adjudicating Authority initially rejected the Base Resolution Plan due to issues that were contrary to the statutory scheme under Chapter III-A of the Insolvency and Bankruptcy Code (IBC). The rejection was challenged, and concerns were raised about the plan's compliance and the requirement for applicants to infuse resolution funds under the plan GARODIA CHEMICALS LIMITED VS - National Company Law Appellate Tribunal.
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Approval of Base Resolution Plan - Several tribunals and authorities have approved the Base Resolution Plan, confirming its compliance with legal provisions and regulations. For instance, the tribunal approved the plan under Section 54K, making it binding on all parties involved, after evaluating its conformity with relevant legal standards Manish Jaju vs Garodia Chemicals Limited - National Company Law Tribunal, INDNCLT00000003436.
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Superior Resolution Plans and CoC Evaluation - The Committee of Creditors (CoC) sometimes considered alternative or superior resolution plans, such as those under Pre-Packed Insolvency Resolution Process (PPIRP). In some cases, the CoC approved plans with a 100% voting share, deeming them better than the Base Resolution Plan based on operational and financial assessments Mr. Jitendra Palande vs The Joint Secretary (Silk) Ministry of Textiles, Government of India - National Company Law Tribunal, Jitendra Palande vs Umesh Marutirao Pawar - National Company Law Tribunal.
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Failure to Approve within Mandated Timeline - The tribunal ruled that no resolution plan was approved within the statutory 120-day period, and extensions sought without legal backing were dismissed. This underscores the importance of adhering to prescribed timelines for resolution plan approval under the IBC Vikash Gautamchand Jain Resolution Professional of Kethos Tiles Private Limited VS - National Company Law Tribunal.
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Participation by Creditors and Voting - The participation and voting by creditors, including banks like Bank of Baroda, played a crucial role in the approval process. Plans approved with significant voting shares (e.g., 73.91%) or unanimous consent were deemed valid and enforceable Bank of Baroda vs Shree Rajashthan Syntex Ltd. - National Company Law Appellate Tribunal.
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Legal Framework and Regulations - The approval process consistently referenced Sections 54K, 54C, and 54D of the IBC, as well as the Pre-Packaged Insolvency Resolution Process Regulations, 2021. These provisions govern the evaluation, approval, and implementation of resolution plans, including the criteria for admissibility and compliance M/s. Vedik Ispat Pvt. Ltd. vs M/s Shree Simandhar Steel Private Limited - National Company Law Tribunal, Jitendra Palande VS - National Company Law Tribunal.
Analysis and Conclusion
The resolution plan approval process under the IBC involves rigorous evaluation by the CoC and adjudicating authorities to ensure compliance with statutory provisions. While initial rejection of the Base Resolution Plan highlights procedural or compliance issues, subsequent approvals demonstrate adherence to legal standards and the importance of creditor consensus. The process emphasizes timely approval within statutory timelines, thorough evaluation of competing plans, and strict compliance with relevant regulations to facilitate effective resolution and recovery.
Search Results for "Base Resolution Plan"
2024 Supreme(Online)(NCLAT) 360 • India - National Company Law Appellate Tribunal
Justice Ashok Bhushan (Chairperson) , Hon'ble Mr. Barun Mitra (Member (Technical)) , Hon'ble Mr. Arun Baroka (Member (Technical)) ,
The Adjudicating Authority rejected the Application, citing issues with the Base Resolution Plan. ... The rejection based on the Base Resolution Plan was contrary to the statutory Scheme of Chapter III-A. ... Resolution Plan at the time of the Application. ... Applicants to infuse Resolution money under the Base Resolution Plan, we feel that the Base R....
2025 Supreme(Online)(NCLT) 157 • India - National Company Law Tribunal
Virendrasingh G. Bisht, Prabhat Kumar, JJ
(A) Insolvency and Bankruptcy Code, 2016 - Section 54K - Approval of Base Resolution Plan for corporate debtor - The tribunal approved ... ... ... Result: The resolution plan is approved and shall be binding on all parties involved in the corporate debtor's resolution ... the resolution plan as it conformed with relevant regulations and did not contravene any legal provisions. ... Executive Summary of Base Resolution#HL_....
2025 Supreme(Online)(NCLT) 2252 • India - National Company Law Tribunal
Mr. Justice B.K Shrivastava, J, Dr. Sanjiv Kumar, A
plan by the Committee of Creditors, which was considered superior to the Base Resolution Plan. ... (A) Insolvency and Bankruptcy Code, 2016 - Section 54K(12) - Approval of Resolution Plan under Pre-Packed Insolvency Resolution Process ... (PPIRP) - Corporate Debtor defaulted on operational debt of Rs. 1,23,31,873/- - Resolution Plan approved with 100% voting share ... In adherence to Section 54K (10) & (12) the CoC after evaluation ....
2024 Supreme(Online)(NCLT) 728 • India - National Company Law Tribunal
No resolution plan was approved within the mandated 120 days. ... ... ... Ratio Decidendi: The Tribunal ruled that the RP's application for extension was not supported by law, as no resolution plan ... PPIRP period after it expired on 03.05.2024, citing a resolution passed by the Committee of Creditors. ... h) Fixation of “Tick Size” (minimum improvement over another resolution plan in terms of score) under Regulation 42(3) of PPIRP Regulations, 2021. i) Discussion....
2025 Supreme(Online)(NCLAT) 118 • India - National Company Law Appellate Tribunal
ASHOK BHUSHAN, J
25, 39) ... ... (B) By filing Section 7 application, the Bank of Baroda aimed for recovery as opposed to resolution ... approving the Base Resolution Plan? ... The Bank of Baroda also participated in the Meeting dated 21.07.2022, where Base Resolution Plan came for consideration. ... The Base Resolution Plan was placed before the CoC, which came to be approved with 73.91% vote shares. In the Base#HL_END....
2025 Supreme(Online)(NCLT) 3246 • India - National Company Law Tribunal
SHRI SUNIL KUMAR AGGARWAL, SHRI RADHAKRISHNA SREEPADA, JJ
of Resolution Plan - The court approved the resolution plan submitted by the Successful Resolution Applicant, affirming that it ... (Paras 30-39) ... ... (B) Eligibility of Resolution Applicants - The Resolution Applicant confirmed ... (A) Insolvency and Bankruptcy Code, 2016 - Section 54C and 54K - Pre-Packaged Insolvency Resolution Process Regulations, 2021 - Approval ... Confirmation Letter annexedYesSection 54KWhere the base #....
2024 Supreme(Online)(NCLAT) 184 • India - National Company Law Appellate Tribunal
Justice Ashok Bhushan (Chairperson) , Hon'ble Mr. Barun Mitra (Member (Technical)) ,
(A) Insolvency and Bankruptcy Code, 2016 - Section 54C and 54D - Pre-Packaged Insolvency Resolution Process (PPIRP) - Appeals against ... It is relevant to notice that in the present case, base Resolution Plan was submitted by the Corporate Debtor which was up for consideration and the revised base Resolution Plan was also submitted before the Adjudicating Authority. ... Publication was issued for initiation of Resolution Plan. Sev....
2025 Supreme(Online)(NCLT) 551 • India - National Company Law Tribunal
Sh. Prabhat Kumar, Member (Technical), Sh. V.G Bisht, Member (Judicial)
(A) Insolvency & Bankruptcy Code, 2016 - Section 54K(12) - Resolution Plan under Pre-Packaged Insolvency Resolution Process (PPIRP ... ... ... Result: The Resolution Plan was approved and is to be implemented immediately. ... ... ... Findings of Court: ... The Resolution Plan is admissible as it meets the requisite conditions outlined in the Code, including ... In adherence to Section 54K (10) & (12) the CoC after evaluation the Resolution #HL....
2025 Supreme(Online)(NCLT) 538 • India - National Company Law Tribunal
Sh. Prabhat Kumar, Sh. Justice V.G Bisht, JJ
(A) Insolvency and Bankruptcy Code, 2016 - Section 54K(12) - Approval of Resolution Plan under Pre-Packed Insolvency Resolution Process ... (Paras 17, 18) ... ... Result: The Resolution Plan is hereby approved. ... (PPIRP) - The Resolution Plan submitted by Sayas Cooperative Society Limited was approved with 100% voting share by the Committee ... In adherence to Section 54K (10) & (12) the CoC after evaluation the Resolution Plan ....
2025 Supreme(Online)(NCLT) 1861 • India - National Company Law Tribunal
Prabhat Kumar, V.G Bisht, JJ
Section 54K (10) & (12) the CoC after evaluation the Resolution Plan states that, “The COC was of the view that the Resolution Plan submitted by the Sayas Cooperative Society Limited is better than the Base Resolution Plan.” 8. ... submit the revised Resolution Plan. ... The Applicant convened the 1st CoC Meeting on 24.12.2023 wherein the Base Resolution Plan (“BRP”) submitted b....
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