Jinan K R, J. - (1.) This is a case in which Corporate Insolvency Resolution Process (in short ("CIRP") has been successfully completed by the Resolution Professional, Shri Divyesh N. Desai. The Resolution Professional has got six resolution plans from various resolution applicants including the resolution plan prepared and submitted by Dalmia Cements (Bharat) Ltd. a well -known promoter who is the fourth largest player in the Indian Cement Industry. After discussions of all resolution plans, CoC shortlisted two resolution plans inclusive of the plan submitted by the Dalmia Cements (Bharat) Ltd. According to the Ld. Resolution Professional, both the resolution plans were put to vote and the plan submitted by the Dalmia Cement (Bharat) Ltd. was unanimously approved by the CoC in the CoC meeting held on 22nd January, 2018. Upon getting approval of the plan, the Resolution Professional submitted the Plan along with progress report before this Adjudicating Authority on 29th January, 2018 for approval. He further submits that the plan meets all the requirements of the I & B, Code and the Regulations and has been approved by the Committee in accordance with section 30(4) of l&B, Code.
(2.) Vide Order dated 1st May, 2017, this Adjudicating Authority admitted the application for initiation of CIRP filed by the Operational Creditor (Naresh Kumar & Company Pvt. Ltd.) in respect of Corporate Debtor Kalyanpur Cements Ltd. and appointed Mr. Divyesh N. Desai as the Resolution Professional.
(3.) On a careful scrutiny of the progress report as well as the Resolution Plan, I am satisfied that the plan submitted by the Resolution Professional meets all the requirements of the Code and the Regulations. As per section 31(1) of the Code, the Adjudicating Authority, if satisfied that the Resolution Plan as approved by the Committee of Creditors under sub-section (4) of section 30 meets the requirements as referred to in sub-section (2) of section 30 the Adjudicating Authority has no other go other than to pass an order approving the Resolution Plan.;