# M/S RAGHAVA SQUARE PRIVATE LIMITED vs. M/S. IVRCL LIMITED & Ors.

> NCLAT judgment dated 2026-06-09. Citation: TCN-2026-NCLAT-00210. M/s. IVRCL Limited, the Corporate Debtor, was under liquidation. After two unsuccessful…

- **Court:** NCLAT
- **Order date:** 9 Jun 2026
- **Citation:** TCN-2026-NCLAT-00210
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-chennai/ms-raghava-square-private-limited-vs-ms-ivrcl-limited-ors-caaph

## Summary

### Background

M/s. IVRCL Limited, the Corporate Debtor, was under liquidation. After two unsuccessful e-auctions, a third e-auction was conducted on 15.12.2021, where M/S RAGHAVA SQUARE PRIVATE LIMITED (Appellant) was declared the successful bidder for Rs. 1200 Crores. The Appellant deposited Rs. 50 Crores as Earnest Money Deposit (EMD) and an additional Rs. 100 Crores as a first installment. The Appellant submitted a 'Business Plan' claiming it included assets of subsidiaries/joint ventures/associates of the Corporate Debtor and sought an extended payment schedule. The Liquidator and Stakeholders Consultation Committee (SCC) did not fully agree with the scope of the business plan regarding third-party assets and the proposed payment terms.

## Facts

M/s. IVRCL Limited, the Corporate Debtor, was ordered for liquidation by the Ld. NCLT on 26.07.2019, with a corrigendum on 31.07.2019.

The Liquidator conducted a 3rd e-auction on 15.12.2021 for the sale of the Corporate Debtor as a going concern, with a reserve price of Rs. 1200 Crores.

M/S RAGHAVA SQUARE PRIVATE LIMITED (Appellant) was declared the successful bidder on 27.12.2021.

The Appellant deposited Rs. 50 Crores as Earnest Money Deposit (EMD) and later an additional Rs. 100 Crores.

The Appellant submitted a 'Business Plan' on 28.01.2022, which they claimed included assets of third-party guarantors, 100% subsidiaries, joint ventures, and associates of the CD.

…

## Issues and analysis

### Issue 1: Whether the 'Business Plan' submitted by the Appellant, which included assets of subsidiaries/joint …

**Ratio:** The 'Business Plan' was not a concept contemplated under the bidding documents or

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**Reasoning:** The NCLT orders of 15.06.2022 and 25.07.2022, which the Appellant interpreted as

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**Interpretation:** The Appellant misread and distorted the NCLT orders to imply approval of a

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**Application:** The Appellant's claim that the business plan was approved, thereby including

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## Parties

- **Judges:** Sharad Kumar…; Jatindranat…
- **Appellants:** M/S RAGHAVA…
- **Respondents:** M/s. IVRCL…; Sutanu…; +27 more
- **Other parties:** Stakeholders…; Lenders'…
- **Advocates:** T.K. Bh…; Mayan H…; +6 more

## Timeline

- **2018-02-23 — CIRP Commen…**: Ld. NCLT commenced the Corporate Insolvency Resolution Process (CIRP) against the…
- **2019-07-26 — Liquidation…**: Ld. NCLT ordered the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 61 — Appeals and Appellate Authority](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-61)

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