# Assets Care & Reconstruction Enterprise Limited & Ors. vs. Mr. Viswanadha Sarma, Resolution Professional & Ors.

> NCLAT judgment dated 2026-06-30. Citation: TCN-2026-NCLAT-00278. This case comprises three appeals filed before the National Company Law Appellate Tribunal…

- **Court:** NCLAT
- **Order date:** 30 Jun 2026
- **Citation:** TCN-2026-NCLAT-00278
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/assets-care-reconstruction-enterprise-limited-ors-vs-mr-viswanadha-sarma-k85pm

## Summary

### Background

This case comprises three appeals filed before the National Company Law Appellate Tribunal (NCLAT) against a common impugned order dated 19.07.2023 passed by the National Company Law Tribunal (NCLT), New Delhi Principal Bench. The NCLT order approved the Resolution Plan submitted by Purvanchal Projects Private Limited for the Corporate Debtor, Arena Superstructures Private Limited. The appellants are Assets Care & Reconstruction Enterprise Limited (ACRE), Dhankalash Distributors Private Limited, and New Okhla Industrial Development Authority (NOIDA). ACRE, a dissenting secured financial creditor, challenged the plan for failing to provide its minimum entitlement. Dhankalash, an unsecured financial creditor, raised objections regarding procedural irregularities and

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## Facts

Three appeals were filed against a common impugned order dated 19.07.2023 passed by the NCLT, New Delhi Principal Bench, approving the Resolution Plan for Arena Superstructures Private Limited (Corporate Debtor).

Assets Care & Reconstruction Enterprise Limited (ACRE) is a dissenting secured financial creditor with an admitted debt of approximately Rs. 200 Crores.

Dhankalash Distributors Private Limited is an unsecured financial creditor with an admitted claim of Rs.2,02,11,057/-.

New Okhla Industrial Development Authority (NOIDA) claimed Rs.84.19 Crores, with Rs.68.90 Crores admitted, but was classified as an Operational Creditor.

The Corporate Debtor, Arena Superstructures Private Limited, is a real estate company developing the 'Lotus Arena-I' project.

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## Issues and analysis

### Issue 1: Whether the disbursement proposed for Assets Care & Reconstruction Enterprise Limited (ACRE) in …

**Ratio:** A dissenting secured financial creditor's entitlement under Section 30(2)(b) read with

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**Reasoning:** PNBHFL, ACRE's predecessor, had already limited its security interest to unsold inventory

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**Interpretation:** Section 30(2)(b) ensures a minimum payment based on Section 53, but Section

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**Application:** ACRE's security interest was correctly determined to be limited to the 274

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## Parties

- **Judges:** Ashok Bh…; Indevar P…
- **Appellants:** Assets Care &…; New Okhla…
- **Respondents:** Arena Superstructu…; Viswanadha Sarma…; +6 more
- **Other parties:** Analysis co…; Committee of…; +9 more
- **Advocates:** Arun Kath…; Abhijeet…; +25 more

## Timeline

- **2020-10-29 — CIRP Commen…**: Corporate Insolvency Resolution Process (CIRP) commenced against Arena Superstructures…
- **2021-02-05 — Original Valuation…**: Valuers Mr. Ashish Kumar and Mr. Anil Saxena…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 30(2) — Submission of resolution plan](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-30)

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