# In the matter of Masyc Projects Pvt. Ltd. & Ors. vs. Pulkit Gupta (RP) and Ors.

> NCLAT judgment dated 2025-08-12. Citation: TCN-2025-NCLAT-00445. The appeals were filed against the order dated 01.04.2025 passed by the National Company Law…

- **Court:** NCLAT
- **Order date:** 12 Aug 2025
- **Citation:** TCN-2025-NCLAT-00445
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/masyc-projects-pvt-ltd-ors-vs-pulkit-gupta-a1a158d0

## Summary

### Background

The appeals were filed against the order dated 01.04.2025 passed by the National Company Law Tribunal (NCLT), Mumbai Bench, Court – I allowing I.A. Plan 11/2025 filed by Pulkit Gupta, Resolution Professional (RP) of Vadaraj Cement Ltd. and approving the resolution plan submitted by Nuvoco Vistas Corporation Limited.

## Facts

CIRP was initiated against Vadraj Cement Limited based on an application filed by Oriental Bank of Commerce (now Punjab National Bank) under Section 7 of IBC.

Masyc Projects Private Limited filed a claim of ₹16,75,11,300/-, which was admitted as an operational debt to the tune of ₹16,72,07,044/-.

Chotubhai Ramubhai Patel filed a claim of ₹2,99,87,605/- as an operational creditor.

Tushar Engineering filed a claim of ₹1,09,74,486/- as an operational creditor.

Nuvoco Vistas Corporation Limited submitted a resolution plan that was approved by the CoC with 100% voting shares.

The approved resolution plan proposed NIL payment to operational creditors (other than employees and government dues).

The total admitted amount of operational creditor claims was ₹79,83,85,564/-.

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## Issues and analysis

### Issue 1: Whether the adjudicating authority committed an error in approving the resolution plan which did …

**Ratio:** The adjudicating authority and this Tribunal could have interfered with the commercial

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**Reasoning:** The CoC with 100 percent vote shares has approved the resolution plan. The adjudicating

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**Interpretation:** The limited jurisdiction conferred to the adjudicating authority and to this

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**Application:** The resolution plan does not breach any of the provisions of Section 30(2) of

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## Parties

- **Judges:** Ashok Bh…; Barun M…
- **Appellants:** Masyc Projects…; Chhotubhai…; +1 more
- **Respondents:** Vadraj Cement…; Pulkit Gupta, RP…; +1 more
- **Other parties:** Masyc Projects…; Chotubhai…; +2 more
- **Advocates:** Kunal T…; Yashvar…; +19 more

## Timeline

- **02.02.2024 — Commencement…**: CIRP against Vadaraj Cement Limited…
- **03.02.2024 — Public Annou…**: A public announcement was issued by Interim Resolution Professional (IRP) on 03.02.2024,…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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