# In the matter of Parmesh Construction Company Ltd. vs. Pramod Kumar Sharma

> NCLAT judgment dated 2025-02-11. Citation: TCN-2025-NCLAT-00223. The case involves an appeal against an order dated 04.12.2024 passed by the National Company…

- **Court:** NCLAT
- **Order date:** 11 Feb 2025
- **Citation:** TCN-2025-NCLAT-00223
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/parmesh-construction-company-ltd-vs-pramod-kumar-sharma-7c99a6c1

## Summary

### Background

The case involves an appeal against an order dated 04.12.2024 passed by the National Company Law Tribunal (NCLT), New Delhi, which rejected IA-4783/2024 filed by the Appellant. The Corporate Insolvency Resolution Process (CIRP) against International Recreation and Amusement Ltd. commenced on 03.08.2018. The Resolution Professional (RP) was appointed, and a Resolution Plan submitted by HGAS-Apex JV was approved by the Committee of Creditors (CoC) on 09.05.2019. The RP filed an IA for approval of the Resolution Plan, which is pending consideration. The Appellant, claiming to have acquired a substantial shareholding in Appu Ghar Entertainment Pvt. Ltd., filed IA No.4783/2024 seeking to place a reverse insolvency resolution plan before the CoC. This application was

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## Facts

The Corporate Insolvency Resolution Process (CIRP) against International Recreation and Amusement Ltd. commenced on 03.08.2018. Pramod Kumar Sharma was appointed as the Resolution Professional (RP). The Committee of Creditors (CoC) was constituted, and on 09.05.2019, the CoC approved a Resolution Plan submitted by HGAS-Apex JV. The RP filed an IA for approval of the Resolution Plan, which is still pending consideration. The Appellant, Parmesh Construction Company Ltd., claiming to have acquired a substantial shareholding in Appu Ghar Entertainment Pvt. Ltd., filed IA No.4783/2024 seeking to place a reverse insolvency resolution plan before the CoC. The Adjudicating Authority rejected this application on 04.12.2024, leading to the current appeal. The Appellant claims to

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## Issues and analysis

### Issue 1: Whether the Adjudicating Authority was correct in …

**Ratio:** Once a Resolution Plan has been approved by the CoC, the CoC is clearly bound by such

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**Reasoning:** The Tribunal reasoned that the CoC is not entitled to consider any other request for

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**Interpretation:** The Supreme Court's judgment in Ebix Singapore Pvt. Ltd. clarifies that a

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**Application:** In this case, since the CoC had already approved a Resolution Plan submitted by

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## Parties

- **Judges:** Ashok Bh…; Barun M…; +1 more
- **Appellants:** Parmesh Constructi…
- **Respondents:** International…; Pramod Kumar…
- **Advocates:** Gopal…; Vivek K…; +10 more

## Timeline

- **2018-08-03 — Commencement…**: The Corporate Insolvency Resolution Process (CIRP) against International Recreation and…
- **2019-05-09 — CoC Approval of…**: The Committee of Creditors (CoC) approved the…

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