# In the matter of Saariga Construction Pvt. Ltd. & Ors. vs. Arvind Kumar and Anr.

> Read the full IBC case summary for In the matter of Saariga Construction Pvt. Ltd. & Ors. vs. Arvind Kumar and Anr.. NCLAT judgment dated 2025-08-11.…

- **Court:** NCLAT
- **Order date:** 11 Aug 2025
- **Citation:** TCN-2025-NCLAT-00448
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/saariga-construction-pvt-ltd-ors-vs-arvind-kumar-and-anr-f65ab5c6

## Summary

### Background

The appellant challenged two orders from the Adjudicating Authority (NCLT Chandigarh Bench) dated June 11, 2025. One order directed the liquidation of the Corporate Debtor, and the other rejected the appellant's application to have its Resolution Plan treated as approved, citing a failure to secure the requisite 66% vote from the Committee of Creditors.

## Facts

The Corporate Insolvency Resolution Process (CIRP) for Richa Industries Ltd. commenced on December 21, 2018. Saariga Construction Pvt. Ltd., as a financial creditor with an 8.94% vote share, submitted a Resolution Plan. This plan was initially rejected by the Committee of Creditors (CoC) on September 3, 2019, leading the Resolution Professional to file an application for the corporate debtor's liquidation.

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## Issues and analysis

### Issue 1: Whether the Adjudicating Authority erred in rejecting the Resolution Plan by including abstained…

**Ratio:** The requirement of 66% voting share under Section 30(4) of the IBC must be computed on…

**Reasoning:** The NCLAT reasoned that Section 30(4) of the IBC requires approval by not less than 66%…

**Interpretation:** The court interpreted Section 30(4) to mean that the 66% threshold applies to…

**Application:** In the present case, the appellant's Resolution Plan received 52.02% votes in…

## Parties

- **Judges:** Ashok Bh…
- **Advocates:** Aalok J…; Karan Mal…; +10 more

## Timeline

- **December 21, 2018 — CIRP Commen…**: Corporate Insolvency Resolution Process…
- **September 3, 2019 — Initial Resolution Plan…**: Appellant's first Resolution Plan was…

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