# Dharmendra Dhelariya, RP of M/s Maya Construction Company Pvt.Ltd vs. M/s Maya Construction Company Private Limited

> NCLT judgment dated 2026-07-08. Citation: TCN-2026-NCLT-00620. An application (IA(Plan)/6(AHM)2026) was filed by the Resolution Professional (RP) of M/s Maya…

- **Court:** NCLT
- **Order date:** 8 Jul 2026
- **Citation:** TCN-2026-NCLT-00620
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-ahmedabad/dharmendra-dhelariya-rp-of-ms-maya-construction-company-pvtltd-vs-ms-maya-constr-k4jlr

## Summary

### Background

An application (IA(Plan)/6(AHM)2026) was filed by the Resolution Professional (RP) of M/s Maya Construction Company Private Limited to approve a resolution plan submitted by Mr. Kailash Shah, which had been approved by the Committee of Creditors (CoC). The Corporate Insolvency Resolution Process (CIRP) was initiated against M/s Maya Construction Company Private Limited by M/s Shreenathji Marketing (Operational Creditor). IDBI Bank was the sole financial creditor. The Suspended Director/Promoter raised several objections to the resolution plan, including alleged inflation of the plan value by including the Corporate Debtor's own assets, lack of feasibility and viability, non-disclosure of SARFAESI recoveries by IDBI Bank, and procedural lapses by the RP in providing CoC

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## Facts

An application (IA(Plan)/6(AHM)2026) was filed under Section 30(6) read with Section 31 of IBC, 2016 by the Resolution Professional of M/s Maya Construction Company Private Limited.

The application seeks approval of a Resolution Plan submitted by Mr. Kailash Shah, which has been approved with 100% vote by the Committee of Creditors (CoC).

M/s Shreenathji Marketing (Operational Creditor) filed CP(IB) No. 190 of 2023 for initiation of Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor.

CIRP was admitted vide Order dated 28.03.2025, and Dharmendra Dhelariya was appointed as Interim Resolution Professional (IRP).

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by Mr. Kailash Shah is compliant with Section 30(2) of the …

**Ratio:** The value of a Resolution Plan cannot be enhanced by treating the Corporate Debtor's own

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**Reasoning:** The Tribunal observed that the total realizable amount of Rs. 66,16,226/- reflected in

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**Interpretation:** Section 30(2) of the IBC requires a resolution plan to be compliant with the

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**Application:** The Resolution Plan was found to be non-compliant with Section 30(2) because it

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## Parties

- **Judges:** Chitra Ha…; Velamur G Venkata…
- **Appellants:** Dharmendra…; M/s Shreenathji…
- **Respondents:** M/s Maya Construct…
- **Other parties:** IDBI…; Aruna Kaila…; +3 more
- **Advocates:** Pratik Th…; Atul Sh…

## Timeline

- **2023-07-18 — IBBI Circular…**: IBBI Circular No. 12011/214/2023-IBBI/840 is referenced in the context of liquidator…
- **2025-03-28 — CIRP Admission & IRP…**: Corporate Insolvency Resolution Process (CIRP) initiated against the Corporate Debtor,…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 30(6) — Submission of resolution plan](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-30)

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