# Approval of Resolution Plan - Arena Superstructures Private Limited {IA No.3392, 4615 & 5361(PB)-2021, IA No. 3556 & 5979-2022,Ivn. P-04-2023 in CP (IB) No.875(PB)-2020

> Read the full IBC case summary for Approval of Resolution Plan - Arena Superstructures Private Limited {IA No.3392, 4615 & 5361(PB)-2021, IA No. 3556 &…

- **Court:** NCLT
- **Order date:** 19 Jul 2023
- **Citation:** TCN-2023-NCLT-05287
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/approval-of-resolution-plan-arena-superstructures-private-limited-ia-no3392-4615-aa382d64

## Summary

### Background

The case involves an application for the approval of a resolution plan for Arena Superstructures Private Limited, the corporate debtor, under Sections 30(6) and 31(1) of the Insolvency and Bankruptcy Code, 2016. Several interlocutory applications were filed, including objections to the resolution plan by Assets Care and Reconstruction Enterprise Ltd. (ACRE) and New Okhla Industrial Development Authority (NOIDA).

## Facts

The underlying Company Petition, CP (IB) 875(PB)/2020, was filed by M/s. Dhankalash Distributors Private Limited (Financial Creditor) against Arena Superstructures Private Limited (Corporate Debtor) under Section 7 of the Code. The Corporate Insolvency Resolution Process (CIRP) was initiated by an order dated October 29, 2020. Mr. Pawan Kumar Singal was initially appointed as the Interim Resolution Professional (IRP), later replaced by Mr. Ayyagiri Viswanadha on June 9, 2021.

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by Purvanchal Projects Pvt. Ltd. is compliant with the…

**Ratio:** A resolution plan approved by the CoC with the requisite majority, and compliant with the…

**Reasoning:** The CoC approved the plan with 71.11% voting share. The NCLT found the plan compliant…

**Interpretation:** The NCLT interpreted Sections 30 and 31 of the IBC and Regulations 38 and 39 of…

**Application:** The NCLT applied this interpretation by confirming that the plan provided for…

## Parties

- **Judges:** Ramalingam…; AVINASH K.…
- **Advocates:** Nitish Kumar…; Manmeet…; +10 more

## Timeline

- **October 29, 2020 — CIRP Admissio…**: The Adjudicating Authority admitted the Company Petition CP (IB) 875(PB)/2020 and…
- **November 4, 2020 — Public Announcement by…**: The Interim Resolution Professional (IRP) made a public announcement in newspapers…

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This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-chandigarh/approval-of-resolution-plan-arena-superstructures-private-limited-ia-no3392-4615-aa382d64