# Approval of Resolution Plan-  Samson And Sons Builders And Developers Private Limited

> NCLT judgment dated 14 Aug 2024. Citation: TCN-2024-NCLT-00790. The application was filed by the Resolution Professional (RP) for Samson and Sons Builders and…

- **Court:** NCLT
- **Order date:** 14 Aug 2024
- **Citation:** TCN-2024-NCLT-00790
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/approval-of-resolution-plan-samson-and-sons-builders-and-developers-private-limi-fd9ec48c

## Summary

### Background

The application was filed by the Resolution Professional (RP) for Samson and Sons Builders and Developers Pvt. Ltd. seeking approval of a resolution plan for the Orchid Valley Project, submitted by the Orchid Valley Apartment Buyers Association. The Corporate Insolvency Resolution Process (CIRP) was initiated against Samson and Sons Builders and Developers Pvt. Ltd. based on a petition filed by Mr. Vijayakumaran J., an operational creditor, under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC). The petition was admitted on November 3, 2021.

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## Facts

The Corporate Debtor, Samson and Sons Builders and Developers Pvt. Ltd., was incorporated on July 27, 2009, and engaged in real estate development. Prior to the commencement of the Corporate Insolvency Resolution Process (CIRP), the company had ten projects under construction, with four of these projects having no construction initiated. The last Annual General Meeting (AGM) was held on September 30, 2014, and the balance sheet was filed with the Registrar of Companies (ROC) only up to March 31, 2014. The last audited balance sheet available was for March 31, 2015.

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted for the Orchid Valley Project by the Orchid Valley Apartment…

**Ratio:** A Resolution Plan, once approved by the Committee of Creditors (CoC) with the requisite…

**Reasoning:** The Tribunal reasoned that the Resolution Plan had been submitted in accordance with…

**Interpretation:** The court interpreted its role as an Adjudicating Authority under the IBC as…

**Application:** Applying this interpretation, the Tribunal found that the Resolution Plan for…

## Parties

- **Judges:** T Krishna…; RAVICHANDRAN…
- **Advocates:** For the Applicant:…; For the Respondent…

## Timeline

- **July 27, 2009 — Incorporation of…**: Samson and Sons Builders and…
- **November 3, 2021 — CIRP Admissio…**: The Company Petition CP(IB)/05/KOB/2021 was admitted, initiating CIRP against the…

## 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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