# Approval of Resolution Plan - Sutlej Housing Private Limited

> NCLT judgment dated 21 Jul 2023. Citation: TCN-2023-NCLT-02379. This application was filed by the Resolution Professional under Section 30(6) and Section 31…

- **Court:** NCLT
- **Order date:** 21 Jul 2023
- **Citation:** TCN-2023-NCLT-02379
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/approval-of-resolution-plan-sutlej-housing-private-limited-a2ec3ac5

## Summary

### Background

This application was filed by the Resolution Professional under Section 30(6) and Section 31 of the Insolvency and Bankruptcy Code, 2016, seeking approval for a Resolution Plan. The plan was submitted by VK-21 Realty LLP, the Resolution Applicant, and had received 100% voting share approval from the Committee of Creditors (CoC). The Corporate Debtor, Sutlej Housing Private Limited, is a real estate development company. The case involves complex property disputes, including a long-standing suit filed by Dadar Neelkanth Apartments Co-Operative Housing Society against the erstwhile owners and the Corporate Debtor, challenging the conveyances of the property.

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## Facts

Nagindas Properties Private Limited (NPPL) along with Varun Patel, Smitaben Bipichandra Patel, and Bipinchandra Patel were the joint owners of land bearing Cadastral Survey Nos. 9/76, 12/76, 13/76, 14/76, and 18/76 of Dadar Naigaon Division. This property, known as “Dadar Gardens” or "Shree Sound Complex," is located in Dadar (East), Mumbai, and measures an aggregate of 8408.65 square meters as per antecedent title deeds and 9221.60 square meters as per Property Register Cards, referred to as the Larger Property, with ownership in a 60:20:20 ratio.

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by VK-21 Realty LLP complies with the mandatory requirements…

**Ratio:** A Resolution Plan must comply with the mandatory provisions of **Section 30(2)** of the…

**Reasoning:** The court reasoned that the Resolution Plan provided for the payment of insolvency…

**Interpretation:** The court interpreted **Section 30(2)** and **Regulation 38** as requiring a…

**Application:** The Resolution Plan submitted by VK-21 Realty LLP was found to comply with all…

## Parties

- **Judges:** H.V. Subb…; MEMBER (JUD…; +2 more
- **Advocates:** For the Applicant…; Resolution…; +3 more

## Timeline

- **1989 — Suit Filed by…**: The Dadar Neelkanth Apartments Co-Operative Housing Society filed Suit No. 119 of 1989 in…
- **August 21, 1992 — Ex-parte…**: The Bombay High Court issued an ex-parte decree ordering the conveyance of Plot No.1 to…

## 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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