# LIC Housing Finance Ltd. vs. SRS Real Estate Ltd. & SRS Retreat Services Ltd.

> NCLT judgment dated 2026-09-09. Citation: TCN-2026-NCLT-01046. The Corporate Insolvency Resolution Process (CIRP) was initiated against SRS Real Estate Ltd.…

- **Court:** NCLT
- **Order date:** 9 Sept 2026
- **Citation:** TCN-2026-NCLT-01046
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/lic-housing-finance-ltd-vs-srs-real-estate-ltd-m2v70

## Summary

### Background

The Corporate Insolvency Resolution Process (CIRP) was initiated against SRS Real Estate Ltd. (Corporate Debtor No. 1) and SRS Retreat Services Ltd. (Corporate Debtor No. 2) by LIC Housing Finance Ltd. Mr. Shyam Arora was appointed as the Resolution Professional (RP). A Resolution Plan submitted by Orange Castle Private Limited (Successful Resolution Applicant or SRA) for the 'SRS Royal Hills Phase-2' project was approved by the Committee of Creditors (CoC) with 97.22% and 100% voting shares, respectively. The RP filed an application (IA(IBC)(Plan)/2(CH)2024) seeking the Adjudicating Authority's approval for this Resolution Plan.

## Facts

IA(IBC)(Plan)/2(CH)2024 is an application under sub-section (6) of section 30, section 31, and sub-section (5) of section 60 of the Insolvency and Bankruptcy Code, 2016, read with sub-regulation (4) of Regulation 39 of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016.

Mr Shyam Arora is the Resolution Professional for SRS Real Estate Ltd. & SRS Retreat Services Ltd.

CP(IB)No.167/Chd/Hry/2020 and CP(IB)No.86/Chd/Hry/2022 were filed by LIC Housing Finance Ltd. (Financial Creditor) for the initiation of CIRP against SRS Real Estate Ltd. (Corporate Debtor No. 1) and SRS Retreat Services Ltd. (Corporate Debtor No. 2) respectively.

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by Orange Castle Private Limited is feasible and viable, and …

**Ratio:** The Resolution Plan was found to be discriminatory and based on arbitrary valuations,

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**Reasoning:** The NCLT identified significant flaws in the valuation methodology used by the appointed

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**Interpretation:** A resolution plan must be feasible, viable, and compliant with all legal

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**Application:** The plan's approval was rejected because it failed to meet the standards of

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## Parties

- **Judges:** Mr Kaushalendra…; Mr Khetrabasi…
- **Appellants:** LIC Housing…; Mr Shyam…; +3 more
- **Respondents:** SRS Real Estate…; SRS Retreat…
- **Other parties:** CoC of SRS Real…; CoC of SRS…; +11 more
- **Advocates:** Adv Sumant…; Adv Sarthak…; +7 more

## Timeline

- **2020-01-08 — Provisional Attachment…**: Directorate of Enforcement issued Provisional Attachment Order No. 01/2020 under Section…
- **2021-08-31 — Attachment Order…**: The Provisional Attachment Order was confirmed by the Adjudicating Authority (PMLA) in…

## 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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