# Master Trust Limited vs. Future Colonizers & Construction Limited

> NCLT judgment dated 2026-08-13. Citation: TCN-2026-NCLT-00936. The Corporate Insolvency Resolution Process (CIRP) was initiated against Future Colonizers &…

- **Court:** NCLT
- **Order date:** 13 Aug 2026
- **Citation:** TCN-2026-NCLT-00936
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/master-trust-limited-vs-future-colonizers-construction-limited-q5das

## Summary

### Background

The Corporate Insolvency Resolution Process (CIRP) was initiated against Future Colonizers & Construction Limited (Corporate Debtor) on October 13, 2022, following an application by Master Trust Limited, a Financial Creditor. Mr. Rajeev Bhambri was appointed as the Interim Resolution Professional (IRP) and subsequently confirmed as the Resolution Professional (RP). A Public Announcement was made, claims were invited, and the Committee of Creditors (CoC) was constituted. Master Trust Limited emerged as the Successful Resolution Applicant (SRA), and its Resolution Plan was approved by the CoC.

## Facts

IA(IBC)(PLAN)/1100/(CH)/2023 was filed by Mr. Rajeev Bhambri, Resolution Professional of Future Colonizers & Construction Limited, seeking approval of the Resolution Plan.

The Corporate Debtor, Future Colonizers & Construction Limited (CIN: U70102PB2008PLC03164), was admitted into Corporate Insolvency Resolution Process (CIRP) on October 13, 2022.

The CIRP was initiated based on an application (CP (IB) No. 49/Chd/Pb/2019) filed under Section 7 of the IBC by Master Trust Limited, a Financial Creditor.

Mr. Rajeev Bhambri (IBBI Registration No. IBBI/IPA-002/IP-N00152/2017-18/10399) was appointed as the Interim Resolution Professional (IRP) on October 13, 2022, and later confirmed as the Resolution Professional (RP).

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by Master Trust Limited complies with the requirements of …

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

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**Reasoning:** The NCLT meticulously reviewed the Resolution Plan against various sub-sections of

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**Interpretation:** The Adjudicating Authority's role is limited to ensuring statutory compliance

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**Application:** The Resolution Plan, including its addenda, was found to be compliant with all

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## Parties

- **Judges:** KHETRABASI…; SHISHIR A…
- **Appellants:** Master Trust…; Rajeev Bh…
- **Respondents:** Future Colonizers…
- **Other parties:** CoC…; Pradeep…; +4 more
- **Advocates:** Karanveer…

## Timeline

- **2022-10-13 — CIRP Admission & IRP…**: Future Colonizers & Construction Limited was admitted into Corporate Insolvency…
- **2022-10-15 — Public Annou…**: IRP made a public announcement inviting claims from creditors in “Financial Express"…

## 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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