# In the matter of RG Buildestate Private Limited IA No. 241-JPR-2020 in CP No. (IB)-262-7-JPR-2019

> NCLT judgment dated 2020-10-07. Citation: TCN-2020-NCLT-00433. The case pertains to an application filed under Sections 30(6) and 31 of the Insolvency and…

- **Court:** NCLT
- **Order date:** 7 Oct 2020
- **Citation:** TCN-2020-NCLT-00433
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/rg-buildestate-private-limited-ia-no-241-jpr-2020-in-cp-no-ib-262-7-jpr-2019-96976abc

## Summary

### Background

The case pertains to an application filed under Sections 30(6) and 31 of the Insolvency and Bankruptcy Code, 2016 (IBC) for the approval of a resolution plan for R G Buildestate Private Limited ('Corporate Debtor'). The insolvency application was initiated by the Financial Creditor, S J Services Private Limited, under Section 7 of the IBC. The Adjudicating Authority admitted the application on 30.01.2020. The Interim Resolution Professional (IRP) was appointed, and a public announcement was made on 02.02.2020, inviting claims from creditors. The Committee of Creditors (CoC) was constituted on 22.02.2020.

## Facts

S J Services Private Limited, a financial creditor, initiated Corporate Insolvency Resolution Process (CIRP) against R G Buildestate Private Limited, the corporate debtor, under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. The application was admitted on 30.01.2020. An Interim Resolution Professional (IRP) was appointed, who made a public announcement on 02.02.2020, inviting claims from creditors. The Committee of Creditors (CoC) was constituted on 22.02.2020. The resolution plan submitted by One City Infrastructure Private Limited in consortium with Mr. Sunil Kumar Jain and Ms. Dipika Jain was approved by 100% of the CoC members. The resolution plan includes provisions for payment to financial creditors, operational creditors, and CIRP costs. The

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## Issues and analysis

### Issue 1: Whether the Resolution Plan meets the requirements of Section 30(2) of the IBC, including …

**Ratio:** Section 30(2) of the IBC mandates that a resolution plan must provide for the payment of

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**Reasoning:** The Adjudicating Authority examined the resolution plan and found that it provides for

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**Interpretation:** Section 30(2) ensures that the resolution plan addresses the essential aspects

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**Application:** The resolution plan was found to comply with Section 30(2) because it included

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## Parties

- **Judges:** Ajay Kumar…; RaghuNa…
- **Appellants:** Chander S…
- **Respondents:** R. G. BUILDESTATE…; None App…

## Timeline

- **2020-01-30 — Admission of Insolvency…**: The Adjudicating Authority admitted the insolvency application filed by S J Services…
- **2020-02-02 — Public Annou…**: The Interim Resolution Professional (IRP) made a public announcement inviting claims from…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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