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

> NCLT judgment dated 2021-10-07. Citation: TCN-2021-NCLT-00782. The case pertains to an application filed under Sections 30(6) and 31 of the Insolvency and…

- **Court:** NCLT
- **Order date:** 7 Oct 2021
- **Citation:** TCN-2021-NCLT-00782
- **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-2019-9cadb5b2

## 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 and appointed an Interim Resolution Professional (IRP). The IRP made a public announcement inviting claims from creditors. The Committee of Creditors (CoC) was constituted on 22.02.2020. The resolution plan proposed 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.

## 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. Chander Shekhar was appointed as the Resolution Professional (RP). The RP constituted a Committee of Creditors (CoC) on 22.02.2020. The RP invited Expression of Interest (EOI) on 25.05.2020. One City Infrastructure Private Limited in consortium with Mr. Sunil Kumar Jain and Ms. Dipika Jain submitted a resolution plan, which was approved by 100% of the CoC members. The resolution plan proposed a payment of Rs. 2,42,00,000/- to the secured financial creditors. The RP certified that the

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## Issues and analysis

### Issue 1: Whether the resolution plan submitted by One City Infrastructure Private Limited meets the …

**Ratio:** Section 30(2) of the IBC specifies the mandatory requirements that a resolution plan must

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**Reasoning:** The Adjudicating Authority examined the resolution plan and found that it complied with

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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) as it provided for

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## Parties

- **Judges:** Ajay Kumar…; RAGHU N…; +1 more
- **Appellants:** Chander S…
- **Respondents:** R. G. BUILDESTATE…; None App…
- **Advocates:** Rishabh…

## Timeline

- **2020-01-30 — Admission of Insolvency…**: The Adjudicating Authority admitted the insolvency application filed by S J Services…
- **2020-02-22 — Constitution of…**: The Resolution Professional constituted…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 43 — Preferential transactions and relevant time](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-43)

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