# Approval of Resolution Plan - Lokaa Developer Private Limited

> NCLT judgment dated 2025-10-28. Citation: TCN-2025-NCLT-01600. An application was filed under Section 30(6) read with Section 60(5) of the Insolvency and…

- **Court:** NCLT
- **Order date:** 28 Oct 2025
- **Citation:** TCN-2025-NCLT-01600
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chennai/approval-of-resolution-plan-lokaa-developer-private-limited-c7453d7d

## Summary

### Background

An application was filed under Section 30(6) read with Section 60(5) of the Insolvency and Bankruptcy Code, 2016, and Regulation 39(4) of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 (CIRP Regulations), by the Resolution Professional of the Corporate Debtor, Lokaa Developers Pvt Limited, seeking approval of a resolution plan submitted by the Successful Resolution Applicant (SRA), M One Flat Owners Association.

## Facts

An application under Section 7 of the Insolvency and Bankruptcy Code was filed against Lokaa Developers Pvt Limited in CP(IB)/124/2023.

The Corporate Insolvency Resolution Process (CIRP) was initiated on 07.06.2024.

Ramakrishnan Sadasivan was appointed as the Interim Resolution Professional.

Public announcement was made on 12.06.2024 inviting claims from creditors, with a deadline of 24.06.2024.

The Resolution Plan was submitted by M One Flat Owners Association on 04.11.2024 and revised on 18.11.2024.

The Resolution Plan submitted by M One Flat Owners Association was approved by 87.23% of the voting share of the CoC.

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## Issues and analysis

### Issue 1: Whether the Adjudicating Authority can interfere with the commercial wisdom of the Committee of …

**Ratio:** The Adjudicating Authority's jurisdiction is limited to the scrutiny of the resolution

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**Reasoning:** The Hon'ble Supreme Court has held that the Adjudicating Authority cannot venture into

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**Interpretation:** The Adjudicating Authority's role is to ensure compliance with Section 30(2) of

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**Application:** In this case, the Adjudicating Authority acknowledged the CoC's approval with

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## Parties

- **Judges:** JYOTI KUMAR…; RAVICHANDRAN…
- **Appellants:** Ramakrishnan…
- **Respondents:** Lokaa Developers…
- **Other parties:** Kalpana S…; Santhosh…; +4 more
- **Advocates:** Ravi Rajag…

## Timeline

- **2024-06-07 — CIRP Init…**: Corporate insolvency…
- **2024-06-12 — Public Annou…**: Public announcement was made…

## 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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