# Sandhya and Co & Anr vs. Jain Housing and Constructions Limited

> NCLT judgment dated 2026-09-08. Citation: TCN-2026-NCLT-01072. The Applicant, an unsecured creditor and member of the Committee of Creditors (CoC), had…

- **Court:** NCLT
- **Order date:** 8 Sept 2026
- **Citation:** TCN-2026-NCLT-01072
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chennai/sandhya-and-co-anr-vs-jain-housing-and-constructions-limited-j9sly

## Summary

### Background

The Applicant, an unsecured creditor and member of the Committee of Creditors (CoC), had accepted a resolution plan offering 60% of its admitted claim, amounting to Rs. 45 Lakhs. This plan was unanimously approved by the CoC and subsequently by the NCLT on 23.12.2019.

## Facts

The Applicant is an unsecured creditor and a member of the Committee of Creditors (CoC).

The Applicant accepted a resolution plan offering 60% of its admitted claim, totaling Rs. 45 Lakhs.

The resolution plan was approved unanimously with 100% vote by the CoC.

The NCLT approved the resolution plan on 23.12.2019 in MA No.1234/2019 in C.P. (IB)/628(CHE)2017.

The resolution plan failed because the Successful Resolution Applicant (SRA) did not make any payment to the Applicant.

The Applicant sought liquidation of the Corporate Debtor and sanction for prosecution of the SRA.

Erstwhile RP Ms. Kavitha Surana was discharged as the resolution plan had been approved.

Mr. Radhakrishnan Gopal was appointed as the new Resolution Professional (RP).

…

## Issues and analysis

### Issue 1: Whether the resolution plan, having been approved by the NCLT, has failed due to non-payment by the …

**Ratio:** A resolution plan is deemed to have failed if the Successful Resolution Applicant (SRA)

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**Reasoning:** The Applicant explicitly stated that the plan failed and the SRA had not made any

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**Interpretation:** The approval of a resolution plan by the NCLT signifies its legal validity but

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**Application:** In this case, the SRA's failure to disburse the Rs. 45 Lakhs to the Applicant,

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## Parties

- **Judges:** Shri. JYOTI KUMAR…; SHRI. RAVICHANDRAN…
- **Appellants:** Sandhya and Co &…
- **Respondents:** Jain Housing and…
- **Other parties:** CoC…; Kavitha S…; +1 more
- **Advocates:** Varu…

## Timeline

- **2019-12-23 — Resolution Plan…**: NCLT approved the resolution plan in MA…
- **2026-09-08 — Hearing and Ord…**: Hearing of the National Company Law Tribunal, Chennai Bench, through video conferencing,…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 33(1) — Initiation of liquidation](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-33)

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