# Approval of Resolution Plan - Geekay Colonizers and Builders Limited

> NCLT judgment dated 2025-08-22. Citation: TCN-2025-NCLT-01324. The case involves an application filed under Section 30(6) read with Section 31(1) of the…

- **Court:** NCLT
- **Order date:** 22 Aug 2025
- **Citation:** TCN-2025-NCLT-01324
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-cuttack/approval-of-resolution-plan-geekay-colonizers-and-builders-limited-8ab39000

## Summary

### Background

The case involves an application filed under Section 30(6) read with Section 31(1) of the Insolvency and Bankruptcy Code, 2016, seeking approval of a resolution plan for Geekay Colonisers and Builders Limited, the Corporate Debtor. The plan was approved by the Committee of Creditors (CoC).

## Facts

The Corporate Debtor, Geekay Colonisers and Builders Limited, was admitted into CIRP on 29.11.2023 for a default of Rs. 57,43,10,538/-.

Mr. Arun Kumar Gupta was appointed as the Interim Resolution Professional (IRP).

A public announcement in Form A was published on 01.12.2023, with the last date to file claims being 13.12.2023.

The CoC was constituted with only one member, Omkara Asset Reconstruction Private Limited, holding 100% voting share.

The RP received four resolution plans, including one from Pearl Tree Hotels & Resorts Private Limited along with Plazma Vinimay Private Limited.

The CoC approved the resolution plan submitted by Pearl Tree Hotels & Resorts Private Limited along with Plazma Vinimay Private Limited with 100% votes.

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## Issues and analysis

### Issue 1: Whether the Resolution Plan …

**Ratio:** The Resolution Plan must provide for the payment of insolvency resolution process costs,

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**Reasoning:** The Adjudicating Authority examined the Resolution Plan to ensure it met the mandatory

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**Interpretation:** Section 30(2) sets out the mandatory requirements for a resolution plan to be

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**Application:** The NCLT found that the Resolution Plan complied with Section 30(2), as it

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## Parties

- **Judges:** Deep Chandr…; Banwari Lal…
- **Appellants:** Omkara Assets…; Soumitra…
- **Respondents:** Geekay Colonisers…
- **Other parties:** Suresh A…; Vinod…; +4 more
- **Advocates:** Utsav Muk…; Bhaskar P…

## Timeline

- **2023-11-29 — Admission in…**: Geekay Colonisers and Builders…
- **2023-12-01 — Public Annou…**: Public announcement in…

## 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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