# Approval of Resolution Plan - Alchemist Infra Realty Limited

> NCLT judgment dated 2024-07-04. Citation: TCN-2024-NCLT-01073. The case involves a corporate insolvency resolution process (CIRP) initiated by Technology…

- **Court:** NCLT
- **Order date:** 4 Jul 2024
- **Citation:** TCN-2024-NCLT-01073
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/approval-of-resolution-plan-alchemist-infra-realty-limited-4d96987d

## Summary

### Background

The case involves a corporate insolvency resolution process (CIRP) initiated by Technology Parks Limited against Alchemist Infra Realty Limited ('Corporate Debtor') under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. The application was accepted, and CIRP was initiated on 2022-03-23. Several extensions were granted for submission of a resolution plan, and multiple invitations for expression of interest were issued. Vantage Point Asset Management Pte. Limited submitted a resolution plan, which was approved by the Committee of Creditors (CoC) with 100% voting share. The resolution plan was then presented to the NCLT for approval.

## Facts

Technology Parks Limited initiated CIRP against Alchemist Infra Realty Limited due to a default of Rs.4,01,47,37,480/-. The CIRP commenced on 2022-03-23. Mr. Gaurav Misra was appointed as the IRP and later confirmed as RP. The CoC was formed, including Technology Parks Limited as a financial creditor with 43.29% voting share and other financial creditors in a class with 56.71% voting share. Several extensions were granted for submission of a resolution plan. Vantage Point Asset Management Pte. Limited submitted a resolution plan, depositing an Earnest Money Deposit (EMD) of Rs.50,00,000/-. The CoC approved the resolution plan with 100% voting share. The resolution plan proposed a financial outlay of Rs.470.92 Crore, including payments to CIRP costs, financial

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## Issues and analysis

### Issue 1: Whether the resolution plan submitted by Vantage Point Asset Management Pte. Limited complies with …

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

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**Reasoning:** The NCLT examined the resolution plan to ensure it met the requirements of Section 30(2),

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**Interpretation:** Section 30(2) is interpreted as setting the minimum standards for a resolution

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**Application:** The NCLT found that the resolution plan generally complied with Section 30(2),

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## Parties

- **Judges:** SH. ASHOK KUMAR…; SH. SUBRATA KUMAR…
- **Appellants:** Technology Parks…
- **Respondents:** Alchemist Infra…

## Timeline

- **2021-01-01 — CP(IB)-635/PB/2…**: The Corporate Insolvency Resolution…
- **2022-03-23 — CIRP Commencem…**: The application was…

## 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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