# Approval of Resolution Plan - Anuradha Real Estate Developers Private Limited

> NCLT judgment dated 2024-09-02. Citation: TCN-2024-NCLT-00702. The application was filed by the Resolution Professional seeking approval of the Resolution…

- **Court:** NCLT
- **Order date:** 2 Sept 2024
- **Citation:** TCN-2024-NCLT-00702
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/approval-of-resolution-plan-anuradha-real-estate-developers-private-limited-b540396a

## Summary

### Background

The application was filed by the Resolution Professional seeking approval of the Resolution Plan for Anuradha Real Estate Developers Private Limited, which was approved by 100% voting shares of the Committee of Creditors.

## Facts

On March 4, 2021, Mr. Deepak Cheeda, a home buyer, initiated a Corporate Insolvency Resolution Process (CIRP) against Anuradha Real Estate Developers Private Limited by filing a Company Petition (IB) No. 481 of 2022 under Section 7 of the Insolvency and Bankruptcy Code, 2016. The NCLT admitted the petition on August 11, 2021, and appointed Mr. Arpan Maheshkumar Shah as the Interim Resolution Professional, who was later confirmed as the Resolution Professional by the Committee of Creditors (CoC) in its first meeting on October 25, 2021. The Resolution Professional published a Public Announcement in Form A on August 28, 2021, in accordance with Section 15 of the Code and Regulation 6 of the CIRP Regulations, inviting claims from creditors by September 27, 2021. Two

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by Zaveri and Company Private Limited meets the requirements …

**Ratio:** A Resolution Plan approved by the Committee of Creditors with the requisite voting share,

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**Reasoning:** The NCLT reviewed the Resolution Plan and found that it provides for the payment of

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**Interpretation:** The NCLT interpreted Section 30(2) and Section 31 of the IBC, along with

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**Application:** The NCLT applied this interpretation by confirming that the Resolution Plan met

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## Parties

- **Judges:** Reeta K…; Madhu S…
- **Appellants:** Arpan Maheshkumar…; Mr Arpan Maheshkum…
- **Respondents:** Anuradha Real…; Deepak C…; +1 more
- **Advocates:** Rohit G…

## Timeline

- **March 4, 2021 — Company Petiti…**: Mr. Deepak Cheeda, a home buyer, filed a Company Petition (IB) No. 481 of 2022 under…
- **August 11, 2021 — CIRP Initiation and IRP…**: The Corporate Insolvency Resolution Process (CIRP) of the Corporate Debtor was initiated,…

## 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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