# Approval of Resolution Plan - Ashiana Landcraft Realty Private Limited

> NCLT judgment dated 2023-08-11. Citation: TCN-2023-NCLT-02062. The case pertains to an application filed under section 30(6) and section 31(1) of the…

- **Court:** NCLT
- **Order date:** 11 Aug 2023
- **Citation:** TCN-2023-NCLT-02062
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/approval-of-resolution-plan-ashiana-landcraft-realty-private-limited-94ddffcb

## Summary

### Background

The case pertains to an application filed under section 30(6) and section 31(1) of the Insolvency & Bankruptcy Code, 2016 read with regulation 39(4) of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 for approval of a Resolution Plan for Ashiana Landcraft Realty Private Limited. The corporate insolvency resolution process (CIRP) was initiated following a petition filed by IDBI Trusteeship Services Limited under section 7 of the Insolvency and Bankruptcy Code 2016, which was admitted on 11 January 2022. Jayesh Natvarlal Sanghrajka was appointed as the Interim Resolution Professional (IRP) and later as the Resolution Professional (RP). The RP made a public announcement on 14 January 2022, inviting

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## Facts

IDBI Trusteeship Services Limited filed a company petition against Ashiana Landcraft Realty Private Limited under Section 7 of the Insolvency and Bankruptcy Code, 2016. The petition was admitted on January 11, 2022, initiating the Corporate Insolvency Resolution Process (CIRP). Jayesh Natvarlal Sanghrajka was appointed as the Interim Resolution Professional (IRP) and later as the Resolution Professional (RP). A public announcement was made on January 14, 2022, inviting claims from financial and operational creditors. The Committee of Creditors (CoC) was constituted, comprising six creditors, including IDBI Trusteeship Services Limited, Piramal Fund Management Private Limited, and a class of financial creditors represented by Mr. Ashok Kumar Gupta. Ten CoC meetings were

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by IV County Private Limited meets the requirements of …

**Ratio:** Section 30(2) of the IBC mandates that a resolution plan must provide for the payment of

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**Reasoning:** The Adjudicating Authority examined the Resolution Plan to ensure that it adequately

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**Interpretation:** Section 30(2) is interpreted to mean that the resolution plan must prioritize

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**Application:** The Resolution Plan submitted by IV County Private Limited was found to be in

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## Parties

- **Judges:** RohitKa…; Balraj…
- **Appellants:** IDBI Trusteeship…
- **Respondents:** Ashiana Landcraft…

## Timeline

- **2020-01-01 — Company Petiti…**: Company Petition in C.P. (IB) No. 666/KB/2020 was filed by IDBI Trusteeship Services…
- **2022-01-11 — Admission of Company…**: The company petition filed by IDBI Trusteeship Services Limited was admitted vide order…

## 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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