# Approval of Resolution Plan - Avail Holding Limited

> NCLT judgment dated 2025-03-18. Citation: TCN-2025-NCLT-00343. The case pertains to I.A. No. 02/2025 in CP(IB)-23/ND/2021 filed before the National Company…

- **Court:** NCLT
- **Order date:** 18 Mar 2025
- **Citation:** TCN-2025-NCLT-00343
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/approval-of-resolution-plan-avail-holding-limited-7d535991

## Summary

### Background

The case pertains to I.A. No. 02/2025 in CP(IB)-23/ND/2021 filed before the National Company Law Tribunal (NCLT), New Delhi, Special Bench (Court-II). VA Realcon Private Limited, the Operational Creditor, initiated Corporate Insolvency Resolution Process (CIRP) against Avail Holding Ltd., the Corporate Debtor, under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016. The Corporate Debtor was admitted into CIRP on 2024-01-29. Mr. Praveen Bansal was initially appointed as the Interim Resolution Professional (IRP), later replaced by Mr. Satyendra Sharma as the Resolution Professional (RP). The RP filed an application under Section 30(6) of the IBC, 2016, seeking approval of the resolution plan submitted by the Consortium of M/s Anand & Co., Mr. Pramod Kumar,

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## Facts

VA Realcon Private Limited initiated CIRP against Avail Holding Ltd. under Section 9 of IBC, 2016. The Corporate Debtor was admitted into CIRP on 2024-01-29. Satyendra Sharma was appointed as the Resolution Professional (RP). The RP obtained valuation reports of the Corporate Debtor's assets, with a fair value of Rs. 52,87,297/- and a liquidation value of Rs. 26,44,130.50/-. The RP published Form-G, inviting Expression of Interest (EOI), and received resolution plans from several Prospective Resolution Applicants (PRAs). The CoC approved the resolution plan submitted by the Consortium of M/s Anand & Co., Mr. Pramod Kumar, and Mr. Robin Khatter with 100% voting rights. The resolution plan provides for the payment of CIRP costs, unsecured financial creditors, and

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## Issues and analysis

### Issue 1: Whether the resolution plan submitted by the Consortium of M/s Anand & Co., Mr. Pramod Kumar, …

**Ratio:** Section 30(2) of the IBC, 2016, specifies the requirements that a resolution plan must

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**Reasoning:** The NCLT examined the resolution plan and found that it complied with the requirements of

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**Interpretation:** Section 30(2) of the IBC, 2016, is interpreted to mean that a resolution plan

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**Application:** The NCLT applied the ratio of Section 30(2) of the IBC, 2016, to the facts of

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## Parties

- **Judges:** SH. ASHOK KUMAR…; SH. ANIL RAJ…
- **Appellants:** VA Realcon…
- **Respondents:** Avail Holdi…

## Timeline

- **2021-01-01 — CP(IB) F…**: CP(IB) No. 23/ND/2021 filed by VA Realcon…
- **2024-01-29 — CIRP Admi…**: Corporate Debtor admitted to CIRP; Mr.…

## 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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