# Approval of Resolution Plan - Bulland Buildtech Private Limited

> NCLT judgment dated 2024-07-09. Citation: TCN-2024-NCLT-01043. The case pertains to an application (I.A. – 1449/2022) filed by the Resolution Professional…

- **Court:** NCLT
- **Order date:** 9 Jul 2024
- **Citation:** TCN-2024-NCLT-01043
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/approval-of-resolution-plan-bulland-buildtech-private-limited-22375b43

## Summary

### Background

The case pertains to an application (I.A. – 1449/2022) filed by the Resolution Professional (RP) under Section 30(6) of the Insolvency and Bankruptcy Code (IBC), 2016, seeking approval of a Resolution Plan for M/s Bulland Buildtech Private Limited, the Corporate Debtor. The Corporate Insolvency Resolution Process (CIRP) was initiated following the admission of a petition (C.P.(IB)-1744/(ND)/2019) filed by Canara Bank under Section 7 of the IBC. The Resolution Plan was submitted by Saviour Builders Private Limited and approved by the Committee of Creditors (CoC) with 94.37% voting share. An addendum to the Resolution Plan was also filed (IA-1852/2024) and allowed. The application seeks to declare the Resolution Plan binding on the Corporate Debtor, its creditors,

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## Facts

Canara Bank initiated Corporate Insolvency Resolution Process (CIRP) against M/s Bulland Buildtech Private Limited under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. The application was admitted on 22.03.2021. Mr. Debashis Nanda was appointed as the Resolution Professional (RP). The RP made a public announcement on 26.03.2021 inviting claims from creditors. The RP received claims from various financial and operational creditors, including Canara Bank, IDBI Bank, Bank of Baroda, and numerous homebuyers. The total claims amounted to Rs. 3,45,51,46,145, while the total admitted claims were Rs. 2,58,34,82,889. The Committee of Creditors (CoC) was formed, and several meetings were held to discuss the resolution process. The RP conducted valuations of the

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by Saviour Builders Private Limited complies with the …

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

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

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**Interpretation:** Section 30(2) and Regulation 38 are interpreted to ensure that a resolution

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**Application:** The Adjudicating Authority applied the provisions of Section 30(2) and

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## Parties

- **Judges:** Sh. Ashok Kumar…; SUBRATA KUM…
- **Appellants:** Canara…
- **Respondents:** M/s Bulland…
- **Advocates:** Sumant…; Nidhi Y…; +5 more

## Timeline

- **2019-01-01 — C.P.(IB)-1744…**: Filing of C.P.(IB)-1744/2019 by Canara Bank…
- **2021-03-22 — Admission of…**: Order dated 22.03.2021 admitting the petition and initiating Corporate Insolvency…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 66 — Fraudulent trading or wrongful trading](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-66)

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