# Approval of Resolution Plan - BVM Finance Private Limited

> NCLT judgment dated 2025-05-06. Citation: TCN-2025-NCLT-00117. This case pertains to an application filed under Section 30 read with Section 31 of the…

- **Court:** NCLT
- **Order date:** 6 May 2025
- **Citation:** TCN-2025-NCLT-00117
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/approval-of-resolution-plan-bvm-finance-private-limited-08ff2fc1

## Summary

### Background

This case pertains to an application filed under Section 30 read with Section 31 of the Insolvency and Bankruptcy Code, 2016 (IBC) for the approval of a resolution plan submitted by the Resolution Applicant, Mr. Deven Kanubhai Choksi with Mrs. Pragati Deven Choksi, concerning M/s. BVM Finance Private Limited. The corporate debtor, M/s. BVM Finance Private Limited, was admitted into Corporate Insolvency Resolution Process (CIRP) vide order dated 08.02.2024 under Section 7 of IBC, 2016, following an application by M/s. Zep Infratech Limited. The applicant invited claims, constituted a Committee of Creditors (CoC), and appointed a registered valuer, publishing Form-G on 04.04.2024. Three resolution plans were received, and after revisions and an open online bidding

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## Facts

M/s. BVM Finance Private Limited was admitted into CIRP on 08.02.2024 following an application by M/s. Zep Infratech Limited under Section 7 of the IBC. The Resolution Professional (RP) invited claims, constituted a Committee of Creditors (CoC), and appointed a registered valuer. Three resolution plans were received, and after revisions, an open online bidding process was conducted. The resolution plan submitted by Mr. Devan Kanubhai Chokshi and Mrs. Pragati Deven Choksi was approved by a 100% majority of the CoC. The highest bid was Rs.7.99 crore. The successful resolution applicant also provided various cheques for a total amount of Rs. 2 Crore towards performance security. The CIRP cost was reported as NIL. The fair value of the assets was Rs. 42,76,352/- and the

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## Issues and analysis

### Issue 1: Whether the Resolution Applicant meets the criteria approved by the CoC having regard to the …

**Ratio:** The resolution applicant must meet the criteria approved by the CoC, considering the

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**Reasoning:** The court assessed whether the resolution applicant fulfilled the criteria set by the

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**Interpretation:** This ensures that the resolution applicant has the necessary expertise and

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**Application:** The court found that the resolution applicant met the criteria approved by the

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## Parties

- **Judges:** Chitra Ha…; Velamur G Venkata…
- **Appellants:** Mr.Sachin Dinkar…
- **Respondents:** M/s. BVM Finance…

## Timeline

- **2024-02-08 — Admission in…**: M/s. BVM Finance Private Limited was admitted into CIRP vide order dated 08.02.2024 under…
- **2024-04-04 — Publication o…**: The applicant published…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 30 — Submission of resolution plan](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-30)

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