# Approval of Resolution Plan - Coast Realtors Private Limited

> NCLT judgment dated 2024-02-09. Citation: TCN-2024-NCLT-02684. The present case involves an application (IA No. 4513 of 2023) filed by the Resolution…

- **Court:** NCLT
- **Order date:** 9 Feb 2024
- **Citation:** TCN-2024-NCLT-02684
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/approval-of-resolution-plan-coast-realtors-private-limited-ca3f76df

## Summary

### Background

The present case involves an application (IA No. 4513 of 2023) filed by the Resolution Professional (RP) of Coast Realtors Private Limited under Section 30(6) of the Insolvency and Bankruptcy Code (IBC), 2016, seeking approval of the resolution plan submitted by Wealth Clinic Private Limited. The Corporate Insolvency Resolution Process (CIRP) was initiated against Coast Realtors Private Limited based on a petition (CP (IB)-776/(ND)/2021) filed by L&T Finance Limited under Section 7 of the IBC, which was admitted on 14.07.2022. The RP constituted a Committee of Creditors (CoC) comprising L&T Finance Limited. The RP published Form-G to invite Expressions of Interest (EOI) from potential resolution applicants and received EOIs from 07 interested parties. Only one

…

## Facts

L&T Finance Limited initiated Corporate Insolvency Resolution Process (CIRP) against Coast Realtors Private Limited by filing a petition under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. The petition was admitted on 14.07.2022. Mr. Ajit Gyanchand Jain was appointed as the Resolution Professional (RP). A public announcement was made on 15.07.2022 to invite claims from creditors. The RP constituted a Committee of Creditors (CoC) comprising L&T Finance Limited. Form-G was published to invite Expressions of Interest (EOI) from potential resolution applicants. The last date for submission of EOI was 31.01.2023. The RP received EOIs from 07 interested parties. Only one resolution plan was received from M/s Wealth Clinic Pvt. Ltd. The resolution plan

…

## Issues and analysis

### Issue 1: Whether the resolution plan submitted by Wealth Clinic Private Limited should be approved under …

**Ratio:** Section 30(6) of the IBC, 2016, provides that the Adjudicating Authority shall approve a

…

**Reasoning:** The Adjudicating Authority examined the resolution plan and found that it complies with

…

**Interpretation:** Section 30(6) of the IBC, 2016, provides the Adjudicating Authority with the

…

**Application:** In this case, the Adjudicating Authority found that the resolution plan

…

## Parties

- **Judges:** SH. ASHOK KUMAR…; SH. L. N.…
- **Appellants:** L & T Finan…
- **Respondents:** Coast Realtors…

## Timeline

- **2021-01-01 — Company Petiti…**: Company Petition No.…
- **2022-07-14 — CIRP Initiati…**: Corporate Insolvency Resolution Process (CIRP) initiated against Coast Realtors Private…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/approval-of-resolution-plan-coast-realtors-private-limited-ca3f76df