# Approval of Resolution plan- Colorcity Homes Private Limited

> NCLT judgment dated 2024-06-14. Citation: TCN-2024-NCLT-01159. The case pertains to an interlocutory application (IA No.01/2024) filed for the approval of a…

- **Court:** NCLT
- **Order date:** 14 Jun 2024
- **Citation:** TCN-2024-NCLT-01159
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/approval-of-resolution-plan-colorcity-homes-private-limited-e70929e0

## Summary

### Background

The case pertains to an interlocutory application (IA No.01/2024) filed for the approval of a resolution plan for M/s Colorcity Homes Pvt. Ltd. The Corporate Insolvency Resolution Process (CIRP) was initiated based on a petition (CP (IB) No.04/ALD/2020) filed by M/s Neon Vincom Pvt. Ltd. under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC). The Adjudicating Authority admitted the petition on 02.03.2023. Hemi Gupta was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). The resolution plan was submitted by Vibhor Vaibhav Infrahome Private Limited and approved by the Committee of Creditors (CoC) with 100% voting share.

## Facts

M/s Colorcity Homes Pvt. Ltd. underwent Corporate Insolvency Resolution Process (CIRP) initiated by M/s Neon Vincom Pvt. Ltd., a financial creditor, under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. The petition was admitted on 02.03.2023. Hemi Gupta was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). Public announcement was made on 05.03.2023. The last date for submission of claims was 16.03.2023. The RP received claims from unsecured financial creditors amounting to Rs.4,35,30,777.91/-, out of which Rs.3,04,43,132.59/- were admitted. Claims from unsecured financial creditors (real estate allottees) amounted to Rs.5,31,00,000/-, all of which were admitted. The CoC approved the publication

…

## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by Vibhor Vaibhav Infrahome Private Limited complies with the …

**Ratio:** Sections 30(2) and 31(1) of the Insolvency and Bankruptcy Code, 2016, along with

…

**Reasoning:** The Adjudicating Authority examined the Resolution Plan to ensure it met the requirements

…

**Interpretation:** Section 30(2) of the IBC specifies the mandatory requirements for a resolution

…

**Application:** The Adjudicating Authority found that the Resolution Plan complied with Section

…

## Parties

- **Judges:** Praveen…; Ashish…
- **Appellants:** Hemi G…
- **Respondents:** M/S COLORCITY…; M/S NEON VINCOM…

## Timeline

- **2020-01-01 — CP (IB) No.04/ALD/2020…**: The underlying Company Petition CP (IB)…
- **2023-03-02 — Admission…**: The Company Petition CP (IB) No.04/ALD/2020…

## 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)

---

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-colorcity-homes-private-limited-e70929e0