# Approval of Resolution Plan - Dev Versha Publication Private Limited

> NCLT judgment dated 2025-02-25. Citation: TCN-2025-NCLT-00442. The application was filed under Section 30(6) read with Section 31(1) of the Insolvency &…

- **Court:** NCLT
- **Order date:** 25 Feb 2025
- **Citation:** TCN-2025-NCLT-00442
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/approval-of-resolution-plan-dev-versha-publication-private-limited-8da0ed04

## Summary

### Background

The application was filed under Section 30(6) read with Section 31(1) of the Insolvency & Bankruptcy Code, 2016, seeking approval of the Resolution Plan submitted by R.K. Advertising Service, as approved by the Committee of Creditors (CoC) in its 9th CoC Meeting held on 11.05.2024. The Corporate Insolvency Resolution Process (CIRP) against Dev Versha Publication Private Limited was initiated on 26.09.2023, and Mr. Sanjay Kumar Jha was appointed as the Interim Resolution Professional (IRP). Public announcement was made on 15.10.2023, calling creditors to submit their claims. The CoC was formed, and its first meeting was held on 10.11.2023. The RP received an EOI from R.K. Advertising on 18.12.2023. The CoC extended the date for submission of the resolution plan to

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## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against M/s. Dev Versha Publication Pvt. Ltd. on 26.09.2023. Mr. Sanjay Kumar Jha was appointed as the Interim Resolution Professional (IRP). A public announcement was made on 15.10.2023, inviting creditors to submit their claims. M/s Virtual Business Solutions Private Limited submitted a claim in Form C on 26.10.2023, for an unsecured loan of INR 1,56,02,226/-. The Committee of Creditors (CoC) was formed, and its first meeting was held on 10.11.2023. R.K. Advertising submitted an Expression of Interest (EOI) on 18.12.2023, with an Earnest Money Deposit of Rs. 2,00,000/-. The CoC extended the deadline for submitting the resolution plan multiple times, eventually to 25.02.2024. The Resolution Applicant

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by the Successful Resolution Applicant meets the requirements …

**Ratio:** The Resolution Plan must comply with Sections 25(2)(h), 29A, 30(2), 30(4), and 31(1) of

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**Reasoning:** The Adjudicating Authority perused the documents on record and found that the Resolution

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**Interpretation:** This legal issue concerns the compliance of the Resolution Plan with the

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**Application:** In this case, the Adjudicating Authority found that the Resolution Plan

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## Parties

- **Judges:** SH. MAHENDRA…; SH. ATUL CHATURVED…
- **Appellants:** M/S. VIRTUAL…
- **Respondents:** Dev Versha…; M/S. Dev Versha…

## Timeline

- **2023-09-26 — CIRP Init…**: Corporate Insolvency Resolution Process…
- **2023-10-15 — Public Annou…**: Public Announcement in 'Form A' intimating the public regarding the commencement of…

## 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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