# Approval of Resolution Plan - Dreamvalley Projects Private Limited

> NCLT judgment dated 2025-01-02. Citation: TCN-2025-NCLT-00688. The case involves an application under Sections 30 and 31 of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 2 Jan 2025
- **Citation:** TCN-2025-NCLT-00688
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/approval-of-resolution-plan-dreamvalley-projects-private-limited-fbb86799

## Summary

### Background

The case involves an application under Sections 30 and 31 of the Insolvency and Bankruptcy Code, 2016, regarding the corporate insolvency resolution process (CIRP) of Dreamvalley Projects Private Limited. Pixel Consultancy Private Limited, the financial creditor, initiated the CIRP under Section 7 of the I&B Code. The resolution professional, Neeraj Kejriwal, filed an application seeking approval of the resolution plan submitted by Soneko Marketing Private Limited. The CoC approved the resolution plan with a 100% voting share.

## Facts

Pixel Consultancy Private Limited initiated Corporate Insolvency Resolution Process (CIRP) against Dreamvalley Projects Private Limited under Section 7 of the Insolvency and Bankruptcy Code (IBC), which was admitted on July 18, 2023. Neeraj Kejriwal was appointed as the Resolution Professional (RP). The RP received two resolution plans, one from Soneko Marketing Pvt. Ltd. and another from Intercity Ventures Pvt. Ltd. The Committee of Creditors (CoC), consisting solely of Pixel Consultancy Private Limited, approved the resolution plan of Soneko Marketing Pvt. Ltd. with 100% voting share on March 28, 2024. The total admitted claim was Rs. 212.91 Lacs for operational creditors and Rs. 1047.59 Lacs for financial creditors. The resolution plan proposed Rs. 36.00 Lacs for

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by Soneko Marketing Private Limited meets the requirements of …

**Ratio:** The Adjudicating Authority must ensure that the resolution plan provides for the payment

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**Reasoning:** The NCLT relied on the judgment in K. Sashidhar vs. Indian Overseas Bank and Ors., which

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**Interpretation:** Section 30(2) of the I&B Code outlines the mandatory requirements that a

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**Application:** The NCLT examined the Resolution Plan to determine whether it complied with the

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## Parties

- **Judges:** BIDISHA BA…; D. Ar…
- **Appellants:** Pixel Consultancy…
- **Respondents:** Dreamvalley…; M/s. Dreamvalley…

## Timeline

- **2023-07-18 — CIRP Init…**: Corporate Insolvency Resolution Process (CIRP) initiated against Dreamvalley Projects…
- **2023-08-10 — Constitution…**: The Committee of Creditors (CoC) was constituted with Pixel Consultancy Private Limited…

## 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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