# Approval of Resolution Plan - I P Construction Pvt. Ltd.

> NCLT judgment dated 2023-10-30. Citation: TCN-2023-NCLT-00998. The case pertains to the Corporate Insolvency Resolution Process (CIRP) of I.P. Construction…

- **Court:** NCLT
- **Order date:** 30 Oct 2023
- **Citation:** TCN-2023-NCLT-00998
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/approval-of-resolution-plan-i-p-construction-pvt-ltd-7fd29bed

## Summary

### Background

The case pertains to the Corporate Insolvency Resolution Process (CIRP) of I.P. Construction Private Limited initiated by Union Bank of India under Section 7 of the Insolvency and Bankruptcy Code, 2016. The CIRP was triggered due to the corporate debtor's financial distress, stemming from a mismatch in project profile changes, shifting from commercial plus service apartments to commercial plus a hotel. This shift led to conceptual mismatches, requiring different financial mixes, resulting in financial overburden and defaults. The Resolution Professional (RP), Anju Agarwal, was appointed and later confirmed by the Committee of Creditors (CoC).

## Facts

Union Bank of India filed a Company Petition (CP (IB) 593(PB)/2018) against I.P. Construction Private Limited under Section 7 of the IBC, initiating CIRP. The Corporate Debtor was incorporated in 2005 and engaged in real estate and construction, with projects like Coral Heights and Golden Tulip Hotel. The petition was admitted on 2019-01-11, and Anju Agarwal was appointed as the Interim Resolution Professional (IRP). Public announcements were made on 2019-01-15, and the CoC was constituted on 2019-02-11. The fair value of the corporate debtor was assessed at Rs. 60.655 crores, and the liquidation value at Rs. 48.26 crores. Expressions of Interest (EoI) were invited, and three Prospective Resolution Applicants (PRAs) submitted resolution plans. The CoC approved the plan

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## Issues and analysis

### Issue 1: Whether the resolution plan submitted by Manish Bansal (Group of Individuals) meets the …

**Ratio:** Sections 30 and 31 of the IBC and regulations 38 and 39 of the CIRP Regulations, 2016,

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

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**Interpretation:** The resolution plan must adhere to the statutory requirements and be approved

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**Application:** The Adjudicating Authority applied the legal principles to the facts of the

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## Parties

- **Judges:** Ramalingam…; SH. AVINASH KUMAR…
- **Appellants:** Union Bank of…
- **Respondents:** I.P. Construction…; M/s. IP Constructi…

## Timeline

- **2018-01-01 — Company Petiti…**: Union Bank of India filed Company Petition CP (IB) 593(PB)/2018 against I.P. Construction…
- **2019-01-11 — Petition Ad…**: The petition was admitted, and Anju Agarwal was appointed as the Interim Resolution…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 60(5) — Adjudicating Authority for corporate persons](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-60)

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