# Approval of Resolution Plan - Jassi Properties & Construction Private Limited

> NCLT judgment dated 2025-04-08. Citation: TCN-2025-NCLT-00226. The case involves an application under Section 30(6) and Section 31 of the Insolvency &…

- **Court:** NCLT
- **Order date:** 8 Apr 2025
- **Citation:** TCN-2025-NCLT-00226
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/approval-of-resolution-plan-jassi-properties-construction-private-limited-d1801804

## Summary

### Background

The case involves an application under Section 30(6) and Section 31 of the Insolvency & Bankruptcy Code, 2016, along with Regulation 39(4) of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. The Resolution Professional of Jassi Properties and Construction Private Limited seeks approval of a Resolution Plan submitted by Mr. Sanjay Kumar Gupta, the Successful Resolution Applicant (SRA). The CoC approved the Resolution Plan with a 100% vote.

## Facts

The Corporate Debtor, Jassi Properties and Construction Private Limited, was admitted into CIRP vide order dated 01.03.2024. Mr. Soumitra Lahiri was appointed as the Resolution Professional (RP) on 26.04.2024. The RP made a public announcement on 05.03.2024 inviting claims from creditors. A list of creditors was filed on 19.03.2024, and a revised list on 24.05.2024. Nine CoC meetings were held. The RP submitted a draft Expression of Interest (EoI), approved by the CoC on 20.04.2024, and an Information Memorandum on 30.05.2024. The CoC approved the Information Memorandum on 06.06.2024 and the Request for Resolution Plan (RFRP). The RP submitted an Evaluation Matrix on 17.05.2024. The CoC approved the publication of Form G on 25.05.2024. Provisional and final lists of

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## Issues and analysis

### Issue 1: Whether the Resolution Plan complies with the provisions of the Insolvency and Bankruptcy Code, …

**Ratio:** The Resolution Plan must adhere to the mandatory provisions of the IBC and related

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**Reasoning:** The court relies on various judgments, including Ghanashyam Mishra and Sons Private

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**Interpretation:** The interpretation of the IBC provisions and related regulations is crucial to

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**Application:** In this case, the court finds that the Resolution Plan complies with the

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## Parties

- **Judges:** BIDISHA BA…; Cmde Siddharth…
- **Respondents:** Jassi Properties…

## Timeline

- **2024-03-01 — Initiation…**: Corporate Debtor was…
- **2024-03-01 — Appointment…**: 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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