# Approval of Resolution Plan - KVIR Towers Private Limited

> NCLT judgment dated 2024-12-12. Citation: TCN-2024-NCLT-00065. The case pertains to an application (I.A. 34 of 2024) filed by the Resolution Professional (RP)…

- **Court:** NCLT
- **Order date:** 12 Dec 2024
- **Citation:** TCN-2024-NCLT-00065
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/approval-of-resolution-plan-kvir-towers-private-limited-ca6a672b

## Summary

### Background

The case pertains to an application (I.A. 34 of 2024) filed by the Resolution Professional (RP) of KVIR Towers Private Limited, the Corporate Debtor (CD), under Sections 54K(15) and 54(L) of the Insolvency & Bankruptcy Code, 2016, read with Regulation 49 of the IBBI (Pre-Packaged Insolvency Resolution Process) Regulations, 2021, seeking approval of the Resolution Plan. Earlier, the Plan I.A. was reserved on 29.07.2024, but inconsistencies in the submitted resolution plan led the Adjudicating Authority to de-reserve the matter and seek clarifications, which were provided via affidavits dated 25.10.2024 and 08.11.2024.

## Facts

KVIR Towers Private Limited (Corporate Debtor) filed a petition under Section 54 C of the Insolvency & Bankruptcy Code seeking initiation of Pre-Packaged Insolvency Resolution Process (PPIRP). The Corporate Debtor was admitted into PPIRP on 20.02.2024, and the Applicant was appointed as the Resolution Professional (RP). A public announcement was issued on 21.02.2024, inviting creditors to submit claims. The RP received claims and issued a list of claims on 06.03.2024. The Committee of Creditors (CoC) was constituted, and the first meeting was held on 01.03.2024, where the base Resolution Plan was discussed. Two registered valuers were appointed, who valued the land and building at Rs. 2,50,80,00,000 and Securities or Financial Assets (SFA) at Rs. 25,23,500. The

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by the RP for KVIR Towers Private Limited should be approved …

**Ratio:** The Resolution Plan can be approved if it is viable, feasible, and meets the requirements

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**Reasoning:** The CoC approved the Resolution Plan with 100% voting, indicating their belief in its

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**Interpretation:** Sections 54K(15) and 54(L) of the IBC, along with Regulation 49 of the PPIRP

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**Application:** The Resolution Plan was approved because the CoC, in its commercial wisdom,

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## Parties

- **Judges:** Ramalingam…; AVINASH K.…
- **Appellants:** Rajeev L…
- **Respondents:** KVIR TOWERS PVT.…

## Timeline

- **2024-02-20 — Admission int…**: KVIR Towers Private Limited was admitted into Pre-Packaged Insolvency Resolution Process…
- **2024-02-21 — Public Annou…**: Public announcement was issued,…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 54C — Application to initiate pre-packaged insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-54c)

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