# Approval of Resolution Plan - Lavasa Corporation Limited

> NCLT judgment dated 2023-07-21. Citation: TCN-2023-NCLT-02378. The case involves an application for the approval of a resolution plan for Lavasa Corporation…

- **Court:** NCLT
- **Order date:** 21 Jul 2023
- **Citation:** TCN-2023-NCLT-02378
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/approval-of-resolution-plan-lavasa-corporation-limited-d482c751

## Summary

### Background

The case involves an application for the approval of a resolution plan for Lavasa Corporation Limited (LCL) and its subsidiaries, which are undergoing a consolidated Corporate Insolvency Resolution Process (CIRP). The CIRP was initiated following a petition filed by Raj Infrastructure Development India Private Limited, an Operational Creditor, against Lavasa Corporation Limited. The Committee of Creditors (CoC) approved the resolution plan submitted by Darwin Platform Infrastructure Limited with a majority of 96.41%. The resolution plan addresses the interests of various stakeholders, including financial creditors, operational creditors, homebuyers, and employees. The resolution plan also deals with the treatment of dissenting financial creditors and provides for the

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## Facts

Raj Infrastructure Development India Private Limited, an Operational Creditor, filed a petition under Section 9 of the Insolvency and Bankruptcy Code (IBC) against Lavasa Corporation Limited (LCL). The NCLT admitted the petition on 30.08.2018, initiating the Corporate Insolvency Resolution Process (CIRP). Mr. Devendra Prasad was appointed as the Interim Resolution Professional (IRP). CIRP was also initiated against Warasgaon Assets Maintenance Limited (WAML) and Dasve Convention Center Limited (DCCL), subsidiaries of LCL. The IRP made a public announcement on 01.09.2018 and invited expressions of interest from prospective resolution applicants (PRAs) on 13.11.2018. Two resolution plans were received, one from Haldirams consortium and another from Mr. Aniruddha

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## Issues and analysis

### Issue 1: Whether the resolution plan submitted by Darwin Platform Infrastructure Limited complies with the …

**Ratio:** Section 30(2) of the IBC specifies the mandatory requirements for a resolution plan,

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**Reasoning:** The court examined the resolution plan and found that it complies with the mandatory

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**Interpretation:** Section 30(2) and Regulation 38 are interpreted to ensure that a resolution

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**Application:** The court applied the provisions of Section 30(2) and Regulation 38 to the

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## Parties

- **Judges:** Shyam Babu…; Kuldip Kumar…
- **Appellants:** Shailesh…
- **Respondents:** Lavasa Corporation…; Darwin Platform…
- **Advocates:** Kriti Ka…; Ravi K…; +2 more

## Timeline

- **2018-08-30 — CIRP Init…**: NCLT admitted the petition filed by Raj Infrastructure Development India Private Limited…
- **2018-09-01 — Public Annou…**: The Interim Resolution Professional (IRP) made…

## 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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