# Approval of Resolution Plan - Leo-Meridian Infrastructure Projects & Hotels Ltd.

> NCLT judgment dated 2025-02-25. Citation: TCN-2025-NCLT-00441. The legal document pertains to an application (IA (IBC) Plan No. 1/2025) filed in connection…

- **Court:** NCLT
- **Order date:** 25 Feb 2025
- **Citation:** TCN-2025-NCLT-00441
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/approval-of-resolution-plan-leo-meridian-infrastructure-projects-hotels-ltd-a07c6d5b

## Summary

### Background

The legal document pertains to an application (IA (IBC) Plan No. 1/2025) filed in connection with the Corporate Insolvency Resolution Process (CIRP) of M/s. Leo Meridian Infrastructure Projects & Hotels Ltd. The application seeks approval of the resolution plan submitted by the Successful Resolution Applicant (SRA), M/s. Jalavihar Entertainment Private Limited Consortium (JEPL Consortium/SRA). The CIRP was initiated following a petition filed by Andhra Bank (now Union Bank of India) under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. The Committee of Creditors (COC) approved the resolution plan in its 78th meeting with a 100% voting share.

## Facts

Andhra Bank (now Union Bank of India) filed CP(IB) No. 43/7/HDB/2018, leading to the initiation of CIRP against M/s. Leo Meridian Infrastructure Projects & Hotels Ltd. (CD/LMIPHL). The application for approval of the resolution plan, IA (IBC) Plan No. 1/2025, was filed by the Resolution Professional. The Committee of Creditors (COC) approved the resolution plan submitted by M/s. Jalavihar Entertainment Private Limited Consortium (JEPL Consortium/SRA) with 100% voting share in its 78th meeting held on 31.12.2024. The e-voting concluded on 15.01.2025. The resolution plan involves a total payout of Rs. 237.00 crores to various stakeholders. The RP invited Expression of Interest from Prospective Resolution Applicants (PRAs), leading to the submission of resolution

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by M/s. JEPL Consortium meets the requirements of Section …

**Ratio:** The legal principle is that a resolution plan must comply with the mandatory requirements

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**Reasoning:** The NCLT reviewed the Resolution Plan and found that it satisfies the requirements of

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**Interpretation:** Section 30(2) of the IBC is interpreted as setting out the minimum requirements

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**Application:** In this case, the NCLT applied the legal principle by examining the Resolution

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## Parties

- **Judges:** Rajeev Bh…; Sanjay…
- **Appellants:** Andhra…
- **Respondents:** M/s.Leo Meridian…

## Timeline

- **2018-01-01 — Company Petiti…**: Company Petition CP(IB) No. 43/7/HDB/2018 filed…
- **2019-04-09 — Admission…**: Admission Order issued, commencing CIRP against M/s. Leo Meridian Infrastructure Projects…

## 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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