# Approval of Resolution Plan - Manpreet Estates LLP

> NCLT judgment dated 2024-10-07. Citation: TCN-2024-NCLT-00481. The Corporate Insolvency Resolution Process (CIRP) of Manpreet Estate Private Limited…

- **Court:** NCLT
- **Order date:** 7 Oct 2024
- **Citation:** TCN-2024-NCLT-00481
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/approval-of-resolution-plan-manpreet-estates-llp-0d137b98

## Summary

### Background

The Corporate Insolvency Resolution Process (CIRP) of Manpreet Estate Private Limited (Corporate Debtor) was initiated by the NCLT Mumbai Bench vide order dated 2023-11-24 under Section 7 of the Insolvency and Bankruptcy Code, 2016. Mr. Amit Vijay Karia was appointed as the Interim Resolution Professional (IRP). A public announcement for submission of claims was made on 2023-11-28. The IRP constituted a Committee of Creditors (COC) comprising all the financial creditors. The IRP was confirmed as the Resolution Professional (RP) in the first CoC meeting held on 2023-12-20. The applicant filed I.A. No 32 of 2024 seeking approval of the Resolution Plan under Section 30(6) read with Section 31.

## Facts

The Corporate Insolvency Resolution Process (CIRP) of Manpreet Estate Private Limited (Corporate Debtor) was initiated on 2023-11-24. Mr. Amit Vijay Karia was appointed as the Interim Resolution Professional (IRP). A public announcement for submission of claims was made on 2023-11-28. The IRP constituted a Committee of Creditors (COC). The IRP was confirmed as the Resolution Professional (RP) on 2023-12-20. Claims of Financial Creditors amounted to Rs. 282,05,55,873, and claims of Operational Creditors (Government Dues) amounted to Rs. 83,01,030. Seven COC meetings were held during the CIRP period. Registered Valuers were appointed to determine the Fair Value and Liquidation Value of the Corporate Debtor. The fair market value of securities and financial assets was Rs.

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by M/s Wadhwa Group Holdings Private Limited should be …

**Ratio:** The Resolution Plan should be approved if it meets the requirements of the I & B Code

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**Reasoning:** The NCLT determined that the Resolution Plan meets the requirements of the I & B Code

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**Interpretation:** The I&B Code and IBBI Regulations set the standards for resolution plans,

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**Application:** The Resolution Plan submitted by M/s Wadhwa Group Holdings Private Limited was

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## Parties

- **Judges:** LAKSHMI G…; Charanjeet Singh…
- **Appellants:** VSJ Investments…
- **Respondents:** Manpreet Estate…; Manpreet Estates…
- **Advocates:** Vikram Na…; Mitali…; +4 more

## Timeline

- **2023-11-24 — Insolvency commencement date and appointment of…**: The Corporate Insolvency Resolution Process (CIRP) commenced, and Mr. Amit Vijay Karia…
- **2023-11-28 — Public announcement for…**: A public announcement was made for the submission of claims under Regulations 12 of the…

## 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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