# Approval of Resolution Plan - Mundra Estate Developers Limited

> NCLT judgment dated 2024-10-24. Citation: TCN-2024-NCLT-00359. The case involves an application filed under Section 30(6) and Section 31 of the Insolvency and…

- **Court:** NCLT
- **Order date:** 24 Oct 2024
- **Citation:** TCN-2024-NCLT-00359
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/approval-of-resolution-plan-mundra-estate-developers-limited-eb6b3c27

## Summary

### Background

The case involves an application filed under Section 30(6) and Section 31 of the Insolvency and Bankruptcy Code, 2016, by the Resolution Professional, Mr. Pinakin Shah, seeking approval of the Resolution Plan submitted by Jagjit Estate and Developers Company Private Limited for the corporate debtor, M/s Mundra Estate Developers Limited. The Corporate Insolvency Resolution Process (CIRP) was initiated on 2023-01-12 under Section 7 of the IBC. The Committee of Creditors (CoC) approved the Resolution Plan with 100% voting shares on 2024-03-28.

## Facts

The Corporate Insolvency Resolution Process (CIRP) for M/s Mundra Estate Developers Limited was initiated on 2023-01-12 based on an application under Section 7 of the Insolvency and Bankruptcy Code, 2016. Mr. Pinakin Shah was appointed as the Interim Resolution Professional (IRP). The Committee of Creditors (CoC) was constituted on 2023-07-20. The IRP was appointed as the Resolution Professional (RP) after the first CoC meeting on 2023-07-26. The RP published a public announcement inviting claims from creditors. The claims received from the financial creditor, M/s Metroglobal Limited, amounted to INR 117,38,21,000, out of which INR 10.40 crore was admitted. The CoC approved the Resolution Plan submitted by Jagjit Estates & Development Company Private Limited on

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by Jagjit Estate and Development Company Private Limited …

**Ratio:** Section 30(2) of the IBC specifies the requirements that a resolution plan must meet for

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**Reasoning:** The Adjudicating Authority considered the commercial wisdom of the Committee of Creditors

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**Interpretation:** The interpretation of Section 30(2) involves ensuring that the resolution plan

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**Application:** The Adjudicating Authority found that the Resolution Plan complies with Section

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## Parties

- **Judges:** Reeta K…; Madhu S…
- **Appellants:** Pinakin…
- **Respondents:** M/s Mundra Estate…; M/s Metrogobal…

## Timeline

- **2023-01-12 — Initiation…**: Corporate Insolvency Resolution Process…
- **2023-07-20 — Constitution…**: Committee of Creditors…

## 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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