# Approval of Resolution Plan - Nirmal Lifestyle Realty Private Limited

> NCLT judgment dated 2024-08-09. Citation: TCN-2024-NCLT-00843. The case involves an application filed by Mr. Jayesh Sanghrajka, the Resolution Professional…

- **Court:** NCLT
- **Order date:** 9 Aug 2024
- **Citation:** TCN-2024-NCLT-00843
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/approval-of-resolution-plan-nirmal-lifestyle-realty-private-limited-69003c85

## Summary

### Background

The case involves an application filed by Mr. Jayesh Sanghrajka, the Resolution Professional (RP) of Nirmal Lifestyle Realty Private Limited, under Section 30(6) of the Insolvency & Bankruptcy Code, 2016, seeking approval of a resolution plan submitted by Oberoi Constructions Limited. The Corporate Insolvency Resolution Process (CIRP) was initiated against Nirmal Lifestyle Realty Private Limited following an application under Section 7 of the Code. The RP took several steps, including issuing public announcements, forming a Committee of Creditors (CoC), appointing valuers, and inviting resolution plans. The CoC approved the resolution plan with 100% voting in its 7th meeting held on 01.09.2022.

## Facts

1. An application was filed by Mr. Jayesh Sanghrajka, the Resolution Professional (RP) of Nirmal Lifestyle Realty Private Limited, seeking approval of a resolution plan submitted by Oberoi Constructions Limited.
2. The CIRP was initiated against Nirmal Lifestyle Realty Private Limited following an application under Section 7 of the Code, with an order dated 06.12.2021.
3. Mr. Arun Kapoor was initially appointed as the Interim Resolution Professional (IRP), later replaced by Jayesh Natvarlal Sanghrajka.
4. The RP issued a public announcement on 21.12.2021, inviting claims from creditors.
5. The Committee of Creditors (CoC) was formed, and its first meeting was held on 18.01.2022.
6. The CoC approved the appointment of two registered valuers and a transaction audit of the

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## Issues and analysis

### Issue 1: Whether the resolution plan submitted by Oberoi Constructions Limited complies with the …

**Ratio:** Section 30(2) of the IBC outlines the mandatory requirements that a resolution plan must

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**Reasoning:** The tribunal reviewed the resolution plan and the Compliance Certificate in Form H,

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**Interpretation:** Section 30(2) sets a baseline standard for resolution plans, ensuring that

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**Application:** The tribunal applied the requirements of Section 30(2) to the specific

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## Parties

- **Judges:** Charanjeet Singh…; Smt Lakshmi…
- **Appellants:** Jayesh Sang…
- **Respondents:** NIRMAL LIFESTYLE…

## Timeline

- **2019-01-01 — C.P.(IB)/315(MB)-C-III-2…**: The original Company…
- **2021-12-06 — CIRP Commen…**: Corporate Insolvency Resolution Process (CIRP) commenced against Nirmal Lifestyle Realty…

## 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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