# Approval of Resolution Plan - Parivartan Buildcon Private Limited

> NCLT judgment dated 2025-03-17. Citation: TCN-2025-NCLT-00362. The case pertains to the Corporate Insolvency Resolution Process (CIRP) of Parivartan Buildcon…

- **Court:** NCLT
- **Order date:** 17 Mar 2025
- **Citation:** TCN-2025-NCLT-00362
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/approval-of-resolution-plan-parivartan-buildcon-private-limited-5cd4121b

## Summary

### Background

The case pertains to the Corporate Insolvency Resolution Process (CIRP) of Parivartan Buildcon Private Limited. Savitur Infrastructure Private Limited, the Financial Creditor, initiated the CIRP under Section 7 of the Insolvency and Bankruptcy Code (IBC). The CIRP was initiated on 2024-04-01. The Resolution Professional (RP) was appointed, and a public announcement was made to invite claims from creditors. The Committee of Creditors (CoC) was constituted, and several meetings were held to discuss the resolution plan. The RP received multiple Expressions of Interest (EOIs) from prospective resolution applicants. Gateway Investment Management Services (DIFC) Limited submitted a resolution plan, which was approved by the CoC with 100% voting share. The RP filed an

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## Facts

Savitur Infrastructure Private Limited initiated CIRP against Parivartan Buildcon Private Limited under Section 7 of IBC. The CIRP commenced on 2024-04-01. Shamsher Bahadur Singh was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). Public announcement was made, inviting claims from creditors. The Committee of Creditors (CoC) was formed, consisting of Savitur Infrastructure Private Limited. Multiple EOIs were received, and Gateway Investment Management Services (DIFC) Limited submitted a resolution plan. The CoC approved the resolution plan with 100% voting share. The resolution plan proposed a payment of Rs. 25,00,000/- to the creditors of the Corporate Debtor. The RP filed IA-6/2025 for approval of the

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by Gateway Investment Management Services (DIFC) Limited …

**Ratio:** Section 30(2) of the IBC mandates that a resolution plan must comply with certain

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**Reasoning:** The NCLT examined the Resolution Plan to determine whether it complied with the

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

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**Application:** The NCLT found that the Resolution Plan complied with the requirements of

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## Parties

- **Judges:** Sh. Ashok Kumar…; Reena Sinh…
- **Appellants:** Savitur Infrastruc…
- **Respondents:** Parivartan…

## Timeline

- **2024-04-01 — CIRP Commen…**: CIRP commenced against…
- **2024-04-01 — Appointment…**: Shamsher Bahadur Singh appointed as…

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