# Approval of Resolution Plan - Premshree Prime Properties Private Limited

> NCLT judgment dated 2025-05-14. Citation: TCN-2025-NCLT-00069. The case involves an application under Section 30(6) of the Insolvency and Bankruptcy Code,…

- **Court:** NCLT
- **Order date:** 14 May 2025
- **Citation:** TCN-2025-NCLT-00069
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/approval-of-resolution-plan-premshree-prime-properties-private-limited-71754ec1

## Summary

### Background

The case involves an application under Section 30(6) of the Insolvency and Bankruptcy Code, 2016, for approval of a resolution plan submitted by Kalyan Toll Infrastructure Limited for the corporate debtor, Premshree Prime Properties Private Limited. The corporate debtor was admitted into Corporate Insolvency Resolution Process (CIRP) on 17.02.2023. The resolution professional (RP) appointed was CA Pankaj Shah. The corporate debtor was engaged in the business of builders and had undertaken two projects, Corridor Exotica and Saffron Exotica. The resolution plan was approved by the Committee of Creditors (CoC) with 100% votes, and the RP sought approval from the Adjudicating Authority.

## Facts

Premshree Prime Properties Private Limited, the corporate debtor, was admitted into CIRP on 17.02.2023. CA Pankaj Shah was appointed as the RP. The company was engaged in the business of builders and had undertaken two projects: Corridor Exotica and Saffron Exotica. Corridor Exotica was to be constructed on land owned by the corporate debtor, while Saffron Exotica was to be constructed on land owned by Mrs. Anupama Bhatewara and Mrs. Jyotsna Jaiswal as per a JV Agreement dated 14.12.2016. The CoC approved the resolution plan submitted by Kalyan Toll Infrastructure Limited with 100% votes. The resolution plan included provisions for payment of CIRP costs, secured and unsecured financial creditors, and operational creditors. The plan also addressed the completion of the

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## Issues and analysis

### Issue 1: Whether the resolution plan submitted by Kalyan Toll Infrastructure 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 Adjudicating Authority examined the resolution plan to ensure it met all the

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**Interpretation:** Section 30(2) is interpreted as setting out the minimum standards for a

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**Application:** The Adjudicating Authority found that the resolution plan complied with Section

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## Parties

- **Judges:** Chitra Ram…; KAUSHALENDRA…
- **Appellants:** CA Pankaj…
- **Respondents:** Premshree Prime…; Kalyan Toll…

## Timeline

- **2023-12-29 — Application…**: Application filed under Section 30(6) of Insolvency & Bankruptcy Code, 2016 by CA Pankaj…
- **2023-02-17 — CIRP Admi…**: Corporate debtor admitted into Corporate…

## 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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