# Approval of Resolution Plan - Premshree Prime Properties Private Limited

> NCLT judgment dated 2025-05-14. Citation: TCN-2025-NCLT-00074. The case pertains to an application filed under Section 30(6) of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 14 May 2025
- **Citation:** TCN-2025-NCLT-00074
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/approval-of-resolution-plan-premshree-prime-properties-private-limited-a3bc9abe

## Summary

### Background

The case pertains to an application filed under Section 30(6) of the Insolvency and Bankruptcy Code, 2016, by CA Pankaj Shah, the Resolution Professional (RP) of the corporate debtor, Premshree Prime Properties Private Limited, seeking approval of the resolution plan submitted by Kalyan Toll Infrastructure Limited. The corporate debtor was admitted into Corporate Insolvency Resolution Process (CIRP) on 17.02.2023. The RP appointed Transaction Auditor- M/s Dassani & Associates to conduct the transaction audit of the corporate debtor to identify Preferential, Undervalued, Extortionate and fraudulent transactions if any carried out by the corporate dentor. Based on the report dated 01.11.2023 of the said auditor, the applicant filed an application IA No.368 of 2023

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## Facts

Premshree Prime Properties Private Limited, the corporate debtor, was engaged in the business of construction. It undertook 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 CIRP was initiated on 17.02.2023, and Mr. Pankaj Shah was appointed as the IRP. The CoC was constituted, with Madhya Pradesh Financial Corporation, Kalyan Toll Infrastructure Limited, and Home Buyers as financial creditors. Kalyan Toll Infrastructure Limited submitted a resolution plan, which was approved by the CoC with 100% votes. The resolution plan includes

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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 that 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 all the

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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…**: The corporate debtor was admitted in 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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