# Approval of Resolution Plan - Renu Residency Private Limited

> NCLT judgment dated 2025-03-20. Citation: TCN-2025-NCLT-00339. The case pertains to IA No.131/2022 filed in CP(IB) No.391/ALD/2019 before the National Company…

- **Court:** NCLT
- **Order date:** 20 Mar 2025
- **Citation:** TCN-2025-NCLT-00339
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/approval-of-resolution-plan-renu-residency-private-limited-6b585107

## Summary

### Background

The case pertains to IA No.131/2022 filed in CP(IB) No.391/ALD/2019 before the National Company Law Tribunal (NCLT), Allahabad Bench, Prayagraj. The application was filed by the Resolution Professional (RP) of Renu Residency Private Limited, seeking approval of the resolution plan submitted by Upma Jaiswal under Sections 30(6) and 31(1) of the Insolvency and Bankruptcy Code, 2016 (IBC). The Corporate Insolvency Resolution Process (CIRP) was initiated against Renu Residency Private Limited based on an application filed by Punjab National Bank under Section 7 of the IBC. The RP was appointed, public announcements were made, and the Committee of Creditors (CoC) was constituted with Punjab National Bank as the sole financial creditor. The CIRP faced delays due to the

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## Facts

Punjab National Bank initiated CIRP against Renu Residency Private Limited due to default. Shravan Kumar Vishnoi was appointed as the Resolution Professional (RP). The RP published Form G, inviting resolution plans. Several resolution plans were submitted, including one by Kumari Durga Memorial Sansthan, which was later revised. The CoC considered various aspects, including the upfront value and potential attachment of the Corporate Debtor's property by the Enforcement Directorate. The RP received a letter from Bholenath Vincom Private Limited (BVPL) expressing interest, but BVPL was later disqualified under Section 29A of the IBC. The CoC rejected the revised resolution plan submitted by Kumari Durga Memorial Sansthan. Upma Jaiswal submitted a resolution plan, which

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by Upma Jaiswal meets the requirements of the Insolvency and …

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

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**Reasoning:** The tribunal examined the Resolution Plan and found that it complied with Section 30(2)

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**Interpretation:** Section 30(2) and Regulation 38(1) are interpreted to ensure that a resolution

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**Application:** The tribunal applied the provisions of Section 30(2) and Regulation 38(1) to

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## Parties

- **Judges:** Praveen…; Ashish…
- **Appellants:** Shravan Kumar…
- **Respondents:** M/s Renu Residency…; Punjab National…

## Timeline

- **2019-01-01 — CP (IB) NO.391…**: Underlying Company Petition CP (IB) No.391/ALD/2019 filed by the Punjab National Bank…
- **2021-02-12 — Admission…**: Limited, which was admitted by this Adjudicating Authority vide its order dated…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 43 — Preferential transactions and relevant time](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-43)

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