# Approval of Resolution Plan - Reward Real Estate Company Limited

> NCLT judgment dated 2025-02-12. Citation: TCN-2025-NCLT-00503. The application was filed on 2024-07-26 by the Resolution Professional under Section 30(6) of…

- **Court:** NCLT
- **Order date:** 12 Feb 2025
- **Citation:** TCN-2025-NCLT-00503
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/approval-of-resolution-plan-reward-real-estate-company-limited-02b3895f

## Summary

### Background

The application was filed on 2024-07-26 by the Resolution Professional under Section 30(6) of the Insolvency and Bankruptcy Code, 2016, seeking approval of the Resolution Plan submitted by Wellworth Finvest (India) Private Limited, the Successful Resolution Applicant (SRA). The Corporate Insolvency Resolution Process (CIRP) was initiated via an order dated 2023-09-25, following an application by Kausar Textile Private Limited, the Financial Creditor, under Section 7 of the Code. Mr. Modilal Dhanraj Pamecha was appointed as Interim Resolution Professional (IRP). Public announcement was made on 2023-12-09, inviting creditors to submit claims by 2023-12-21. The CoC was constituted on 2024-01-27, and the first CoC meeting was held on 2024-01-06, confirming the IRP as the

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## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against Reward Real Estate Company Limited based on an application filed by Kausar Textile Private Limited, a Financial Creditor, under Section 7 of the Insolvency and Bankruptcy Code, 2016. Mr. Modilal Dhanraj Pamecha was appointed as the Interim Resolution Professional (IRP), later confirmed as the Resolution Professional (RP). A public announcement was made inviting creditors to submit their claims. The Committee of Creditors (CoC) was constituted, and several meetings were held to discuss the Resolution Plan. Wellworth Finvest (India) Private Limited submitted a Resolution Plan, which was approved by the CoC with 100% voting share. The RP then filed an application seeking approval of the Resolution

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by Wellworth Finvest (India) Private Limited meets the …

**Ratio:** Section 30(2) of the Insolvency and Bankruptcy Code, 2016, outlines the requirements that

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**Reasoning:** The tribunal found that the Resolution Plan complied with the requirements of Section

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**Interpretation:** Section 30(2) sets the minimum standards for a resolution plan to be considered

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**Application:** The Resolution Plan was examined to ensure it included provisions for CIRP

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## Parties

- **Judges:** Prabhat…; V.G. B…
- **Appellants:** Modilal Dhanraj…
- **Respondents:** Reward Real…
- **Advocates:** KunalKa…

## Timeline

- **2023-09-25 — Initiation…**: Corporate Insolvency Resolution Process (CIRP)…
- **2023-12-09 — Public Annou…**: Public announcement made, inviting…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 66 — Fraudulent trading or wrongful trading](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-66)

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