# Approval of Resolution Plan - RG Residency Private Limited

> NCLT judgment dated 2025-05-13. Citation: TCN-2025-NCLT-00076. RG Residency Private Limited initiated a pre-packaged insolvency resolution process (PPIRP)…

- **Court:** NCLT
- **Order date:** 13 May 2025
- **Citation:** TCN-2025-NCLT-00076
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/approval-of-resolution-plan-rg-residency-private-limited-6d3c7a2f

## Summary

### Background

RG Residency Private Limited initiated a pre-packaged insolvency resolution process (PPIRP) under Section 54C of the Insolvency and Bankruptcy Code, 2016. The Adjudicating Authority admitted the Corporate Debtor (CD) into PPIRP on 20.02.2024. The Resolution Professional (RP) was appointed and issued a public announcement inviting creditors to submit claims. The RP constituted a Committee of Creditors (CoC) and received a base resolution plan from the CD. The CoC approved a revised resolution plan with 98.89% voting share. The Adjudicating Authority had previously remanded the resolution plan back to the CoC for fresh consideration due to the absence of NOIDA (Noida Authority) in the second CoC meeting, as the plan involved land belonging to NOIDA. The CoC reconvened

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## Facts

RG Residency Private Limited (Corporate Debtor) initiated PPIRP under Section 54C of the IBC. The Adjudicating Authority admitted the CD into PPIRP on 20.02.2024. Rajeev Lochan was appointed as the Resolution Professional (RP). The RP issued a public announcement and constituted a Committee of Creditors (CoC). The CD submitted a base resolution plan, which was revised and approved by the CoC with 98.89% voting. The Adjudicating Authority remanded the plan for fresh consideration due to NOIDA's absence in the second CoC meeting. The CoC reconvened with NOIDA's participation and reapproved the plan. The resolution plan involves a total plan value of Rs. 362.50 crores, to be arranged through future recoveries from unit sales and borrowings. The plan includes provisions

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## Issues and analysis

### Issue 1: Whether the resolution plan submitted by …

**Ratio:** The Adjudicating Authority has the power to approve a resolution plan if it meets the

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**Reasoning:** The Adjudicating Authority considered the fact that the resolution plan was approved by

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**Interpretation:** The Adjudicating Authority interprets the provisions of the Insolvency and

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**Application:** In this case, the Adjudicating Authority found that the resolution plan met the

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## Parties

- **Judges:** Ramalingam…; RAVINDRA CHATURVED…
- **Appellants:** RG RESIDENCY PVT.…
- **Respondents:** Rajeev L…
- **Advocates:** Namit…; Ravi…; +10 more

## Timeline

- **2024-02-20 — Admission int…**: The Adjudicating Authority admitted RG Residency Private Limited into Pre-Packaged…
- **2024-02-22 — Public Annou…**: The Resolution Professional issued a public announcement inviting creditors to submit…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 54L — Approval of resolution plan](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-54l)

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