# Approval of Resolution Plan - RKI Builders Private Limited

> NCLT judgment dated 2025-01-29. Citation: TCN-2025-NCLT-00566. The case involves an application (IA (IBC) (Plan) 23/2024) filed by the Resolution Professional…

- **Court:** NCLT
- **Order date:** 29 Jan 2025
- **Citation:** TCN-2025-NCLT-00566
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/approval-of-resolution-plan-rki-builders-private-limited-30e63e58

## Summary

### Background

The case involves an application (IA (IBC) (Plan) 23/2024) filed by the Resolution Professional of RKI Builders Private Limited, seeking approval of a modified resolution plan dated 04.10.2024. The Corporate Insolvency Resolution Process (CIRP) was initiated against RKI Builders Private Limited based on a petition filed by Sheetal Ispat Private Limited, an Operational Creditor. The Committee of Creditors (COC) approved the resolution plan submitted by Readers Stores India Private Limited with 82.14% voting share. The resolution plan was revised after the COC suggested revisions to the allocation among secured financial creditors to cover the liquidation value of the claim. The Resolution Professional (RP) conducted eleven COC meetings during the CIRP. The resolution

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## Facts

Sheetal Ispat Private Limited, an Operational Creditor (OC), filed a Company Petition (CP(IB) No.716/9/HDB/2019) against RKI Builders Private Limited, the Corporate Debtor (CD). The petition was admitted, initiating the Corporate Insolvency Resolution Process (CIRP). Raj Kumar Sarda was initially appointed as the Interim Resolution Professional (IRP), later replaced by Kalvakolanu Murali Krishna Prasad. The Resolution Professional (RP) constituted a Committee of Creditors (COC) comprising Canara Bank, Axis Bank, and SREI Equipment Finance Limited, among others. Eleven COC meetings were held. The RP invited Expressions of Interest (EOI) from Prospective Resolution Applicants (PRAs). Readers Stores India Private Limited submitted a resolution plan, which was revised

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## Issues and analysis

### Issue 1: Whether the modified Resolution Plan dated 04.10.2024 submitted by Readers Stores India Private …

**Ratio:** The legal principle is that a resolution plan must comply with the provisions of Section

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**Reasoning:** The NCLT considered the various aspects of the resolution plan, including the payment of

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**Interpretation:** Section 30(2) of the IBC specifies that a resolution plan must provide for the

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**Application:** The NCLT found that the resolution plan provided for the payment of CIRP costs,

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## Parties

- **Judges:** Rajeev Bh…; Sanjay…
- **Appellants:** Sheetal Ispat Pvt…
- **Respondents:** RKI Builders…; RKI Builders Pvt…
- **Advocates:** J V L Bh…

## Timeline

- **2019-01-01 — CP(IB) No.716/9/HDB/2019…**: Company Petition CP(IB) No.716/9/HDB/2019 filed by M/s.Sheetal Ispat Private Limited, the…
- **2022-12-08 — CIRP Commencem…**: Order dated 08.12.2022 ordering commencement of CIRP against M/s. RKI Builders Private…

## 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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