# Approval of Resolution Plan - Sampark Land and Builders Private Limited

> NCLT judgment dated 2023-08-02. Citation: TCN-2023-NCLT-02220. The case pertains to an application filed under section 30(6) and section 31(1) of the…

- **Court:** NCLT
- **Order date:** 2 Aug 2023
- **Citation:** TCN-2023-NCLT-02220
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/approval-of-resolution-plan-sampark-land-and-builders-private-limited-1f8aa611

## Summary

### Background

The case pertains to an application filed under section 30(6) and section 31(1) of the Insolvency and Bankruptcy Code, 2016, read with regulation 39(4) of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, for the approval of a Resolution Plan for Sampark Land and Builders Private Limited. The corporate insolvency resolution process (CIRP) was initiated following a company petition filed under section 10 of the Insolvency and Bankruptcy Code, 2016, which was admitted on 30 April 2021. Mr. Kamal Nayan Jain was initially appointed as the Interim Resolution Professional (IRP) and later as the Resolution Professional (RP). The CIRP period was extended on multiple occasions to facilitate the completion of

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## Facts

Sampark Land and Builders Private Limited underwent Corporate Insolvency Resolution Process (CIRP) following the admission of a company petition under Section 10 of the Insolvency and Bankruptcy Code (IBC) on April 30, 2021. Kamal Nayan Jain was appointed as the Interim Resolution Professional (IRP) and later as the Resolution Professional (RP). The RP made a public announcement on May 4, 2021, inviting claims from financial and operational creditors. The Committee of Creditors (CoC) was constituted on May 24, 2021, with Aneel Saroagi as the authorized representative for the class of creditors. Seven CoC meetings were held during the CIRP period. The RP issued invitations for Expressions of Interest (EoI) five times, with the last date for receipt being June 24, 2022.

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by the Plot Buyers of Baruipur Bloomfield Project meets the …

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

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**Reasoning:** The court reasoned that the Resolution Plan had been approved by the CoC with 100% voting

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**Interpretation:** The interpretation of the legal issue involves understanding the requirements

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**Application:** The ratio and reasoning were applied to the specific facts of the case by

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## Parties

- **Judges:** Rohit K…; Balraj…; +1 more
- **Respondents:** Sampark Land and…
- **Advocates:** Shaunak…; Urmila Chak…; +1 more

## Timeline

- **2020-04-30 — Company Petition…**: The underlying Company Petition in C.P. (IB) No. 888/KB/2020 was admitted vide order…
- **2021-05-04 — Public Annou…**: The IRP made a public announcement on 04 May 2021 in Financial Express (English) and…

## 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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