# Approval of Resolution Plan - Samson And Sons Builders and Developers Private Limited

> NCLT judgment dated 2024-12-20. Citation: TCN-2024-NCLT-00017. The application was filed under Sections 30(6) and 31(1) of the IBC, 2016 read with Regulation…

- **Court:** NCLT
- **Order date:** 20 Dec 2024
- **Citation:** TCN-2024-NCLT-00017
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/approval-of-resolution-plan-samson-and-sons-builders-and-developers-private-limi-d5825331

## Summary

### Background

The application was filed under Sections 30(6) and 31(1) of the IBC, 2016 read with Regulation 37(m) of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 by the Resolution Professional for M/s. Samson and Sons Builders and Developers Pvt. Ltd., seeking approval of the Resolution Plan submitted for Project Sharon Hills -1 by the Sharon Hills Residents Association. The Company Petition CP(IB)/05/KOB/2021 was filed by M/s Vijayakumaran J, VJ Constructions against M/s Samson and Sons Builders and Developers Pvt Ltd, the Corporate Debtor, under Section 9 of the Insolvency and Bankruptcy Code, 2016. The petition was admitted on 03.11.2021, and Mr. Muhammed Davood K was appointed as the Interim Resolution Professional (“IRP"). However, due

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## Facts

The Corporate Debtor, Samson and Sons Builders and Developers Pvt. Ltd., was incorporated on 27.07.2009, specializing in real estate development. Before the CIRP commenced on 03.11.2021, ten projects were under construction, with four never started. The last Annual General Meeting was held on 30.09.2014, and the balance sheet was filed with the ROC only up to 31.03.2014. The total claims received and admitted by IRP/RP as on 02.05.2024 were Rs. 2,43,47,63,493 and Rs. 1,92,58,33,472 respectively. The CoC approved Resolution Plans for Project Pearl Crest, Angel Woods, and Orchid Valley before this Tribunal considered the extension application and subsequent approval request applications. This Tribunal on 26.04.2023 in IA(IBC)/157/KOB/2023 denied the extension request,

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by Sharon Hills Residents Association for the Sharon Hills-I …

**Ratio:** The approval of a resolution plan depends on its compliance with the provisions of the

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**Reasoning:** The Tribunal found that the Resolution Plan met the stipulated requirements of the Code

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**Interpretation:** Sections 30(6) and 31(1) of the IBC provide the framework for the approval of

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**Application:** The Tribunal applied the provisions of Sections 30(6) and 31(1) to the specific

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## Parties

- **Judges:** JYOTI KUMAR…; RAVICHANDRAN…
- **Appellants:** Vijayakuma…
- **Respondents:** Samson and Sons…

## Timeline

- **2021-11-03 — Admission of Company…**: The Company Petition…
- **2021-11-03 — Appointment…**: Mr. Muhammed Davood K was appointed as the…

## 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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