# Approval of Resolution Plan - Sarvottam Realcon Private Limited

> NCLT judgment dated 2024-07-30. Citation: TCN-2024-NCLT-00915. The case pertains to an application (IA – 387/ND/2023) filed by the Resolution Professional…

- **Court:** NCLT
- **Order date:** 30 Jul 2024
- **Citation:** TCN-2024-NCLT-00915
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/approval-of-resolution-plan-sarvottam-realcon-private-limited-fcd11e76

## Summary

### Background

The case pertains to an application (IA – 387/ND/2023) filed by the Resolution Professional (RP) of M/s Sarvottam Realcon Private Limited, a Corporate Debtor, seeking approval of a Resolution Plan under Section 30(6) and 31(1) of the Insolvency and Bankruptcy Code (IBC), 2016, read with regulations 37 to 39 of the IBBI (CIRP Regulations), 2016. The Corporate Insolvency Resolution Process (CIRP) was initiated based on a petition filed by Suraj Kumar Kaushal & Ors. under Section 7 of the IBC. The Adjudicating Authority admitted the petition on 09.07.2021, appointing Mr. Sandeep Goel as the Interim Resolution Professional (IRP), who was later confirmed as the Resolution Professional (RP). The resolution plan submitted by Anugraham Builders was approved by the

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## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against M/s Sarvottam Realcon Private Limited based on a petition filed by Suraj Kumar Kaushal & Ors. under Section 7 of the IBC. The petition was admitted on 09.07.2021, and Mr. Sandeep Goel was appointed as the Interim Resolution Professional (IRP), later confirmed as the Resolution Professional (RP). Public announcement was made on 14.07.2021. Claims were collated, and the CoC was formed on 31.07.2021. The total admitted claims from Financial Creditors amounted to Rs. 143,71,07,169, including Rs. 37,67,95,988 from Omkara Assets Reconstruction Private Limited and Rs. 106,03,11,181 from Real Estate Allottees. The total admitted claim from Operational Creditors was Rs. 15,22,94,384 to Ghaziabad

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by Anugraham Builders complies with the provisions of the …

**Ratio:** The Resolution Plan must comply with Sections 30 and 31 of the IBC and regulations 38 and

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**Reasoning:** The Adjudicating Authority perused the documents on record and found that the Resolution

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

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**Application:** The Adjudicating Authority found that the Resolution Plan submitted by

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## Parties

- **Judges:** MANNI SANKARIAH…; Sanjeev R…
- **Appellants:** Suraj Kumar…
- **Respondents:** SARVOTTAM REALCON…

## Timeline

- **2020-01-01 — Company Petiti…**: Company Petition No.:…
- **2021-07-09 — Admission…**: Corporate Insolvency Resolution Process (CIRP) initiated; Mr. Sandeep Goel appointed as…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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