# Approval of Resolution Plan -  Sheltrex Developers Private Limited

> NCLT judgment dated 2024-07-16. Citation: TCN-2024-NCLT-00995. The case involves two applications, IA(IBC)/1729(CHE)/2023 and IA(IBC)/2189(CHE)/2023, filed in…

- **Court:** NCLT
- **Order date:** 16 Jul 2024
- **Citation:** TCN-2024-NCLT-00995
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/approval-of-resolution-plan-sheltrex-developers-private-limited-e37e0c2a

## Summary

### Background

The case involves two applications, IA(IBC)/1729(CHE)/2023 and IA(IBC)/2189(CHE)/2023, filed in relation to the Corporate Insolvency Resolution Process (CIRP) of Sheltrex Developers Private Limited. The CIRP was initiated on 2019-12-10. The first application was filed by the Resolution Professional (RP) seeking approval of the resolution plans for the Coimbatore and Chennai projects of the Corporate Debtor. The second application was filed by Religare Finvest Limited, a dissenting financial creditor, seeking rejection of the resolution plans for both projects. The Corporate Debtor is developing two projects, one in Coimbatore and another in Chennai. The Committee of Creditors (CoC) approved two separate Resolution Plans, one from M/s BMC Brass LLP for the Coimbatore

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## Facts

Sheltrex Developers Private Limited underwent Corporate Insolvency Resolution Process (CIRP) initiated on 2019-12-10. The company had two projects, one in Coimbatore and another in Chennai. The Committee of Creditors (CoC) approved two separate resolution plans: one from BMC Brass LLP for the Coimbatore project and another from Chennai Sheltrex Homebuyers Welfare Association (CSHBA) for the Chennai project. These plans were approved with 96.66% voting in favor. Religare Finvest Limited, a dissenting financial creditor, opposed the resolution plans, arguing that the plans did not adequately address their claims and that having two separate resolution plans was impermissible. Religare Finvest Limited had a claim of Rs.3,84,51,260/- but was offered only Rs.88,000/- in the

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## Issues and analysis

### Issue 1: Whether the resolution plans approved by the CoC comply with the provisions of the IBC and CIRP …

**Ratio:** Section 30(2)(b)(ii) of the IBC, 2016 r/w Section 53 of IBC, 2016 and Regulation 38 of

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**Reasoning:** The Tribunal considered the provisions of Section 30(2)(b)(ii) of the IBC and Regulation

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**Interpretation:** The provisions of the IBC and CIRP Regulations regarding the treatment of

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**Application:** In this case, the Tribunal found that the resolution plans approved by the CoC

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## Parties

- **Judges:** JYOTI KUMAR…; RAVICHANDRAN…
- **Respondents:** Sheltrex Developer…; Mr.N. K…
- **Advocates:** Gajendran…; B. Ramana…; +5 more

## Timeline

- **2014-03-24 — Incorporation of…**: Sheltrex Developers Private Limited…
- **2019-12-10 — CIRP Init…**: Corporate Debtor…

## 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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