# Approval of Resolution Plan - Shraman Estate Pvt. Ltd.

> NCLT judgment dated 2025-03-28. Citation: TCN-2025-NCLT-00292. The case pertains to the Corporate Insolvency Resolution Process (CIRP) of Shraman Estates…

- **Court:** NCLT
- **Order date:** 28 Mar 2025
- **Citation:** TCN-2025-NCLT-00292
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/approval-of-resolution-plan-shraman-estate-pvt-ltd-7705a2ae

## Summary

### Background

The case pertains to the Corporate Insolvency Resolution Process (CIRP) of Shraman Estates Private Limited. The CIRP was initiated following an application by Shrem Residency Private Limited under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC). The application was admitted by the National Company Law Tribunal (NCLT), New Delhi Bench, on January 23, 2023, and Mr. Shailesh Bhalchandra Desai was appointed as the Interim Resolution Professional (IRP). Subsequently, the IRP made a public announcement on February 2, 2023, and constituted a Committee of Creditors (CoC). The shareholder of the Corporate Debtor filed an appeal with the Supreme Court of India, which initially stayed the CIRP but later lifted the stay on January 5, 2024, following a settlement

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## Facts

Shrem Residency Private Limited initiated Corporate Insolvency Resolution Process (CIRP) against Shraman Estates Private Limited under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC). The application was admitted on January 23, 2023, and Shailesh Bhalchandra Desai was appointed as the Interim Resolution Professional (IRP). A public announcement was made on February 2, 2023, and a Committee of Creditors (CoC) was constituted. The shareholder of Shraman Estates Private Limited challenged the CIRP in the Supreme Court, which initially imposed a stay but later lifted it on January 5, 2024, following a settlement agreement. The CoC approved the commencement of the EOI and Resolution Process, leading to the submission of resolution plans by several Prospective

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## Issues and analysis

### Issue 1: Whether the resolution plan submitted by Jaspal Singh Chandock should be approved under Section …

**Ratio:** Section 30(6) of the IBC stipulates that the Resolution Professional shall submit the

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**Reasoning:** The NCLT considered the resolution plan submitted by Jaspal Singh Chandock and found that

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

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**Application:** In this case, the NCLT found that the resolution plan submitted by Jaspal Singh

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## Parties

- **Judges:** SH. ASHOK KUMAR…; Reena Sinh…
- **Appellants:** M/s Shrem…
- **Respondents:** Shraman Estates…; Shraman Estate…

## Timeline

- **2023-01-23 — CIRP Init…**: Application by Shrem Residency Private…
- **2023-02-02 — Public Annou…**: IRP made a Public…

## 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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