# Approval of Resolution Plan - Snehanjali and S.B. Developers Private Limited

> NCLT judgment dated 2025-02-12. Citation: TCN-2025-NCLT-00501. The case involves an application (IA No. 102/MB/2024) filed by the Resolution Professional (RP)…

- **Court:** NCLT
- **Order date:** 12 Feb 2025
- **Citation:** TCN-2025-NCLT-00501
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/approval-of-resolution-plan-snehanjali-and-sb-developers-private-limited-606077d6

## Summary

### Background

The case involves an application (IA No. 102/MB/2024) filed by the Resolution Professional (RP) of Snehanjali and S.B. Developers Private Limited, the Corporate Debtor (CD), seeking approval of a Resolution Plan submitted by La Mer Developers Private Limited in consortium with Neel Builders and Developers, the Successful Resolution Applicant (SRA). The Corporate Insolvency Resolution Process (CIRP) was initiated after homebuyers, acting as Financial Creditors (FCs), filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC). The Adjudicating Authority (AA) admitted the CD into CIRP, a decision challenged unsuccessfully before the NCLAT. The RP was appointed and the Committee of Creditors (CoC) was constituted, primarily comprising the

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## Facts

Snehanjali and S.B. Developers Private Limited (Corporate Debtor) faced Corporate Insolvency Resolution Process (CIRP) after homebuyers (Financial Creditors) initiated proceedings under Section 7 of the IBC due to the company's failure to complete a redevelopment project named 'O2'. The project involved 7 wings with 280 units for re-settlers and 6 wings with 310 units for free sale. The Committee of Creditors (CoC), primarily consisting of homebuyers' representatives, approved a resolution plan submitted by La Mer Developers Limited in consortium with Neel Builders and Developers (Successful Resolution Applicant - SRA) with 83.46% voting share. The plan includes provisions for settling claims of various creditors, including homebuyers (through delivery of flats),

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by La Mer Developers Private Limited in consortium with Neel …

**Ratio:** Section 30(2) of the IBC outlines the requirements that a resolution plan must meet for

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**Reasoning:** The Tribunal found that the Resolution Plan provides for priority of payment of CIRP

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**Interpretation:** Section 30(2) sets the minimum standards for a resolution plan to be considered

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**Application:** The Tribunal determined that the plan adequately addresses the requirements of

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## Parties

- **Judges:** K. R. SAJI…; SANJIV…
- **Appellants:** Dinesh Kuma…
- **Respondents:** Snehanjali and…; Santosh Ananda…
- **Advocates:** Vikram Na…; Nishit D…; +3 more

## Timeline

- **2023-03-07 — Admission in…**: Adjudicating Authority admitted the Corporate Debtor into Corporate Insolvency Resolution…
- **2024-03-09 — Public Annou…**: Public announcement was made as per Regulation 6 of the CIRP Regulations in Form A,…

## 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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