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

> NCLT judgment dated 2025-02-12. Citation: TCN-2025-NCLT-00498. 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-00498
- **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-a0d0201d

## 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 Committee of Creditors (CoC) approved the resolution plan with 83.46% voting share.

## Facts

Snehanjali and S.B. Developers Private Limited (Corporate Debtor) underwent Corporate Insolvency Resolution Process (CIRP) following an application by homebuyers (Financial Creditors) under Section 7 of the IBC. The Adjudicating Authority admitted the CD into CIRP, a decision upheld by the NCLAT. Mr. Dinesh Kumar Deora was appointed as the Resolution Professional (RP). The RP invited claims from creditors and constituted a Committee of Creditors (CoC). The CoC 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 SRA's plan involved completing the Corporate Debtor's 'O2' project, which consisted of 7 wings with 280 units for re-settlers and

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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 specifies the requirements that a resolution plan must meet,

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**Reasoning:** The Tribunal found that the Resolution Plan complied with Section 30(2) of the IBC, as it

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**Interpretation:** Section 30(2) is interpreted as setting the minimum standards for a resolution

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**Application:** The Tribunal applied the requirements of Section 30(2) to the specific

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## Parties

- **Judges:** K. R. SAJI…; SANJIV…
- **Appellants:** Dinesh Kuma…
- **Respondents:** Snehanjali and…; Santosh Ananda…

## Timeline

- **2023-03-07 — Adjudicating Authority…**: 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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