# Approval of Resolution Plan - Universal Buildwell Private Limited

> NCLT judgment dated 2025-03-07. Citation: TCN-2025-NCLT-00384. The case involves a corporate insolvency resolution process (CIRP) initiated against Universal…

- **Court:** NCLT
- **Order date:** 7 Mar 2025
- **Citation:** TCN-2025-NCLT-00384
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/approval-of-resolution-plan-universal-buildwell-private-limited-946e2881

## Summary

### Background

The case involves a corporate insolvency resolution process (CIRP) initiated against Universal Buildwell Private Limited. The CIRP was triggered by an application filed by Pallavi Joshi Bakhru under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. The resolution plan submitted by Universal Aura Welfare Association, Universal Greens Buyers Association, and Universal Business Park Owners Association was approved by the Committee of Creditors (CoC) with 70.44% voting share. Several applications (IAs) were filed, including those seeking approval of the resolution plan and objections to it. The main contention revolves around the treatment of dissenting financial creditors, particularly DHFL, Kotak Mahindra Bank Limited, and Kotak Mahindra Prime Limited, and

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## Facts

Pallavi Joshi Bakhru initiated CIRP against Universal Buildwell Private Limited under Section 7 of IBC, 2016. The application was admitted on 03.07.2018. Atul Kumar Kansal was appointed as IRP and later confirmed as RP. The resolution plan submitted by Universal Aura Welfare Association, Universal Greens Buyers Association, and Universal Business Park Owners Association was approved by the CoC with 70.44% voting share. Several IAs were filed, including IA-5003/2021 seeking approval of the resolution plan. Dissenting financial creditors, including DHFL, Kotak Mahindra Bank Limited, and Kotak Mahindra Prime Limited, raised objections regarding the treatment of their claims. The Adjudicating Authority initially directed the CoC to re-examine the liquidation value, but

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## Issues and analysis

### Issue 1: Whether the resolution plan complies with Section 30(2)(b) and Section 53 of the IBC, particularly …

**Ratio:** The legal principle is that dissenting financial creditors are entitled to receive

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**Reasoning:** The court reasoned that the dissenting financial creditors have a statutory right to

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**Interpretation:** The interpretation of Section 30(2)(b) and Section 53 of the IBC is that

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**Application:** In this case, the court found that the resolution plan was not in compliance

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## Parties

- **Judges:** Sh. Ashok Kumar…; SUBRATA KUM…
- **Appellants:** Pallavi Joshi…
- **Respondents:** Universal…

## Timeline

- **2018-07-03 — CIRP Init…**: CIRP initiated against…
- **2018-09-12 — RP Confir…**: Atul Kumar Kansal…

## 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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