# Approval of Resolution Plan - Value Infratech India Private Limited

> NCLT judgment dated 2024-11-14. Citation: TCN-2024-NCLT-00236. The application I.A/5191/2023 was filed under Section 30(6) read with Section 31(1) of the…

- **Court:** NCLT
- **Order date:** 14 Nov 2024
- **Citation:** TCN-2024-NCLT-00236
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/approval-of-resolution-plan-value-infratech-india-private-limited-e24fde5c

## Summary

### Background

The application I.A/5191/2023 was filed under Section 30(6) read with Section 31(1) of the Insolvency and Bankruptcy Code, 2016, along with Regulation 39(4) of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. The application was filed by Mr. Gaurav Katiyar, the Resolution Professional of Value Infratech India Private Limited, seeking approval of the Resolution Plan submitted by the Consortium of Floral Realcon Private Limited and Mr. Sandeep Batra. The Corporate Insolvency Resolution Process (CIRP) was initiated against Value Infratech India Private Limited by the Adjudicating Authority on 03.01.2020, following an application by Capri Global Capital Limited under Section 7 of the Code. Initially, Mr. Sanjay Kumar Singh was appointed as

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## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against Value Infratech India Private Limited following an application by Capri Global Capital Limited under Section 7 of the Insolvency and Bankruptcy Code (IBC). Mr. Sanjay Kumar Singh was initially appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional. Liquidation proceedings were initiated but subsequently overturned on appeal by real estate allottees. Mr. Gaurav Katiyar was then appointed as the IRP. The Resolution Professional received claims from financial creditors and presented a resolution plan to the Committee of Creditors (CoC). The CoC approved a resolution plan submitted by the Consortium of Floral Realcon Private Limited and Mr. Sandeep

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## Issues and analysis

### Issue 1: Whether the resolution plan submitted by the Consortium of Floral Realcon Private Limited and Mr. …

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

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**Reasoning:** The Adjudicating Authority examined the resolution plan to ensure it complied with each

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**Interpretation:** Section 30(2) establishes a checklist of essential elements that a resolution

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**Application:** The Adjudicating Authority found that the resolution plan submitted by the

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## Parties

- **Judges:** MAHENDRA KHANDELWA…; Sanjeev R…
- **Appellants:** Capri Global…
- **Respondents:** Value Infratech…

## Timeline

- **2020-01-03 — CIRP Init…**: Corporate Insolvency Resolution Process (CIRP) was initiated against Value Infratech…
- **2020-01-31 — RP Appoin…**: Mr. Sanjay Kumar Singh was appointed as…

## 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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