# Approval of Resolution Plan - Vidhant Realty Private Limited

> NCLT judgment dated 2025-02-19. Citation: TCN-2025-NCLT-00466. The case involves an application filed by the Resolution Professional, Mr. Modilal Dhanraj…

- **Court:** NCLT
- **Order date:** 19 Feb 2025
- **Citation:** TCN-2025-NCLT-00466
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/approval-of-resolution-plan-vidhant-realty-private-limited-f0979992

## Summary

### Background

The case involves an application filed by the Resolution Professional, Mr. Modilal Dhanraj Pamecha, under Section 30(6) and 31 of the Insolvency and Bankruptcy Code, 2016, seeking approval of a resolution plan for Vidhant Realty Private Limited (Corporate Debtor). The resolution plan was submitted by Cubical Realty Private Limited (Successful Resolution Applicant/SRA) and approved by 100% of the Committee of Creditors (CoC). The CIRP was initiated following the admission of an application under Section 7 of the IBC filed by Kausar Textile Pvt. Ltd. (Financial Creditor). The CIRP period was extended by 60 days. The resolution plan proposes a total payment of Rs. 44.50 crore to various classes of creditors.

## Facts

The Corporate Debtor, Vidhant Realty Private Limited, faced insolvency proceedings initiated by Kausar Textile Pvt. Ltd. under Section 7 of the IBC. Mr. Modilal Dhanraj Pamecha was appointed as the Resolution Professional. The Committee of Creditors (CoC) was constituted and reconstituted based on admitted claims. The Resolution Professional published Form G, inviting Expression of Interests (EOIs) for resolution plans. Cubical Realty Private Limited submitted a resolution plan, which was revised based on CoC's feedback. The CoC approved the revised resolution plan with 100% votes. The resolution plan proposed a total payment of Rs. 44.50 crore to various classes of creditors, including unsecured financial creditors, statutory dues, and CIRP costs. The plan also

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by Cubical Realty Private Limited meets the requirements of …

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

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**Reasoning:** The NCLT examined the Resolution Plan to ensure it complied with each of the requirements

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

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**Application:** The NCLT found that the Resolution Plan submitted by Cubical Realty Private

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## Parties

- **Judges:** Sh. Justice…; SH. PRABHAT…
- **Appellants:** Modilal Dhanraj…
- **Respondents:** Vidhant Realty…; Vidhant Realty…

## Timeline

- **2023-09-25 — CIRP Init…**: CIRP initiated based on Section 7 application by Kausar Textile Pvt. Ltd.; Mr. Modilal…
- **2023-10-01 — Public Annou…**: Form A published, calling upon…

## 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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