# Approval of Resolution Plan - Vikas Multiplex Developers Pvt. Ltd.

> NCLT judgment dated 2024-12-02. Citation: TCN-2024-NCLT-00118. The case pertains to an application (I.A. 49 of 2024) filed by the Resolution Professional (RP)…

- **Court:** NCLT
- **Order date:** 2 Dec 2024
- **Citation:** TCN-2024-NCLT-00118
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/approval-of-resolution-plan-vikas-multiplex-developers-pvt-ltd-7309029a

## Summary

### Background

The case pertains to an application (I.A. 49 of 2024) filed by the Resolution Professional (RP) of Vikas Multiplex Developers Pvt. Ltd. (Corporate Debtor) seeking approval of the Resolution Plan submitted by the Successful Resolution Applicant (SRA), Mr. Ashok Kumar Goyal. The Corporate Debtor was admitted into Corporate Insolvency Resolution Process (CIRP) following a petition filed by L&T Finance Limited, later assigned to Omkara Assets Reconstruction Pvt. Ltd., under Section 7 of the Insolvency and Bankruptcy Code, 2016. The RP issued public announcements, verified claims, and constituted a Committee of Creditors (COC). The resolution plan was approved by the COC with a 100% vote. The Adjudicating Authority issued a Clarification Order due to inconsistencies in

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## Facts

Vikas Multiplex Developers Pvt. Ltd. (Corporate Debtor) was incorporated on November 29, 2006. L&T Finance Limited (Original Financial Creditor) assigned its debts to Omkara Assets Reconstruction Pvt. Ltd. The latter filed a petition under Section 7 of the IBC, leading to the initiation of CIRP against the Corporate Debtor on June 15, 2023. Sandeep Mahajan was initially appointed as the Interim Resolution Professional (IRP), later replaced by Ritu Rastogi on February 20, 2024. Public announcements were made, and claims were submitted. Omkara Assets Reconstruction Co. Ltd.'s debt was assigned to Indo Jatalia Holdings Limited on December 11, 2023. The RP convened meetings of the COC to determine eligibility criteria for Prospective Resolution Applicants (PRAs). The

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## Issues and analysis

### Issue 1: Whether the resolution plan submitted by Mr. …

**Ratio:** The resolution plan was approved by the CoC with 100% voting in favor, indicating that it

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**Reasoning:** The Adjudicating Authority considered the submissions made by the Ld. Counsel for the

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**Interpretation:** The approval by the CoC with a unanimous vote signifies that the plan is

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**Application:** The Adjudicating Authority approved the resolution plan, subject to the

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## Parties

- **Judges:** Ramalingam…; AVINASH K.…
- **Appellants:** Omkara Assets…
- **Respondents:** Vikas Multiplex…

## Timeline

- **2006-11-29 — Incorporation of…**: Vikas Multiplex Developers…
- **2023-06-15 — Admission in…**: Adjudicating Authority admitted CD into…

## 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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