# In the matter of Boulevard Projects Private Limited CA No.2778 (PB)-2019 in CP (IB) No.967(PB)-2018

> NCLT judgment dated 2023-02-27. Citation: TCN-2023-NCLT-04439. The case involves an interlocutory application IA No.2778(PB) 2019 moved on 2019-12-05 by Mr.…

- **Court:** NCLT
- **Order date:** 27 Feb 2023
- **Citation:** TCN-2023-NCLT-04439
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/boulevard-projects-private-limited-ca-no2778-pb-2019-in-cp-ib-no967pb-2018-04c69937

## Summary

### Background

The case involves an interlocutory application IA No.2778(PB) 2019 moved on 2019-12-05 by Mr. Amit Agarwal, the Resolution Professional (RP) of Boulevard Projects Private Limited, seeking approval of the Resolution Plan under Sections 30(6) and 31(1) of the Insolvency & Bankruptcy Code, 2016, read with regulation 39(4) of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. The Corporate Debtor, Boulevard Projects Private Limited, is engaged in real estate development in Noida under the project name 'Delhi One'. The CIRP was initiated following a Company Petition CP (IB) No.1567(PB)2018 filed by SGM Webtech Limited under Section 7 of the Code, which was admitted on 2019-02-08. Mr. Amit Agarwal was appointed as the IRP and later

…

## Facts

SGM Webtech Private Limited initiated CIRP against Boulevard Projects Private Limited by filing CP (IB) No.1567(PB)2018 under Section 7 of the IBC. The petition was admitted on 2019-02-08, marking the Insolvency Commencement Date. Mr. Amit Agarwal was appointed as the IRP and later confirmed as RP. Public announcement was made on 2019-02-14, and the CoC was constituted on 2019-03-12. The corporate debtor is engaged in real estate development in Noida under the project name 'Delhi One'. The fair value of the corporate debtor was assessed at Rs. 452,00,00,000/-, and the liquidation value at Rs. 284,00,00,000/-. The RP received 8 EoIs and one resolution plan from Max Estates Limited. The CoC approved the resolution plan with 86% voting share on 2019-11-11. The Resolution

…

## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by Max Estates Limited meets the requirements of Sections 30 …

**Ratio:** Sections 30 and 31 of the IBC, along with Regulations 38 and 39 of the CIRP Regulations,

…

**Reasoning:** The Adjudicating Authority perused the documents on record and found that the Resolution

…

**Interpretation:** The Resolution Plan must adhere to the statutory requirements to ensure fair

…

**Application:** The Adjudicating Authority examined the Resolution Plan and found that it meets

…

## Parties

- **Judges:** Ramalingam…; AVINASH K.…
- **Respondents:** Boulevard…
- **Advocates:** Gopal…; Angad V…; +10 more

## Timeline

- **2018-01-01 — Company Petiti…**: Company Petition CP (IB) No.1567(PB)2018 filed by SGM Webtech Limited under Section 7 of…
- **2019-02-08 — Admission of…**: The Company Petition was admitted,…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 14 — Moratorium](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-14)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/boulevard-projects-private-limited-ca-no2778-pb-2019-in-cp-ib-no967pb-2018-04c69937