# In the matter of Crown Realtech Private Limited IA - 5687-2020 & IA - 5006-2021 in Company Petition No. IB 1565(PB)-2018

> NCLT judgment dated 2023-02-21. Citation: TCN-2023-NCLT-04515. The case involves an application (IA No. 5687/2020) moved by Mr. Atul Kumar Kansal, the…

- **Court:** NCLT
- **Order date:** 21 Feb 2023
- **Citation:** TCN-2023-NCLT-04515
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/crown-realtech-private-limited-ia-5687-2020-ia-5006-2021-in-company-petition-no-d379766b

## Summary

### Background

The case involves an application (IA No. 5687/2020) moved by Mr. Atul Kumar Kansal, the Resolution Professional (RP) of Crown Realtech Private Limited, seeking approval of the Resolution Plan under Sections 30(6) and 31(1) of the Insolvency & Bankruptcy Code (IBC), 2016. The Corporate Insolvency Resolution Process (CIRP) was initiated following a petition filed by Mohan Aggarwal under Section 7 of the IBC. The Adjudicating Authority admitted the petition on 06.12.2019, appointing Mr. Amit Agrawal as the Interim Resolution Professional (IRP). Subsequently, Mr. Atul Kumar Kansal replaced Mr. Agrawal as the RP. The Corporate Debtor owns land in Faridabad and is developing a project named Crown Abacus Park.

## Facts

Mohan Agarwal filed a petition under Section 7 of the IBC, leading to the initiation of CIRP for Crown Realtech Private Limited. The petition was admitted on 06.12.2019. Amit Agrawal was appointed as IRP, later replaced by Atul Kumar Kansal. Crown Realtech owns land in Faridabad and is developing Crown Abacus Park. The RP made public announcements and collated claims, forming a CoC on 03.01.2020. The fair value of the Corporate Debtor was assessed at Rs. 196,02,00,000/-, and the liquidation value at Rs. 156,52,00,000/-. The RP received four EoIs, and the CoC approved the resolution plan of Crown Abacus IT Park Association with 96.38% voting. The Resolution Applicant is an association of real estate allottees. The resolution plan targets the completion of towers B1 and

…

## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by Crown Abacus IT Park Association complies with the …

**Ratio:** The Resolution Plan must adhere to Sections 30 and 31 of the IBC, as well as Regulations

…

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

…

**Interpretation:** Sections 30 and 31 of the IBC outline the requirements for approval of a

…

**Application:** The Adjudicating Authority applied the provisions of Sections 30 and 31 of the

…

## Parties

- **Judges:** Ramalingam…; AVINASH K.…
- **Appellants:** Mohan Ag…
- **Respondents:** Crown Realtech…

## Timeline

- **2018-01-01 — Company Petiti…**: Company Petition No.:…
- **2019-12-06 — Admission…**: Adjudicating Authority admitted the petition filed by Mohan Aggarwal under Section 7 of…

## 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)

---

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/crown-realtech-private-limited-ia-5687-2020-ia-5006-2021-in-company-petition-no-d379766b