# In the matter of Heera Constructions Company Private Limited

> NCLT judgment dated 2023-03-31. Citation: TCN-2023-NCLT-03923. The case pertains to an application filed under Section 30(6) of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 31 Mar 2023
- **Citation:** TCN-2023-NCLT-03923
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/heera-constructions-company-private-limited-6a13d6d9

## Summary

### Background

The case pertains to an application filed under Section 30(6) of the Insolvency and Bankruptcy Code, 2016, seeking approval of a resolution plan for Heera Constructions Company Private Limited. The Corporate Insolvency Resolution Process (CIRP) was initiated on 27.03.2019. The Resolution Professional (RP) invited claims from creditors and appointed registered valuers to determine the fair and liquidation value of the Corporate Debtor. The Committee of Creditors (CoC) approved the resolution plan submitted by M/s Royal Heights Projects Private Limited & Others (consortium applicants) with a voting percentage of 74.19%.

## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against Heera Constructions Company Private Limited on 27.03.2019, following an order by the NCLT. Mr. Raju Palanilkunnathil Kesavan was appointed as the Interim Resolution Professional (IRP) and later as the Resolution Professional (RP). The RP published announcements inviting claims from creditors. The fair value of the Corporate Debtor was assessed at Rs. 372.10 Crores, and the liquidation value at Rs. 277.04 Crores. The CoC approved a resolution plan submitted by a consortium of Royal Heights Projects Private Limited, Antony Contracting Private Limited, and Vellapally Brothers with a 74.19% voting share. The resolution plan proposed a total consideration of Rs. 18,811.54 Lakhs for the settlement of

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## Issues and analysis

### Issue 1: Whether the resolution plan submitted by the consortium applicants meets the requirements of …

**Ratio:** Section 30(2) of the Insolvency and Bankruptcy Code, 2016, specifies the requirements

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**Reasoning:** The NCLT reviewed the resolution plan to ensure that it complied with the requirements of

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**Interpretation:** Section 30(2) sets out the mandatory requirements for a resolution plan to be

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**Application:** The NCLT found that the resolution plan submitted by the consortium applicants

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## Parties

- **Judges:** H.V. Subb…; Madhu S…
- **Appellants:** IFCI Li…
- **Respondents:** Heera Construction…

## Timeline

- **2019-03-27 — CIRP Init…**: Corporate Insolvency Resolution Process (CIRP) of the Corporate Debtor was initiated by…
- **2019-03-29 — Public Annou…**: The Applicant published a public announcement in Form A in accordance with Section 15 of…

## 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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