# In the matter of Heera Constructions Private Limited {I.A. 2238-2022 in C.P. No. (IB) 4447-MB-2018]

> NCLT judgment dated 2023-03-31. Citation: TCN-2023-NCLT-03941. IFCI Ltd., a dissenting financial creditor, filed I.A. 2238/2022 challenging the approval of…

- **Court:** NCLT
- **Order date:** 31 Mar 2023
- **Citation:** TCN-2023-NCLT-03941
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/heera-constructions-private-limited-ia-2238-2022-in-cp-no-ib-4447-mb-2018-6393b98c

## Summary

### Background

IFCI Ltd., a dissenting financial creditor, filed I.A. 2238/2022 challenging the approval of the resolution plan submitted by Royal Heights Projects Private Limited. The applicant claimed that the resolution plan did not provide a holistic resolution for all projects of the corporate debtor, Heera Constructions Private Limited, and contravened a previous order. The applicant sought rejection of the resolution plan or disbursement of the liquidation value, citing a lack of holistic resolution and non-compliance with IBC regulations. The resolution plan was approved by the CoC with a majority of 79.43%.

## Facts

IFCI Ltd. is a financial creditor to Heera Constructions Private Limited, the corporate debtor, having extended a loan of Rs. 50 Crore secured by a mortgage on four properties. The corporate insolvency resolution process (CIRP) was initiated against Heera Constructions Private Limited, and a resolution plan submitted by Royal Heights Projects Private Limited was approved by the Committee of Creditors (CoC) with a 79.43% majority. IFCI Ltd., holding 20.546% voting share, dissented from the plan, arguing it did not provide a holistic resolution for all 17 projects of the corporate debtor and violated a prior tribunal order dated March 3, 2022. The resolution plan categorized projects into phases, with only 7 out of 12 projects addressed in Phase I. IFCI Ltd. also claimed

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by Royal Heights Projects Private Limited provides a holistic …

**Ratio:** The commercial wisdom of the Committee of Creditors (CoC) is paramount in determining the

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**Reasoning:** The CoC discussed the issue of feasibility and viability and approved the Resolution Plan

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**Interpretation:** A holistic resolution does not necessarily require all projects to be addressed

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**Application:** The NCLT found that the Resolution Plan attempted a holistic resolution by

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## Parties

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

## Timeline

- **2018-01-01 — C.P. No. (IB)…**: The matter pertains to…
- **2019-03-27 — Insolvency Proceedings…**: Heera Construction Company Limited (HCCL) has been facing insolvency proceedings since…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 60(5) — Adjudicating Authority for corporate persons](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-60)

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