# In the matter of IVR Prime IT SEZ Private Limited IA No. 2878 (PB) 2022 in CP (IB) No. 450(PB)-2018

> NCLT judgment dated 2023-01-06. Citation: TCN-2023-NCLT-05168. The case involves an application (IA-2878 (PB)/2022) filed under Section 30(6) and 31 of the…

- **Court:** NCLT
- **Order date:** 6 Jan 2023
- **Citation:** TCN-2023-NCLT-05168
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/ivr-prime-it-sez-private-limited-ia-no-2878-pb-2022-in-cp-ib-no-450pb-2018-4da37719

## Summary

### Background

The case involves an application (IA-2878 (PB)/2022) filed under Section 30(6) and 31 of the Insolvency & Bankruptcy Code, 2016, seeking approval of a Resolution Plan submitted by M/s Vasu Buildcon, a SPV of M/s Vasu Infrastructure Private Limited and M/s KPM Infrastructure Private Limited, for M/s IVR Prime IT SEZ Private Limited ('CD'). The CD had taken loans from Nupur Finvest (FC), with M/s Unnati Fortune Holdings Limited (UFHL) providing a corporate guarantee. CIRP was initiated against the CD due to default in repayment of loan. UFHL is also in CIRP.

## Facts

M/s IVR Prime IT SEZ Private Limited ('CD') is undergoing CIRP. The CD had taken two loans from Nupur Finvest (FC) for working capital: ₹2,00,00,000 on 2016-01-28 and ₹1,45,17000 on 2017-03-30. M/s Unnati Fortune Holdings Limited (UFHL), the CD's holding company, provided a corporate guarantee for these loans. UFHL is also in CIRP. The CD's articles of association state its business as real estate, infrastructure, etc. The CD had a lease agreement with NOIDA for a plot of land (GH-05, Sector 144, Noida) measuring 1,00,000 sq. mtrs. The CD entered into a General Development Agreement (GDA) with UFHL on 2013-01-22. Nupur Finvest also gave loans to UFHL: ₹3,00,00,000 and ₹2,34,67,000 vide loan agreements dated 2016-01-28 & 2017-03-30. NOIDA had leased another plot of

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## Issues and analysis

### Issue 1: Whether the Resolution Plan adequately addresses the status of land owned by the Corporate Debtor …

**Ratio:** The principle of ensuring transparency and completeness in the Resolution Plan,

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**Reasoning:** The Adjudicating Authority noted that the Resolution Plan and Information Memorandum

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**Interpretation:** The legal issue involves interpreting the requirements of the IBC regarding the

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**Application:** The Adjudicating Authority directed the RP to provide the present status and

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## Parties

- **Judges:** Ramalingam…; AVINASH K.…
- **Appellants:** Kashi Vishwanathan…
- **Respondents:** IVR Prime IT SEZ…; Shailndra Pratap…

## Timeline

- **2016-01-28 — Loan Agre…**: Nupur Finvest provided a loan of…
- **2016-01-28 — Hypothecation Statement…**: Loans were secured by hypothecation of 15 flats and a guarantee agreement was executed by…

## 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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