# In the matter of Lavasa Corporation Limited IA No. 52 of 2022 In C.P.(IB)-1765 (MB) 2018

> NCLT judgment dated 2023-02-09. Citation: TCN-2023-NCLT-04683. The application was filed under Section 30(6) of the Insolvency & Bankruptcy Code, 2016,…

- **Court:** NCLT
- **Order date:** 9 Feb 2023
- **Citation:** TCN-2023-NCLT-04683
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/lavasa-corporation-limited-ia-no-52-of-2022-in-cpib-1765-mb-2018-2c0d2067

## Summary

### Background

The application was filed under Section 30(6) of the Insolvency & Bankruptcy Code, 2016, seeking approval of the Resolution Plan passed by the Consolidated Committee of Creditors (CoC). The Corporate Debtor was admitted into Corporate Insolvency Resolution Process (CIRP) vide order dated 30th August 2018, and the CIRP was consolidated with its four subsidiaries, commencing a Consolidated CIRP on 13th May 2021. The Resolution Plan submitted by Darwin Platform Infrastructure Limited was approved by the CoC with a 96.14% vote share on 23rd December 2021. The Resolution Professional (RP) filed the application on 18th January 2022.

## Facts

The Corporate Debtor, Lavasa Corporation Limited, underwent Corporate Insolvency Resolution Process (CIRP) initiated on 30th August 2018. The CIRP was consolidated with its four subsidiaries, commencing a Consolidated CIRP on 13th May 2021. Darwin Platform Infrastructure Limited submitted a Resolution Plan, which was approved by the Committee of Creditors (CoC) with a 96.14% vote share on 23rd December 2021. The Resolution Professional (RP) filed an application on 18th January 2022, seeking approval of the Resolution Plan. The Resolution Plan proposed a distribution of funds among various classes of creditors, including Secured Financial Creditors, Unsecured Financial Creditors, and Operational Creditors. The court observed a disparity in the treatment of Secured

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## Issues and analysis

### Issue 1: Whether the Resolution Plan contemplates the disbursement of Government and statutory dues in a …

**Ratio:** The principle of equitable treatment of creditors, particularly statutory dues, as

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**Reasoning:** The court observed a significant disparity between the percentage of amounts provided to

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**Interpretation:** The court interpreted the Supreme Court's judgment in Rainbow Papers to mean

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**Application:** The court applied this principle to the facts of the case, finding that the

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## Parties

- **Judges:** P.N. Deshmukh…; Shyam Babu…
- **Appellants:** Shailesh…
- **Respondents:** Lavasa Corporation…; Darwin Platform…

## Timeline

- **2018-08-30 — CIRP Init…**: Corporate Debtor admitted into Corporate…
- **2021-05-13 — Consolidated CIRP…**: Commencement of Consolidated CIRP involving the Corporate Debtor and its four…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 3(30) — Definitions](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-3)

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