# 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-04686. 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-04686
- **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-2018-546b241a

## 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 August 30, 2018, and the CIRP was consolidated with its four subsidiaries, commencing a Consolidated CIRP on May 13, 2021. The Resolution Plan submitted by Darwin Platform Infrastructure Limited was approved by the CoC with a 96.14% vote share on December 23, 2021. The Resolution Professional (RP) then filed the instant application on January 18, 2022.

## Facts

The Corporate Debtor, Lavasa Corporation Limited, underwent Corporate Insolvency Resolution Process (CIRP) initiated on August 30, 2018. The CIRP was subsequently consolidated with its four subsidiaries, commencing a Consolidated CIRP on May 13, 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 December 23, 2021. The Resolution Plan proposed a distribution of funds among various stakeholders, including Secured Financial Creditors, Unsecured Financial Creditors, Operational Creditors, and Government dues. The Resolution Professional (RP) filed an application seeking approval of the Resolution Plan. The key fact is the disparity in the treatment of Secured Financial

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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 creditors, as

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

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**Interpretation:** The interpretation of Section 3(30) of the IBC, as clarified by the Supreme

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**Application:** In this case, the Resolution Plan's allocation of only 0.05% to Government dues

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## Parties

- **Judges:** P.N. Des…; 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…**: Consolidated CIRP commenced,…

## 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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