# In the matter of Merushikhar Realty LLP

> NCLT judgment dated 2024-05-28. Citation: TCN-2024-NCLT-01279. The case involves an application (I.A No. 397/2023) filed by the Resolution Professional (RP)…

- **Court:** NCLT
- **Order date:** 28 May 2024
- **Citation:** TCN-2024-NCLT-01279
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/merushikhar-realty-llp-0b1bbfb8

## Summary

### Background

The case involves an application (I.A No. 397/2023) filed by the Resolution Professional (RP) of M/s Merushikhar Realty (LLP) under Section 30(6) of the Insolvency and Bankruptcy Code, 2016, seeking approval of a Resolution Plan submitted by Maniveera Structure Pvt. Ltd. The Corporate Insolvency Resolution Process (CIRP) was initiated against M/s Merushikhar Realty (LLP) following a petition filed by an Operational Creditor, M/s Omkush Infrastructure Pvt Ltd, which was admitted on 30/05/2022. The RP took necessary actions, including public announcement and reconstitution of the Committee of Creditors (CoC). The CoC approved the Resolution Plan with 100% voting share.

## Facts

M/s Merushikhar Realty (LLP), a Limited Liability Partnership engaged in real estate, faced CIRP proceedings initiated by M/s Omkush Infrastructure Pvt Ltd, an Operational Creditor. The CIRP was triggered by CP(IB) No. 86/BB/2021, which was admitted on 30/05/2022. The Resolution Professional (RP) was appointed and took steps such as public announcement and reconstitution of the Committee of Creditors (CoC). The RP prepared an Information Memorandum and invited Expressions of Interest, receiving responses from multiple Prospective Resolution Applicants (PRAs). Maniveera Structure Pvt. Ltd. submitted a Resolution Plan, which was approved by the CoC with 100% voting share. The Resolution Plan proposed a total payment of Rs 1,02,99,917/-. The RP filed I.A No. 397/2023

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## Issues and analysis

### Issue 1: Whether the Resolution Plan meets the requirements of Section 30(2) of the Insolvency and …

**Ratio:** Section 30(2) of the IBC outlines the mandatory requirements that a resolution plan must

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**Reasoning:** The Adjudicating Authority examined the Resolution Plan to determine whether it complied

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**Interpretation:** Section 30(2) is interpreted strictly to ensure that resolution plans adhere to

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**Application:** In this case, the Adjudicating Authority found that the Resolution Plan did not

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## Parties

- **Judges:** K. Bi…; Manoj Kumar…
- **Respondents:** M/s Merushikhar…; M/s Omkush…

## Timeline

- **2021-01-01 — Initiation…**: CP(IB) No. 86/BB/2021 filed by Operational…
- **2022-05-30 — Admission o…**: CIRP initiated against M/s Merushikhar…

## 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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