# Mr. Abhay Narayan Manudhane Resolution Professional of Housing Development & Infrastructure Limited

> NCLT judgment dated 2025-06-27. Citation: TCN-2025-NCLT-00741. The document pertains to I.A. 3625/2022 filed in C.P. No. (IB) 27/MB/C-III/2019 under Section…

- **Court:** NCLT
- **Order date:** 27 Jun 2025
- **Citation:** TCN-2025-NCLT-00741
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/mr-abhay-narayan-manudhane-resolution-professional-of-housing-development-infras-7b0df4cd

## Summary

### Background

The document pertains to I.A. 3625/2022 filed in C.P. No. (IB) 27/MB/C-III/2019 under Section 31 of the Insolvency and Bankruptcy Code, 2016. The application was filed by Mr. Abhay Narayan Manudhane, the Resolution Professional of Housing Development & Infrastructure Limited (HDIL), seeking approval of the Resolution Plan for Vertical V Project BKC, submitted by Adani Properties Private Limited. The CoC approved the resolution plan with 66.084% voting share. The CIRP was initiated on 20.08.2019.

## Facts

The Corporate Insolvency Resolution Process (CIRP) of Housing Development & Infrastructure Limited (HDIL), the Corporate Debtor, was initiated on 20.08.2019. Mr. Abhay Narayan Manudhane was appointed as the Interim Resolution Professional (IRP). The IRP made a public announcement on 29.08.2019, inviting claims from creditors. The Committee of Creditors (CoC) was constituted, and the RP was confirmed on 08.01.2020. The CoC approved the appointment of valuers to determine the fair value and liquidation value of the Corporate Debtor's assets. The RP issued a Request for Resolution Plans (RFRP) on 17.01.2022. Adani Properties Private Limited submitted a resolution plan for Vertical V Project BKC, which was approved by the CoC with 66.084% voting. The RP issued a Letter

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by Adani Properties Private Limited for Vertical V Project …

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

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**Reasoning:** The NCLT examined the Compliance Certificate in Form H and found that the Resolution Plan

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**Interpretation:** Section 30(2) ensures that a resolution plan adequately addresses the interests

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**Application:** The NCLT determined that the Resolution Plan complies with Section 30(2) as it

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## Parties

- **Judges:** Hariharan…; LAKSHMI G…
- **Respondents:** Housing Developmen…

## Timeline

- **2019-08-20 — CIRP Init…**: Corporate Insolvency Resolution Process…
- **2019-08-29 — Public Annou…**: IRP made public announcement…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 14 — Moratorium](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-14)

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