# Nimai Gautam Shah, RP of Zep Infratech Limited

> NCLT judgment dated 2025-06-23. Citation: TCN-2025-NCLT-00738. The case pertains to the Corporate Insolvency Resolution Process (CIRP) of Zep Infratech…

- **Court:** NCLT
- **Order date:** 23 Jun 2025
- **Citation:** TCN-2025-NCLT-00738
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/nimai-gautam-shah-rp-of-zep-infratech-limited-9e668c68

## Summary

### Background

The case pertains to the Corporate Insolvency Resolution Process (CIRP) of Zep Infratech Limited. The CIRP was initiated based on an application filed by Raj Radhe Finance Ltd., a financial creditor, under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. The Adjudicating Authority admitted the Corporate Debtor into CIRP on 31.07.2023 and appointed Mr. Nimai Gautam Shah as the Interim Resolution Professional (IRP), who was later confirmed as the Resolution Professional (RP). The RP received claims from various stakeholders and constituted a Committee of Creditors (CoC). The CoC conducted several meetings to evaluate resolution plans, and ultimately approved a resolution plan submitted by M/s. Deepvir Enterprise jointly with M/s. Kanha Ventures. The RP filed

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## Facts

Raj Radhe Finance Ltd. initiated CIRP against Zep Infratech Limited under Section 7 of IBC, 2016. The Adjudicating Authority admitted Zep Infratech into CIRP on 31.07.2023, appointing Nimai Gautam Shah as IRP, later confirmed as RP. The RP received claims and formed a CoC, including Rajendra M. Thakkar (Ravasia) and Sons Private Limited (90.5% voting rights) and Raj Radhe Finance Limited (9.5% voting rights). The CoC approved a resolution plan by M/s. Deepvir Enterprise jointly with M/s. Kanha Ventures. The RP filed an application for approval, challenged by the Income Tax Department. The Adjudicating Authority raised concerns about valuation differences, feasibility, and compliance. Zep Infratech had assets including land, buildings, and financial investments, but

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## Issues and analysis

### Issue 1: Whether the resolution plan complies with the requirements of Section 30(2) of the IBC, 2016, …

**Ratio:** Section 30(2) of the IBC, 2016 mandates that a resolution plan must provide for the

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**Reasoning:** The Adjudicating Authority found that the resolution plan did not adequately address the

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**Interpretation:** Section 30(2) of the IBC, 2016 is interpreted to mean that a resolution plan

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**Application:** In this case, the Adjudicating Authority found that the resolution plan did not

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## Parties

- **Judges:** SHAMMI…; SANJEEV S…
- **Appellants:** Nimai Gauta…
- **Respondents:** Zep Infratech…

## Timeline

- **2023-03-10 — Filing of Company…**: Raj Radhe Finance Ltd. filed Company Petition No. 69 of 2023 seeking initiation of CIRP…
- **2023-07-31 — Admission in…**: The Adjudicating Authority admitted the Corporate Debtor into CIRP and appointed Mr.…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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