# In the matter of NRS Projects Pvt. Ltd. IA No. 690 of 2020 In CP (IB) No. 38-7-NCLT-AHM-2019

> NCLT judgment dated 2022-08-30. Citation: TCN-2022-NCLT-01216. The case involves IA 690 of 2020 in CP(IB) No. 38 of 2019, filed by Ravi Kapoor, the Resolution…

- **Court:** NCLT
- **Order date:** 30 Aug 2022
- **Citation:** TCN-2022-NCLT-01216
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/nrs-projects-pvt-ltd-ia-no-690-of-2020-in-cp-ib-no-38-7-nclt-ahm-2019-1bd14206

## Summary

### Background

The case involves IA 690 of 2020 in CP(IB) No. 38 of 2019, filed by Ravi Kapoor, the Resolution Professional (RP) of NRS Projects Private Limited, seeking approval of a resolution plan submitted by Nimit Sangani, a promoter of the Corporate Debtor. The Corporate Debtor was admitted into Corporate Insolvency Resolution Process (CIRP) on 25.07.2019. The resolution plan was approved by the Committee of Creditors (COC) with 73.03% votes in its 9th meeting held on 07.09.2020. The CIRP period was extended, and a legislature amended Section 5(8) of IBC, giving home buyers the status of Financial Creditors. The RP received claims from Reliance Home Finance Limited, and in the fourth COC meeting, Sushil Tewary was appointed as the representative of the home buyers. Nimit

…

## Facts

Mr. Ravi Kapoor, the Resolution Professional (RP) of NRS Projects Private Limited, filed IA 690 of 2020 seeking approval of a resolution plan submitted by Mr. Nimit Sangani, a promoter of the Corporate Debtor. The Corporate Debtor, NRS Projects Private Limited, was admitted into CIRP on 25.07.2019. The resolution plan was approved by the COC with 73.03% votes on 07.09.2020. The COC consisted of Fedbank Financial Services Limited and Corporation Bank (now Union Bank). The RP received claims from Reliance Home Finance Limited. In the fourth COC meeting on 23.12.2019, Mr. Sushil Tewary was appointed as the representative of the home buyers, as the Corporate Debtor is a Real Estate Development Company. The CIRP period was extended. The voting percentage of home buyers

…

## Issues and analysis

### Issue 1: Whether the resolution plan submitted by Mr. Nimit Sangani, a promoter of the Corporate Debtor, …

**Ratio:** Section 240A of the IBC provides certain relaxations for MSMEs during the CIRP. The

…

**Reasoning:** The Adjudicating Authority relied on the NCLAT's order in Saravana Global Holdings Ltd.

…

**Interpretation:** Section 29A of the IBC disqualifies certain individuals from submitting a

…

**Application:** In this case, the Adjudicating Authority held that Mr. Nimit Sangani, one of

…

## Parties

- **Judges:** Madan B.…; KAUSHALENDRA…
- **Appellants:** Ravi Ka…
- **Respondents:** NRS Projects Pvt.…; Fedbank Financial…

## Timeline

- **2019-07-25 — CIRP Admi…**: Corporate Debtor admitted into Corporate…
- **2019-09-05 — First COC M…**: The IRP called for the…

## 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)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/nrs-projects-pvt-ltd-ia-no-690-of-2020-in-cp-ib-no-38-7-nclt-ahm-2019-1bd14206