# In the matter of RG Buildestate Private Limited IA No. 124-JPR-2022 in CP No. (IB)-262-7-JPR-2019

> NCLT judgment dated 2022-05-31. Citation: TCN-2022-NCLT-02519. The application was filed by the Resolution Applicant under Rule 11 read with Rule 154 of the…

- **Court:** NCLT
- **Order date:** 31 May 2022
- **Citation:** TCN-2022-NCLT-02519
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/rg-buildestate-private-limited-ia-no-124-jpr-2022-in-cp-no-ib-262-7-jpr-2019-96490a26

## Summary

### Background

The application was filed by the Resolution Applicant under Rule 11 read with Rule 154 of the National Company Law Tribunal Rules, 2016, seeking correction of typographical/arithmetical errors in the Resolution Plan dated 22.07.2020. The errors pertained to the proposed increase in Equity Share Capital, where the Resolution Applicant intended to propose an increase of INR 1,00,000/- instead of INR 10,00,000/-. The Resolution Plan had been previously approved by the Authority vide order dated 07.10.2021 in IA No. 241/JPR/2020 in CP No. (IB) 262/7/JPR/2019.

## Facts

S J Services Private Limited, the Financial Creditor, initiated Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor, R. G. Buildestate Private Limited, under Section 7 of the Insolvency and Bankruptcy Code, 2016. The CIRP was admitted vide order dated 30.01.2020, and Mr. Chander Shekhar was appointed as the Interim Resolution Professional (IRP). The IRP convened meetings of the Committee of Creditors (CoC), and in the 6th meeting dated 06.08.2020, the Resolution Plan proposed by the Resolution Applicant, M/s One City Infrastructure Private Limited, was endorsed. The Authority approved the Resolution Plan vide order dated 07.10.2021. Subsequently, the Resolution Applicant filed an application (IA No. 124/JPR/2022) seeking correction of

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## Issues and analysis

### Issue 1: Whether the typographical errors in the Resolution Plan dated 22.07.2020 regarding the proposed …

**Ratio:** Rule 11 read with Rule 154 of the National Company Law Tribunal Rules, 2016 allows for

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**Reasoning:** The court found that there was an inadvertent typographical error in Clause No. 18.9 (v.)

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**Interpretation:** The court interpreted Rule 11 and Rule 154 of the NCLT Rules to permit the

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**Application:** The court applied the ratio to the fact that the Resolution Applicant sought to

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## Parties

- **Judges:** Deep Chandr…; RaghuNa…
- **Respondents:** R. G. BUILDESTATE…; None App…
- **Advocates:** Shobhit T…; Annu…

## Timeline

- **2020-01-30 — CIRP Admi…**: CIRP against R. G. Buildestate…
- **2020-07-22 — Resolution Pl…**: Date of the Resolution Plan…

## 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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