# 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-02514. 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-02514
- **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-2019-9e357438

## 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 original Resolution Plan was 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, being the Financial Creditor, initiated Corporate Insolvency Resolution Process (CIRP) against R. G. Buildestate Private Limited, the Corporate Debtor, 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 One City Infrastructure Private Limited, the Resolution Applicant, 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 and the order dated …

**Ratio:** Typographical errors that do not affect the substance of the Resolution Plan and are

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**Reasoning:** The court found that the errors in Clause No. 18.9 (v.) of the Resolution Plan and Para

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**Interpretation:** The interpretation of the relevant clauses of the Resolution Plan and the order

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**Application:** The ratio was applied to the specific facts of the case, where the court

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## Parties

- **Judges:** Deep Chandr…; RAGHU N…; +1 more
- **Appellants:** One City Infrastru…
- **Respondents:** R. G. BUILDESTATE…; None App…

## Timeline

- **2020-01-30 — CIRP Admi…**: CIRP against R. G. Buildestate Private Limited was admitted, and Mr. Chander Shekhar was…
- **2020-07-22 — Resolution Pl…**: Date of the Resolution Plan…

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