# In the matter of Sainath Estates Private Limited

> NCLT judgment dated 2025-02-24. Citation: TCN-2025-NCLT-00448. The case involves M/s. Sainath Estates Private Limited, which was admitted into Corporate…

- **Court:** NCLT
- **Order date:** 24 Feb 2025
- **Citation:** TCN-2025-NCLT-00448
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/sainath-estates-private-limited-fd5c3010

## Summary

### Background

The case involves M/s. Sainath Estates Private Limited, which was admitted into Corporate Insolvency Resolution Process (CIRP) by an order dated 08.07.2019. During CIRP, the Respondent submitted a Resolution Plan approved by the Committee of Creditors (CoC) on 07.01.2021. The Tribunal approved the Resolution Plan on 09.11.2021. Subsequently, the Chairperson of the Monitoring Committee/Resolution Professional filed an application seeking liquidation of the Corporate Debtor due to the failure of the Successful Resolution Applicant (SRA) to implement the Resolution Plan. The Tribunal allowed the liquidation on 08.07.2022. The SRA then approached NCLAT, which modified the Liquidation Order on 06.09.2024. The present application was reopened to implement NCLAT's directions.

## Facts

M/s. Sainath Estates Private Limited underwent CIRP initiated on 08.07.2019. A resolution plan was approved by the CoC on 07.01.2021 and by the Tribunal on 09.11.2021. Due to the SRA's failure to implement the plan, liquidation was ordered on 08.07.2022. The SRA appealed to NCLAT, which modified the liquidation order on 06.09.2024 based on a settlement memo. The SRA agreed to pay Rs. 136.6 crores, including Rs. 107.59 crores remaining amount and interest. A Joint Lenders Meeting (JLM) was held on 05.08.2024, agreeing to the settlement. Union Bank of India, holding 49.36% voting share, initially consented but later challenged the NCLAT order in the Supreme Court. Disputes arose regarding the liquidator's fees and expenses, with the SRA alleging incorrect invoices. The

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## Issues and analysis

### Issue 1: Whether the terms and conditions as set out in order dated 06.09.2024 of the Hon'ble NCLAT are …

**Ratio:** The legal principle applied is based on the compliance with the orders of higher

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**Reasoning:** The Tribunal reasoned that the SRA had substantially complied with the terms of the

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**Interpretation:** The legal issue involves interpreting the extent of compliance required with

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**Application:** The ratio and reasoning were applied to the specific facts of the case by

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## Parties

- **Judges:** Venkata Ramakrishn…; SH. CHARAN…
- **Appellants:** Dr.K.V.Sr…
- **Respondents:** M/s. Sainath…; K. Premsag…

## Timeline

- **2019-07-08 — CIRP Init…**: Corporate Debtor was put into Corporate…
- **2021-01-07 — CoC Appr…**: Resolution Plan approved by the…

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