# In the matter of Setubandhan Infrastructure Limited

> NCLT judgment dated 2025-03-24. Citation: TCN-2025-NCLT-00324. The case involves an application filed under Section 30(6) and Section 31 of the Insolvency and…

- **Court:** NCLT
- **Order date:** 24 Mar 2025
- **Citation:** TCN-2025-NCLT-00324
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/setubandhan-infrastructure-limited-27724ea8

## Summary

### Background

The case involves an application filed under Section 30(6) and Section 31 of the Insolvency and Bankruptcy Code, 2016, by the Resolution Professional seeking approval of a resolution plan submitted by Univastu India Limited for Setubandhan Infrastructure Limited, which was approved by 98.57% of the Committee of Creditors (CoC). The Corporate Insolvency Resolution Process (CIRP) was initiated following a petition filed by State Bank of India under Section 7 of the IBC. The CIRP commenced on 2022-11-28, with Sandeep Maheshwari appointed as the Interim Resolution Professional and later confirmed by the CoC. The Resolution Professional received claims from various creditors, and the CoC was constituted. The Resolution Professional appointed registered valuers to determine

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## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against Setubandhan Infrastructure Limited based on an application filed by State Bank of India under Section 7 of the Insolvency and Bankruptcy Code, 2016. The CIRP commenced on 2022-11-28. Sandeep Maheshwari was appointed as the Interim Resolution Professional and later confirmed by the Committee of Creditors (CoC). The Resolution Professional received claims from various creditors, including secured and unsecured financial creditors, and operational creditors. The CoC was constituted, with State Bank of India holding the majority voting share (65.54%). The Resolution Professional appointed registered valuers to determine the fair value and liquidation value of the corporate debtor's assets. Form G,

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by …

**Ratio:** A resolution plan must comply with the mandatory provisions of the Insolvency and

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**Reasoning:** The Tribunal found that the resolution plan submitted by Univastu India Limited contained

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**Interpretation:** The IBC and IBBI Regulations mandate specific provisions for dissenting

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**Application:** In this case, the resolution plan submitted by Univastu India Limited did not

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## Parties

- **Judges:** Reeta K…; Madhu S…
- **Appellants:** Sandeep D.…
- **Respondents:** Setubandhan…; State Bank of…

## Timeline

- **2022-11-28 — CIRP Init…**: Corporate Insolvency Resolution Process (CIRP) of the Corporate Debtor was initiated by…
- **2022-11-30 — Public Annou…**: Applicant published a Public Announcement in Form A in accordance with Section 15 of the…

## 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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