# In the matter of Udaipur Entertainment World Pvt. Ltd. I.A No. 1850 of 2021 in CP (IB) No. 1396 of 2020

> NCLT judgment dated 2022-02-24. Citation: TCN-2022-NCLT-03987. The application was filed by the Resolution Professional (RP) of the Corporate Debtor under…

- **Court:** NCLT
- **Order date:** 24 Feb 2022
- **Citation:** TCN-2022-NCLT-03987
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/udaipur-entertainment-world-pvt-ltd-ia-no-1850-of-2021-in-cp-ib-no-1396-of-2020-0dad207b

## Summary

### Background

The application was filed by the Resolution Professional (RP) of the Corporate Debtor under section 30(6) and section 31 of the Insolvency and Bankruptcy Code, 2016 r/w regulation 39 (4) of Insolvency and Bankruptcy Board of India (Insolvency Resolution process for Corporate Persons) for approval of Resolution Plan of the Corporate Debtor. The Corporate Debtor was admitted into CIRP vide order of admission dated 16.04.2021. The RP appointed carried out the duties including publishing the public announcement of CIRP in Form A dated 22.04.2021 and constituting the CoC. The CoC approved the evaluation matrix as presented by the RP. The CoC has voted in favour of Resolution plan submitted by JVD Life Space with 100% voting share.

## Facts

Udaipur Entertainment World Private Limited (Corporate Debtor) underwent Corporate Insolvency Resolution Process (CIRP) following an application under Section 30(6) and Section 31 of the Insolvency and Bankruptcy Code, 2016. The CIRP was initiated based on an application filed by Mr. Anup Jain, a Home Buyer. The Corporate Debtor was admitted into CIRP on April 16, 2021, and Mr. Neehal Mahamulal Pathan was appointed as the Interim Resolution Professional (IRP). The IRP was later confirmed as the Resolution Professional (RP). The RP carried out various duties, including publishing public announcements, constituting the Committee of Creditors (CoC), and inviting resolution plans. The CoC comprised primarily of home buyers, represented by Rakesh Kumar, holding 100% voting

…

## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by JVD Life Space meets the requirements of Section 31(1) of …

**Ratio:** Section 31(1) of the Insolvency and Bankruptcy Code, 2016 stipulates that a resolution

…

**Reasoning:** The court found that the Resolution Plan submitted by JVD Life Space was approved by the

…

**Interpretation:** Section 31(1) mandates that a resolution plan must meet specific criteria to be

…

**Application:** In this case, the court applied the provisions of Section 31(1) and Section

…

## Parties

- **Judges:** SUCHITRA KANUPARTH…; ANURADHA SANJAY…; +1 more
- **Appellants:** Neehal Mahamulal…
- **Respondents:** M/s Udaipur…; Anup Jain…

## Timeline

- **2021-04-16 — Admission in…**: Corporate Debtor was…
- **2021-04-22 — Public Announcement of…**: Public announcement of CIRP…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 5(26) — Definitions](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-5)

---

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/udaipur-entertainment-world-pvt-ltd-ia-no-1850-of-2021-in-cp-ib-no-1396-of-2020-0dad207b