# In the matter of Vaishali Real Estate Private Limited IA No.325-2022 IN C.P. (IB)-207(ALD) 2019

> NCLT judgment dated 2023-04-20. Citation: TCN-2023-NCLT-03709. The case pertains to an application (IA No. 325/2022) filed by the Resolution Professional (RP)…

- **Court:** NCLT
- **Order date:** 20 Apr 2023
- **Citation:** TCN-2023-NCLT-03709
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/vaishali-real-estate-private-limited-ia-no325-2022-in-cp-ib-207ald-2019-1c8e26c5

## Summary

### Background

The case pertains to an application (IA No. 325/2022) filed by the Resolution Professional (RP) of M/s Vaishali Real Estate Private Limited, the Corporate Debtor, under Sections 30(6) and 31(1) of the Insolvency and Bankruptcy Code, 2016 (IBC), read with Regulation 39(4) of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, for approval of the Resolution Plan. The Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor based on a petition filed by Mr. Amitabh Singh under Section 7 of the IBC, which was admitted on 30.03.2022. Mr. Rajeev Ranjan Singh was appointed as the Interim Resolution Professional (IRP) and later confirmed as the RP. The Committee of Creditors (CoC) was constituted, and invitations

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## Facts

1. Mr. Amitabh Singh filed a Company Petition CP (IB) No.207/ALD/2019 under Section 7 of the Insolvency and Bankruptcy Code, 2016, against M/s Vaishali Real Estate Private Limited, the Corporate Debtor, for initiation of Corporate Insolvency Resolution Process (CIRP).
2. The petition was admitted on 30.03.2022, and Mr. Rajeev Ranjan Singh was appointed as the Interim Resolution Professional (IRP).
3. The IRP was later confirmed as the Resolution Professional (RP) after the first Committee of Creditors (CoC) meeting on 28.04.2022.
4. A public announcement was made on 02.04.2022, inviting claims from creditors.
5. The CoC was initially constituted on 22.04.2022 with one Financial Creditor and six real estate allottees, later reconstituted on 26.08.2022 after receiving a

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by Dwiti Construction Pvt. Ltd. complies with the …

**Ratio:** Sections 30 and 31 of the IBC outline the process and requirements for approval of a

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**Reasoning:** The Adjudicating Authority perused the documents on record and was satisfied that the

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**Interpretation:** The interpretation of Sections 30 and 31 requires the Adjudicating Authority to

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**Application:** In this case, the Adjudicating Authority applied the provisions of Sections 30

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## Parties

- **Judges:** Sh. Praveen…; Sh. Ashish…
- **Appellants:** Amitabh…
- **Respondents:** M/S Vaishali Real…

## Timeline

- **2019-01-01 — Filing of Company…**: Mr. Amitabh Singh filed Company Petition CP (IB) No.207/ALD/2019 under Section 7 of the…
- **2022-03-30 — Admission of…**: The petition filed by Mr. Amitabh Singh was admitted, and CIRP was initiated against 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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