# Approval of Resolution Plan - Riverbank Developers Private Limited

> NCLT judgment dated 2025-12-19. Citation: TCN-2025-NCLT-01878. The application is for approval of a resolution plan for Riverbank Developers Private Limited…

- **Court:** NCLT
- **Order date:** 19 Dec 2025
- **Citation:** TCN-2025-NCLT-01878
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-kolkata/approval-of-resolution-plan-riverbank-developers-private-limited-7d6c519b

## Summary

### Background

The application is for approval of a resolution plan for Riverbank Developers Private Limited under Section 30(6) and Section 31 of the Insolvency and Bankruptcy Code, 2016.

## Facts

CIRP commenced on 03.04.2024.

Mr. Sachin Gopal Jathar was initially appointed as the Interim Resolution Professional (IRP).

Mr. Ashish Chhawchharia was appointed as RP, replacing Mr. Sachin Gopal Jathar on 10.06.2024.

The IRP made a public announcement on April 5 & 6, 2024, inviting claims from creditors.

The CoC was constituted on April 25, 2024.

The Corporate Debtor is in the business of real estate development.

Ambuja Housing and Urban Infrastructure Company Limited's resolution plan was approved by the CoC with a 90.61% vote on 10.06.2025.

The SRA submitted Performance Bank Guarantees amounting to INR 10 Crores.

The fair value of Usshar Parcels is Rs. 10,21,204,783/- and the liquidation value is Rs. 8,28,479,765/-.

The resolution plan value is INR 34,00,00,000/-.

## Issues and analysis

### Issue 1: Whether the resolution plan complies with the requirements of Sections 30 and 31 of the Insolvency …

**Ratio:** The Adjudicating Authority must be satisfied that the resolution plan complies with all

…

**Reasoning:** The Adjudicating Authority reviewed the plan and supporting documents, including the

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**Interpretation:** Compliance with Sections 30 and 31 requires that the plan provides for payment

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**Application:** The Adjudicating Authority found that the plan complied with these

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## Parties

- **Judges:** BIDISHA BA…; Siddharth…
- **Appellants:** Canara…; Ashish Chhawchhari…
- **Respondents:** Riverbank…
- **Other parties:** Sachin Gopal…
- **Advocates:** Rishav Ba…; Kiran S…; +5 more

## Timeline

- **2024-04-03 — Commencement…**: The CIRP of Corporate…
- **2024-04-05 — Public Annou…**: IRP made Public Announcement on…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 30(6) — Submission of resolution plan](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-30)

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