# Beacon Trusteeship Limited vs. Nirmal Lifestyle (Mulund) Private Limited

> NCLT judgment dated 29 Apr 2026. Citation: TCN-2026-NCLT-00436. The Corporate Insolvency Resolution Process (CIRP) was initiated against Nirmal Lifestyle…

- **Court:** NCLT
- **Order date:** 29 Apr 2026
- **Citation:** TCN-2026-NCLT-00436
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-kolkata/beacon-trusteeship-limited-vs-nirmal-lifestyle-5a528613

## Summary

### Background

The Corporate Insolvency Resolution Process (CIRP) was initiated against Nirmal Lifestyle (Mulund) Private Limited (Corporate Debtor) following an application filed by Beacon Trusteeship Limited, a secured financial creditor. Mr. Amit Vijay Karia was appointed as the Interim Resolution Professional (IRP) and subsequently confirmed as the Resolution Professional (RP). The Committee of Creditors (CoC) was constituted, comprising Beacon Trusteeship Limited (60.54% voting share) and Assets Care & Reconstruction Enterprise Limited (ACRE) (39.46% voting share). Several interlocutory applications (IAs) were filed by various stakeholders: homebuyers challenged the CIRP and sought information (IA/666/2025, IA/798/2025, IA/823/2025); Mr. Dharmesh Jain and M/s Nirmal

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## Facts

Nirmal Lifestyle (Mulund) Private Limited (Corporate Debtor) was admitted into Corporate Insolvency Resolution Process (CIRP) on 11.07.2023, based on an application by Beacon Trusteeship Limited under Section 7 of the IBC.

Mr. Amit Vijay Karia was appointed Interim Resolution Professional (IRP) on 11.07.2023 and later confirmed as Resolution Professional (RP) on 19.08.2023.

The Committee of Creditors (CoC) consisted of Beacon Trusteeship Limited (secured financial creditor with 60.54% voting share) and Assets Care & Reconstruction Enterprise Limited (ACRE) (unsecured financial creditor with 39.46% voting share).

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by Mantra Properties and Developers Private Limited is …

**Ratio:** The Adjudicating Authority's role in approving a resolution plan is limited to verifying

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**Reasoning:** The CoC, after initial split voting and subsequent re-voting granted by the Tribunal,

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**Interpretation:** Sections 30(6) and 31 of the IBC and Regulation 39(4) of the CIRP Regulations

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**Application:** Given the 100% approval by the CoC and the RP's certification of compliance,

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## Parties

- **Judges:** LAKSHMI G…; MEMBER (JUD…; +2 more
- **Appellants:** Beacon Trusteeship…; Amit Vijay…; +11 more
- **Respondents:** Nirmal Lifestyle…; Assets Care and…; +15 more
- **Other parties:** Corporate…; Resolutio…; +16 more

## Timeline

- **2007-01-07 — Incorporation of…**: The Corporate Debtor, Nirmal Lifestyle (Mulund) Private Limited, was incorporated by Mr.…
- **2015-06-08 — Partnership Deed…**: The Corporate Debtor became a partner in M/s Nirmal Developers through a 'Partnership…

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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-kolkata/beacon-trusteeship-limited-vs-nirmal-lifestyle-5a528613