# Approval of Resolution Plan - Darshan Developers Pvt. Ltd.

> NCLT judgment dated 2025-06-27. Citation: TCN-2025-NCLT-00862. The case pertains to the Corporate Insolvency Resolution Process (CIRP) of Darshan Developers…

- **Court:** NCLT
- **Order date:** 27 Jun 2025
- **Citation:** TCN-2025-NCLT-00862
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-mumbai/approval-of-resolution-plan-darshan-developers-pvt-ltd-570cc96a

## Summary

### Background

The case pertains to the Corporate Insolvency Resolution Process (CIRP) of Darshan Developers Private Limited and 10 other corporate debtors (collectively 'Consolidated Corporate Debtors'). The CIRP was initiated based on an application under Section 7 of the IBC. The Piramal Capital and Housing Finance Private Limited (PCHFL) is the sole secured Financial Creditor in all the Corporate Debtors.

## Facts

The instant I.A. (IBC)(Plan) No. 35 of 2025 has been filed on 29.01.2025, by Mr. Jayesh Sanghrajka, the Applicant Resolution Professional (Applicant/RP) of Darshan Developers Private Limited and 10 other corporate debtors.

The Piramal Capital and Housing Finance Private Limited (PCHFL) is the sole secured Financial Creditor in all the Corporate Debtors.

The 1st Meeting of the CoC was convened by the RP on 28.04.2023.

The RP received revised resolution plan from 'Shiv Infra' dated 31.12.2024 on 02.01.2025.

‘Shiv Infra Vision Properties Private Limited' was declared as the Successful Resolution Applicant (SRA) for the Consolidated Corporate Debtors.

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by Shiv Infra Vision Properties Private Limited complies with …

**Ratio:** The Resolution Plan must comply with the requirements of Section 30(2) of the IBC, which

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**Reasoning:** The Tribunal examines the Resolution Plan to ensure that it addresses the requirements of

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**Interpretation:** Section 30(2) of the IBC sets out the mandatory requirements for a resolution

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**Application:** The Tribunal finds that the Resolution Plan complies with the requirements of

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## Parties

- **Judges:** ANIL RAJ C…; K. R. SAJI…
- **Appellants:** Jayesh Sang…
- **Respondents:** Darshan Developers…; Immediate Real…; +10 more
- **Other parties:** Piramal Capital…
- **Advocates:** Nausher…; Ashish P…; +3 more

## Timeline

- **2025-01-29 — Filing of I.A.…**: The instant I.A. (IBC)(Plan) No. 35 of 2025 has been filed on 29.01.2025, by Mr. Jayesh…
- **2021-07-26 — Initiation…**: This Tribunal initiated the Corporate Insolvency Resolution Process (CIRP) of Darshan…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 14 — Moratorium](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-14)

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