# Approval of Resolution Plan - Indo Global Soft Solutions And Technologies Private Limited

> NCLT judgment dated 2025-11-25. Citation: TCN-2025-NCLT-01829. The case involves an application (I.A. No. 86 of 2025) filed by Mr. Ravi Sethia, the Resolution…

- **Court:** NCLT
- **Order date:** 25 Nov 2025
- **Citation:** TCN-2025-NCLT-01829
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-mumbai/approval-of-resolution-plan-indo-global-soft-solutions-and-technologies-private-242c99bc

## Summary

### Background

The case involves an application (I.A. No. 86 of 2025) filed by Mr. Ravi Sethia, the Resolution Professional of Indo Global Soft Solutions and Technologies Private Limited, under Section 30(6) of the Insolvency and Bankruptcy Code, 2016, seeking approval of the resolution plan submitted by Ashdan Properties Private Limited, which was approved by 100% of the Committee of Creditors (CoC).

## Facts

The CIRP was initiated against Indo Global Soft Solutions and Technologies Private Limited based on an application by Yes Bank Limited.

Mr. Shailen Shah was initially appointed as the Interim Resolution Professional (IRP).

Ashdan Properties Private Limited's resolution plan was approved by the CoC with 80% and later 100% voting share.

Union Bank of India (UBI) filed an IA challenging the secured creditor status of JCF ARC, leading to a re-voting process.

The RP filed IA No. 4518 of 2023 seeking approval of the resolution plan submitted by Ashdan.

JCF ARC filed Company Appeal (AT)(Insolvency) Nos. 2160 & 2161 of 2024 before the Hon'ble NCLAT and obtained a stay on 21.11.2024 against voting on the resolution plan till further orders.

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## Issues and analysis

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

**Ratio:** Section 30(2) of the IBC outlines the requirements that a resolution plan must meet for

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**Reasoning:** The Tribunal examined the Resolution Plan to ensure it provides for payment of CIRP

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**Interpretation:** The Resolution Plan must adhere to the mandatory requirements outlined in

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**Application:** The Tribunal found that the Resolution Plan complied with the requirements of

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## Parties

- **Judges:** ANIL RAJ C…; K. R. SAJI…
- **Appellants:** Ravi Se…
- **Respondents:** Indo Global Soft…; Ashdan Properties…
- **Other parties:** Yes Bank L…; Anuj…; +1 more
- **Advocates:** Chetan Ka…; Nish…; +6 more

## Timeline

- **12.04.2022 — Initiation…**: The Tribunal initiated the Corporate Insolvency Resolution Process (CIRP) of the CD in…
- **22.04.2022 — Public Annou…**: Mr. Shailen Shah, was appointed as the Interim Resolution Professional (IRP). The IRP…

## 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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