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

> NCLT judgment dated 2025-11-25. Citation: TCN-2025-NCLT-01731. 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-01731
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-mumbai/approval-of-resolution-plan-indo-global-soft-solutions-and-technologies-private-d6f64599

## 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, seeking approval of the resolution plan submitted by Ashdan Properties Private Limited, which was approved by 100% of the Committee of Creditors (CoC). The Corporate Insolvency Resolution Process (CIRP) was initiated by Yes Bank Limited under Section 7 of the IBC.

## 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).

The CoC was duly constituted on 11.05.2022.

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

Union Bank of India (UBI) filed IA No. 2288 of 2023 seeking rejection of ICICI Bank Limited's claim and reclassification of J.C. Flowers Asset Reconstruction Limited (JCF ARC) as an unsecured creditor.

JCF ARC filed Company Appeal (AT)(Insolvency) Nos. 2160 & 2161 of 2024 before the NCLAT and obtained a stay on voting on the resolution plan.

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## Issues and analysis

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

**Ratio:** The Resolution Plan must comply with the requirements specified in Section 30(2) of the

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**Reasoning:** The tribunal observed that the Resolution Plan provides for the matters specified under

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

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**Application:** The tribunal found that the Resolution Plan submitted by Ashdan Properties

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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…; Union Bank of…; +5 more
- **Advocates:** Nish…; Shivani…; +5 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, the Interim Resolution Professional (IRP), caused public announcement…

## 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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