# Approval of Resolution Plan - Powerdeal Energy System (India) Private Limited

> NCLT judgment dated 2025-10-16. Citation: TCN-2025-NCLT-01554. The application was filed by Mr. Dhaval Jitendrakumar Mistry, the Resolution Professional,…

- **Court:** NCLT
- **Order date:** 16 Oct 2025
- **Citation:** TCN-2025-NCLT-01554
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-mumbai/approval-of-resolution-plan-powerdeal-energy-system-india-private-limited-b4ad18d8

## Summary

### Background

The application was filed by Mr. Dhaval Jitendrakumar Mistry, the Resolution Professional, seeking approval of the Resolution Plan submitted by Bhupendra Shantilal Shah, the Successful Resolution Applicant, for Powerdeal Energy System (India) Private Limited.

## Facts

The CIRP was initiated on 11.07.2024.

Mr. Dhaval Jitendrakumar Mistry was appointed as the Interim Resolution Professional (IRP) and later as the Resolution Professional (RP).

The Committee of Creditors (CoC) approved the Resolution Plan submitted by Bhupendra Shantilal Shah with 100% voting share.

The Resolution Plan proposes a total amount of Rs. 73,09,02,581/- payable towards CIRP Cost and all the Creditors.

The Ex-Director of the Corporate Debtor raised objections regarding jurisdiction, validity of mortgage, and inclusion of personal assets in the Resolution Plan.

The Tribunal directed the RP to admit the claim of the Income Tax Department amounting to INR 14,37,51,124/-.

The land owned by the Promoters is mortgaged to IDBI Bank.

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## Issues and analysis

### Issue 1: Whether the NCLT, Mumbai Bench has …

**Ratio:** Since the Corporate Debtor is based in Nasik and is registered with the RoC, Mumbai, the

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**Reasoning:** The Tribunal clarified that the jurisdiction lies with the NCLT, Mumbai Bench, based on

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**Interpretation:** The jurisdiction is determined by the location of the Corporate Debtor's

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**Application:** The Tribunal held that the NCLT, Mumbai Bench has jurisdiction over the CIRP of

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## Parties

- **Judges:** Sushil Mahadeorao…; Prabhat…
- **Appellants:** Dhaval Jitendrakum…
- **Respondents:** Powerdeal Energy…
- **Other parties:** Mahesh Babanrao…; Dhaval M…; +1 more
- **Advocates:** Rohit G…; Gaurav Ja…; +1 more

## Timeline

- **2024-07-11 — Initiation…**: The CIRP of the…
- **2024-07-13 — Public Annou…**: IRP made a Public Announcement vide…

## 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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