# Approval of Resolution Plan - Township Developers India Limited

> NCLT judgment dated 2025-08-13. Citation: TCN-2025-NCLT-01206. This case involves an application for approval of a resolution plan submitted by Aspect Global…

- **Court:** NCLT
- **Order date:** 13 Aug 2025
- **Citation:** TCN-2025-NCLT-01206
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-mumbai/approval-of-resolution-plan-township-developers-india-limited-c25c85ee

## Summary

### Background

This case involves an application for approval of a resolution plan submitted by Aspect Global Ventures Private Limited for Township Developers India Limited, a corporate debtor, under Section 30(6) of the Insolvency and Bankruptcy Code, 2016. The application was filed by Truvisory Insolvency Professionals Private Limited, the Resolution Professional, on behalf of the Committee of Creditors (CoC).

## Facts

Corporate Insolvency Resolution Process (CIRP) was initiated against Township Developers India Limited in C.P. (IB) No. 77/MB/2024, filed by Piramal Capital & Housing Finance Limited.

Mr. Purusottam Behera was initially appointed as the Interim Resolution Professional (IRP) but was later replaced by Incorp Restructuring Services LLP (Incorp).

Incorp was subsequently replaced by Truvisory Insolvency Professionals Private Limited as the Resolution Professional (RP).

The Committee of Creditors (CoC) was constituted and held several meetings to invite and evaluate resolution plans.

Aspect Global Ventures Private Limited submitted a resolution plan that was approved by the CoC with 100% voting share.

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by Aspect Global Ventures Private Limited complies with the …

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

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**Reasoning:** The Adjudicating Authority is required to satisfy itself that the plan, as approved by

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

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**Application:** The Tribunal found that the Resolution Plan complied with Section 30(2) as it

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## Parties

- **Judges:** ANIL RAJ C…; K. R. SAJI…
- **Appellants:** Truvisory…
- **Respondents:** Township Developer…
- **Other parties:** Piramal Capital…; Purusottam…
- **Advocates:** Shyam Ka…; Manaswi A…; +2 more

## Timeline

- **2024-04-29 — Order Da…**: Tribunal initiated Corporate Insolvency Resolution Process (CIRP) of the CD in C.P. (IB)…
- **2024-05-02 — Public Annou…**: Mr. Purusottam Behera, the IRP, caused public announcement in Form A on 02.05.2024,…

## 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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