# IDBI Trusteeship Services Limited vs. Radius & Deserve Land Developers Private Limited

> NCLT judgment dated 2026-07-21. Citation: TCN-2026-NCLT-00645. The Corporate Insolvency Resolution Process (CIRP) was initiated against Radius & Deserve Land…

- **Court:** NCLT
- **Order date:** 21 Jul 2026
- **Citation:** TCN-2026-NCLT-00645
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-mumbai/idbi-trusteeship-services-limited-vs-radius-deserve-land-developers-private-limi-79hbk

## Summary

### Background

The Corporate Insolvency Resolution Process (CIRP) was initiated against Radius & Deserve Land Developers Private Limited (Corporate Debtor) on May 3, 2023. IDBI Trusteeship Services Limited was identified as the sole Financial Creditor with 100% voting share. Aegis Resolution Services Private Limited, through Ms. Prajakta Menezes, was appointed as the Resolution Professional (RP). After multiple rounds of inviting Expressions of Interest (EoIs) and considering various resolution plans, the Committee of Creditors (CoC) approved the Resolution Plan submitted by Bharadvaja Buildcon LLP with a 100% voting share on March 31, 2025. The RP subsequently filed an Interlocutory Application (IA(PLAN)/82/2025) seeking the NCLT's approval of this plan.

## Facts

The Corporate Insolvency Resolution Process (CIRP) of M/s. Radius & Deserve Land Developers Private Limited ("Corporate Debtor") was initiated vide order dated 03.05.2023 under Section 7 of the Insolvency and Bankruptcy Code, 2016.

Mr. Avil Menezes was appointed as the Interim Resolution Professional (IRP) of the Corporate Debtor.

A Public Announcement in Form A was issued on 05.05.2023, inviting claims from all creditors on or before 17.05.2023.

The Committee of Creditors ("CoC") was constituted on 26.05.2023, with IDBI Trusteeship Services Limited as the sole Financial Creditor, holding 100% voting share and an admitted claim of Rs. 32,55,82,12,007.

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by Bharadvaja Buildcon LLP is compliant with the provisions …

**Ratio:** The Adjudicating Authority (NCLT) must satisfy itself that the Resolution Plan, as

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**Reasoning:** The CoC, with 100% voting share, approved the Resolution Plan. The Resolution

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**Interpretation:** Section 30(6) mandates the RP to submit the CoC-approved plan to the NCLT, and

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**Application:** The NCLT found the Resolution Plan compliant with Section 30(2) of the IBC and

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## Parties

- **Judges:** LAKSHMI G…; Hariharan…
- **Appellants:** IDBI Trusteeship…; Aegis Resolution…
- **Respondents:** Radius & Deserve…
- **Other parties:** Prajakta M…; Avil Me…; +2 more
- **Advocates:** Nausher…; Karan Sa…; +2 more

## Timeline

- **2023-05-03 — CIRP Commencement & IRP…**: Corporate Insolvency Resolution Process (CIRP) initiated against Radius & Deserve Land…
- **2023-05-05 — Public Annou…**: Public Announcement in Form A…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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