# Jayesh Sanghrajka, Resolution Professional of Neo Capricorn Plaza Private Limited vs. Shree Naman Developers Private Limited & Committee of Creditors of Neo Capricorn Plaza Private Limited

> NCLT judgment dated 2026-09-03. Citation: TCN-2026-NCLT-00921. The Resolution Professional, Mr. Jayesh Sanghrajka, filed an application under Sections 30(6)…

- **Court:** NCLT
- **Order date:** 3 Sept 2026
- **Citation:** TCN-2026-NCLT-00921
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-mumbai/jayesh-sanghrajka-resolution-professional-of-neo-capricorn-plaza-private-limited-v0wie

## Summary

### Background

The Resolution Professional, Mr. Jayesh Sanghrajka, filed an application under Sections 30(6) and 31(1) of the Insolvency and Bankruptcy Code, 2016, read with Regulation 39(4) of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, seeking approval for the Resolution Plan of Neo Capricorn Plaza Private Limited (Corporate Debtor). The Resolution Plan, submitted by Shree Naman Developers Private Limited (Successful Resolution Applicant), was approved by the Committee of Creditors (CoC) with a 99.93% voting share. The Corporate Debtor was initially admitted into CIRP on 09.01.2024, with Mr. Jayesh Sanghrajka appointed as IRP. This order was challenged by the suspended directors and shareholders before the NCLAT, which initially stayed the

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## Facts

The present Application IA (IBC) (PLAN) No. 41 of 2026 is filed by Resolution Professional Mr. Jayesh Sanghrajka under Section 30(6) r/w Section 31(1) of the IBC, 2016, and Regulation 39(4) of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016.

The application seeks approval of the Resolution Plan dated 12.03.2026 along with clarification dated 08.05.2026 for Neo Capricorn Plaza Private Limited (Corporate Debtor).

The Resolution Plan was submitted by Shree Naman Developers Private Limited (Respondent No. 1 / Successful Resolution Applicant).

The Resolution Plan was approved by the Committee of Creditors (CoC) of Neo Capricorn Plaza Private Limited (Respondent No. 2) with 99.93% votes on 12.05.2026.

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by Shree Naman Developers Private Limited for Neo Capricorn …

**Ratio:** A Resolution Plan must comply with the mandatory requirements of Sections 30(2), 30(4),

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**Reasoning:** The Resolution Professional submitted a Form H Compliance Certificate, confirming that

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**Interpretation:** Compliance entails adherence to the prescribed payment hierarchy, fair

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**Application:** The Tribunal found that the Resolution Plan satisfies all mandatory

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## Parties

- **Judges:** Shri. Prabhat…; Sushil Mahadeorao…
- **Appellants:** JAYESH SANGHRAJKA,…; Jayesh Sang…; +3 more
- **Respondents:** NEO CAPRICORN…; SHREE NAMAN…; +1 more
- **Other parties:** HDFC Bank…; SEP Energy…; +6 more
- **Advocates:** Ryan D'…; Gaurav…; +15 more

## Timeline

- **2024-01-09 — First Admissi…**: NCLT passed the 'First Admission Order', appointing Mr. Jayesh Sanghrajka as the interim…
- **2024-02-01 — NCLAT Interi…**: NCLAT issued an interim order in Company Appeal (AT) (Insolvency) No. 212 of 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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