# KDRA Insolvency Professionals Private Limited vs. Armaan Sunil Kothari

> NCLT judgment dated 2026-07-07. Citation: TCN-2026-NCLT-00688. IA (I.B.C) (Plan) No. 46/MB/2025 was filed by KDRA Insolvency Professionals Private Limited,…

- **Court:** NCLT
- **Order date:** 7 Jul 2026
- **Citation:** TCN-2026-NCLT-00688
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-mumbai/kdra-insolvency-professionals-private-limited-vs-armaan-sunil-kothari-euofl

## Summary

### Background

IA (I.B.C) (Plan) No. 46/MB/2025 was filed by KDRA Insolvency Professionals Private Limited, the Resolution Professional (RP) of 4B Networks Private Limited (Corporate Debtor), seeking approval for a Resolution Plan submitted by Mr. Armaan Sunil Kothari (Successful Resolution Applicant - SRA). The Corporate Debtor was admitted into CIRP on 12.01.2024, and the Resolution Plan was approved by the Committee of Creditors (CoC) with an 83.46% voting share.

## Facts

IA (I.B.C) (Plan) No. 46/MB/2025 was filed on 07.03.2025 by KDRA Insolvency Professionals Private Limited (Applicant/RP) on behalf of the CoC of 4B Networks Private Limited (Corporate Debtor).

The IA sought approval of the Resolution Plan submitted by Mr. Armaan Sunil Kothari (SRA), which was duly approved by 83.46% voting share of the CoC.

The Adjudicating Authority admitted 4B Networks Private Limited into Corporate Insolvency Resolution Process (CIRP) on 12.01.2024, based on a petition filed by Krishkan Investment Private Limited as Financial Creditor.

Mr. Ravindra Chaturvedi was appointed as the Interim Resolution Professional (IRP) and later confirmed as the RP for conducting the CIRP.

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by Mr. Armaan Sunil Kothari complies with the provisions of …

**Ratio:** The Resolution Plan does not meet all the parameters laid down in Section 30(2) of the

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**Reasoning:** The Tribunal found that the plan resulted in a 95% haircut for creditors. Furthermore,

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**Interpretation:** Section 30(2) of the IBC mandates that a resolution plan must comply with the

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**Application:** The plan's low recovery rate, lack of transparency regarding the SRA's

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## Parties

- **Judges:** ASHISH KALIA,…; SANJIV DUTT,…
- **Appellants:** KDRA Insolvency…; Axis Trustee…; +1 more
- **Respondents:** 4B Networks…; Armaan Sunil…
- **Other parties:** Committee of…; Devesh…; +10 more
- **Advocates:** Manish…; Nausher…

## Timeline

- **2020-11-05 — Corporate Debtor…**: The Corporate Debtor, 4B Networks Private Limited, was incorporated as a private limited…
- **2024-01-12 — CIRP Admi…**: The Adjudicating Authority admitted 4B Networks Private Limited into Corporate Insolvency…

## 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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