# In the matter of Nirmal Lifestyle (Kalyan) Pvt. Ltd.

> NCLT judgment dated 2025-08-26. Citation: TCN-2025-NCLT-01289. The Resolution Professional of Nirmal Lifestyle (Kalyan) Private Limited filed an application…

- **Court:** NCLT
- **Order date:** 26 Aug 2025
- **Citation:** TCN-2025-NCLT-01289
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-mumbai/nirmal-lifestyle-kalyan-pvt-ltd-c2f9466f

## Summary

### Background

The Resolution Professional of Nirmal Lifestyle (Kalyan) Private Limited filed an application under Section 30(6) of the Insolvency and Bankruptcy Code, 2016, seeking approval of a Resolution Plan submitted by a consortium of Mr. Dharmesh Jain, Prakruti Nirman Development Private Limited (PNDPL), Right Choice Housing Private Limited (RCHPL) and Nirmal Events 2 Excellence Private Limited (NEEPL).

## Facts

The Corporate Debtor is a private company engaged in the construction of residential and commercial projects and integrated townships.

The Corporate Debtor has registered 30 buildings under the project name 'Lifestyle City- Kalyan' with MAHA RERA.

The Tribunal admitted the Company Petition and initiated CIRP on June 16, 2022, appointing Mr. Dilip Kumar Natvarlal Jagad as the Interim Resolution Professional (IRP).

The IRP constituted the CoC on 09.01.2023, and the first meeting proposed the replacement of IRP with the Applicant as RP with 100% voting.

The Resolution Plan was approved by 89.2% of the voting share of the members of the Committee of Creditors (CoC).

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## Issues and analysis

### Issue 1: Whether the Resolution Plan meets the …

**Ratio:** The Adjudicating Authority must be satisfied that the Resolution Plan, as approved by the

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**Reasoning:** The Authority found that the Resolution Plan did not meet the requirements of Section

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**Interpretation:** Section 30(2) sets out the mandatory requirements for a Resolution Plan to be

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**Application:** The Authority determined that the Resolution Plan failed to comply with Section

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## Parties

- **Judges:** ANIL RAJ C…; K. R. SAJI…
- **Appellants:** SHAILENDRA…
- **Respondents:** Nirmal Lifestyle…; Committee of…
- **Other parties:** Committee of…; SREI EQUIPMENT…; +3 more
- **Advocates:** Amir Ars…; AnushMa…; +8 more

## Timeline

- **2022-06-16 — Admission…**: Tribunal admitted the Company Petition and initiated Corporate Insolvency Resolution…
- **2022-07-12 — Stay Ord…**: The Admission Order was subsequently…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 30 — Submission of resolution plan](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-30)

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