# Approval of Resolution Plan - Three C Homes Private Limited (IA-3385-2020 in IB-432(ND)-2019)

> NCLT judgment dated 2023-06-13. Citation: TCN-2023-NCLT-05454. The application IA-3385/2020 was filed by the Resolution Professional (RP) of Three C Homes…

- **Court:** NCLT
- **Order date:** 13 Jun 2023
- **Citation:** TCN-2023-NCLT-05454
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-new-delhi/approval-of-resolution-plan-three-c-homes-private-limited-ia-3385-2020-in-ib-432-7d728f2b

## Summary

### Background

The application IA-3385/2020 was filed by the Resolution Professional (RP) of Three C Homes Private Limited, seeking approval of the Resolution Plan under Section 30(6) read with Section 31 of the Insolvency and Bankruptcy Code, 2016. The Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor based on a petition filed by Arun Kumar Sinha (Financial Creditor) under Section 7 of the Code. The Adjudicating Authority admitted the petition on 06.09.2019 and appointed Gaurav Katiyar as the Interim Resolution Professional (IRP).

## Facts

The application IA-3385/2020 was filed by the Resolution Professional seeking approval of the Resolution Plan.

The CIRP was initiated based on a petition filed by Arun Kumar Sinha (Financial Creditor) under Section 7 of the Code.

The Adjudicating Authority admitted the petition on 06.09.2019 and appointed Gaurav Katiyar as the Interim Resolution Professional (IRP).

The Resolution Plan was approved by the Committee of Creditors (CoC) in its 5th meeting held on 10.08.2020.

YEIDA raised objections to the Resolution Plan, primarily concerning dues to the Authority and the acquisition of land.

The Hon'ble Supreme Court of India directed this Tribunal to take up the plan approval application and pass necessary orders.

The Resolution Plan size is Rs. 140,39,27,000/-

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## Issues and analysis

### Issue 1: Whether the Resolution Plan complies with the …

**Ratio:** The Tribunal must be satisfied that the Resolution Plan complies with the provisions of

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**Reasoning:** The Tribunal perused the documents on record and found that the Resolution Plan is in

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**Interpretation:** The Resolution Plan must meet the mandatory requirements of the IBC to be

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**Application:** The Tribunal found that the Resolution Plan complied with the necessary

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## Parties

- **Judges:** BACHU VENKAT…; ATUL CHAT…
- **Appellants:** Arun Kumar…; Gaurav Ka…
- **Respondents:** Three C Homes…; YEID…
- **Advocates:** Rishabh…; Amar Kumar…; +7 more

## Timeline

- **06.09.2019 — Admission of Company…**: Adjudicating Authority admitted the Company Petition IB-432(ND)/2019 filed by Arun Kumar…
- **18.08.2020 — Filing of Application for Approval of…**: The Resolution Professional filed IA-3385/2020…

## 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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