ORDER

Preliminary

1. The present interlocutory application bearing IA (Plan) No.1/2024 was moved on behalf of Mrs. Hemi Gupta, Resolution Professional (“RP”) of M/s Colorcity Homes Pvt. Ltd. under the provisions of Sections 30 (6) and 31(1)of the Insolvency & Bankruptcy Code, 2016 [hereinafter referred to as “the Code or “IBC”] read with Regulation 39(4) of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 (“CIRP Regulations”) for approval of the Resolution Plan in respect of M/s Colorcity Homes Pvt. Ltd.

2. The underlying Company Petition CP (IB) No.04/ALD/2020 filed by M/s Neon Vincom Pvt. Ltd. under Section 7 of the Code for initiation of Corporate Insolvency Resolution Process (“CIRP”) against the Corporate Debtor namely M/s Colorcity Homes Pvt. Ltd., which was admitted by this Adjudicating Authority vide its order dated 02.03.2023 (“Admission Order”). On that date, i.e., 02.03.2023, Mrs. Hemi Gupta (IBBI/IPA-02/IP-N00147/2017- 2018/10383) was appointed as IRP, who was subsequently appointed as Resolution Professional (RP) in first CoC meeting dated 31.03.2023, which was later on confirmed as RP vide order dated 24.04.2023 passed by this Tribunal.

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