The approval of a Resolution Plan under the Insolvency and Bankruptcy Code must ensure the payment priorities to creditors and compliance with regulatory requirements for effective implementation, which was affirmed by the court.

ORDER

1. This Application is filed by Mr. Ratnakar Shetty (hereinafter referred to as ‘Applicant/Resolution Professional’) under Section 30 (6) read with Section 31 of the Insolvency and Bankruptcy Code, 2016 and Regulation 39(4) of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 read with Rule 11 of the National Company Law Tribunal Rules, 2016 seeking approval of the Resolution Plan dated 01.08.2024 submitted by Kumar Properties Private Limited (hereinafter referred to as ‘Successful Resolution Applicant/SRA’), approved by the CoC in its 15th meeting, held on 30.07.2024 where voting lines closed on 07.08.2024, with 100% voting share.

2. The corporate insolvency resolution process (CIRP) for Lalith Gangadhar Constructions Private Limited was initiated on an application filed by the financial creditor for a default amount of INR 7,48,37,351/-. The application under Section 7 of the Insolvency and Bankruptcy Code(IBC), 2016, was admitted by the NCLT on 26.04.2022, marking the commencement date of CIRP. Mr. Ratnakar Shetty was appointed as the Interim Resolution Professional (IRP) upon admission of the petition and was subsequently confirmed as the Resolution Professional (RP) by the Committee of Creditors(CoC). This process also triggered the imposition of a moratorium under Section 14 of the Code and public announcement inviting claims from creditors as per regulatory compliance.

3. ABOUT THE CORPORATE DEBTOR The Corporate Debtor Lalith Gangadhar Constructions Private Limited, was admitted into CIRP vide order dated 26.04.2022 in CP (IB) No. 87/BB/2021, wherein Mr.

Ratnakar Shetty was appointed as the IRP.

The key dates and events during the CIRP period are tabulated as hereunder:

4. APPOINTMENT OF REGISTERED VALUERS:

● Following Registered Valuers were approved by the CoC to be appointed for Land and Building on 13th July 2022 and 15th July 2022 -

● SVEE Valuation and Advisory LLP

● Anand Kumar C

● Following Registered Valuers were approved by the CoC to be appointed for Securities and Financial assets on 13th July 2022 -

● Rajesh Yanamandram

● SVEE Valuation and Advisory LLP

● Following Registered Valuers were appointed for Plant & Machinery on 13th July 2022 and 14th July 2022 -

● Rajkumar Sarda

● SVEE Valuation and Advisory LLP

● The Fair Value and Liquidation value of the Corpo