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2026 Supreme(Online)(NCLT) 536
NATIONAL COMPANY LAW TRIBUNAL
Prabhat Kumar, Member (Technical), Sushil Mahadeorao Kochey, Member (Judicial)
Pravin R. Navandar – Appellant
Versus
Consortium Of Oberoi Realty Limited, Shree Aman Developers Private Limited And JM Financial Properties And Holdings Limited – Respondent
IA (IBC) (PLAN) No. 110 of 2025 in CP (IB) 1241 of 2022
For the Committee of Creditors: Adv. Rohit Gupta a/w Adv. Saloni Kalwade
For the Resolution Applicant: Adv. A. Ramaiah, Adv. Sagar Bansal, Adv. Pradeep Sancheti, Adv. Sagar Bansal, Adv. Ashwij
For the Resolution Professional: Sr. Adv. Gaurav Joshi a/w Adv. Rishabh Jaisani, Adv. Kriti Kalyani, Adv. Ansh Kumar i/b Shardul Amarchand Mangaldas
NCLT approves CoC-unanimously approved resolution plan compliant with IBC S.30(2), emphasizing limited judicial review of commercial wisdom.
Headnote:(A) Insolvency and Bankruptcy Code, 2016 - Sections 30(2), 30(4), 30(6), 31, 29A, 14, 21, 53 | IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 - Reg. 37, 38, 38(1A), 39(4), 36B, 26 | Approval of Resolution Plan approved by CoC with 100% voting share - Plan provides for payment of CIRP costs in priority, debts of operational creditors, management of corporate debtor, implementation and supervision - Plan compliant with mandatory requirements, feasible and viable - Commercial wisdom of CoC not to be interfered with absent material irregularity - Reliefs and concessions subject to judicial precedents on extinguishment of claims not part of plan. (Paras 25-30, 35-39, 44)
(B) Role of Adjudicating Authority - Limited to verifying compliance with S.30(2) - Cannot interfere with CoC's commercial decision if plan meets statutory thresholds - As held in K. Sashidhar v. Indian Overseas Bank, scrutiny confined to specified grounds. (Paras 41-42)
Facts of the case:
Corporate Insolvency Resolution Process initiated against Hotel Horizon Private Limited - Resolution Professional filed application for approval of plan submitted by consortium and approved by CoC with 100% votes after challenge process - Plan offers INR 919 Crores to secured financial creditors, payments to operational creditors exceeding liquidation value, performance guarantees furnished.
Findings of Court:
Resolution Plan satisfies S.30(2) requirements, provides for revival as going concern, maximises value - Approved under S.31 with directions on implementation, extinguishment of non-plan claims, statutory compliances.
Issues: Whether Resolution Plan complies with IBC provisions, is fair to stakeholders, and merits approval despite timeline extensions.
Ratio Decidendi: Tribunal's role is to ensure statutory compliance of CoC-approved plan without substituting commercial wisdom; plan providing superior recovery and revival framework upheld.
Result: Resolution Plan approved.
| Table of Content |
|---|
| 1. initiation and progress of cirp including coc formation. (Para 1 , 2 , 3 , 4 , 5 , 6 , 7 , 8 , 9 , 10) |
| 2. challenge process and coc approval of resolution plan. (Para 11 , 12 , 13 , 14 , 15) |
| 3. salient features, payments, guarantees, and implementation. (Para 16 , 17 , 18 , 19 , 20 , 21 , 22 , 23 , 24) |
| 4. statutory compliance verification under ibc and regulations. (Para 25 , 26 , 27 , 28 , 29 , 30 , 31 , 32 , 33 , 34 , 35 , 36) |
| 5. findings on plan viability and coc commercial wisdom. (Para 37 , 38 , 39 , 40) |
| 6. limited judicial review and plan approval with directions. (Para 41 , 42 , 43 , 44) |
ORDER
1. The present Application is filed by Resolution Professional Pravin R.Navandar (“Applicant/Resolution Professional/RP”) Under Section 30 (6) of the Insolvency and Bankruptcy Code, 2016 (“Code”), r/w. Regulation 39(4) of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 for seeking approval of the Resolution Plan dated 10.07.2025 (“Resolution Plan”) for Hotel Horizon Private Limited (“Corporate Debtor”) submitted by Consortium Of Oberoi Realty Limited, Shree Aman Developers Private Limited And JM Financial Properties And Holdings Limited (“Respondent/SRA”) which was placed before the members of the Committee of Creditors (“CoC”) in the 14th Meeting of the CoC held on 11.07.2025 and voted with 100% votes on 13.07.2025.
Brief Background:
2. The present Application is being filed by Pravin R. Navandar, the resolution professional of the Corporate Debtor above-named, who is registered as an ‘Insolvency Professional’ with the Insolvency and Bankruptcy of India (“IBBI”) and his Registration No. is IBBI/IPA-001/IP-P00008/2016-17/10027.
3. The Respondent is a Consortium comprising of three members namely: (a) Oberoi Realty Limited; (b) Shree Naman Developers Private Limited; (c) JM Financial Properties and Holdings Limited, being the successful resolution applicant with respect to the Corporate Debtor whose resolution plan dated 10.07.2025 ("Resolution Plan") has been approved by the CoC.
4. This Tribunal vide the Order 19.11.2024 (“Admission Order”) appointed Mr. Rohit Ramesh Mehra as the interim resolution professional of the Corporate Debtor. Pursuant to the said admission, a public announcement was issued on 22.11.2024, calling upon the creditors to submit their claims. The Resolution Professional verified the claims received and constituted the Committee of Creditors in accordance with Section 21 of the Code as on 04.12.2024.
5. JM Assets Care & Reconstruction Enterprise Limited was the principal secured financial creditor holding voting share of 53.99% and CFM Asset Reconstruction Private Limited having 46.01% voting share.
6. The firs t meeting of the Committee of Creditors was held on 18.12.2024, wherein the proposed timelines for issuance of Form G and eligibility criteria to be provided to the prospective resolution applicants for the expression of interest to submit the resolution plans and marketing strategy for the assets of the Corporate Debtor were approved by the CoC by physical voting in the meeting itself.
7. Expressions of interest were invited pursuant to Form G (initially published on 19.12.2024 and corrigendum issued on 10.01.2025 to extend timelines and clarify eligibility conditions), and an Information Memorandum (IM)was submitted to CoC on 24.02.2025 and updated from time to time as and when fresh / new information was made available to the applicant. The prospective resolution applicants were provided IM and access to Virtual Data Room on 24.02.2025 after obtaining confidentiality undertaking. A total of 45 expressions of interest were received and, provisional and final lists of prospective resolution applicants were issued after due verification.
8. In 21.02.2025, the Applicant issued the request for resolution plana (“RFRP”) under regulation 36B of the CIRP Regulations to the PRAs for submission of resolution plan in respect of the Corporate Debtor Pursuant thereto, five re
