NCLT Allahabad Approves Dwiti Construction Pvt. Ltd’s Resolution Plan For M/S Vaishali Real Estate Private Limited
The NCLT Allahabad bench comprising of Shri Praveen Gupta (Judicial Member) and Shri Subrata Ashish Verma (Technical Member) has approved a 3.91 crore resolution plan of Dwiti Construction Pvt. Ltd for M/S Vaishali Real Estate Private Limited (“Corporate Debtor”) under section 30 (6) and 31 of the Insolvency and Bankruptcy Code, 2016 (“IBC, 2016”). The Company was admitted...
The NCLT Allahabad bench comprising of Shri Praveen Gupta (Judicial Member) and Shri Subrata Ashish Verma (Technical Member) has approved a 3.91 crore resolution plan of Dwiti Construction Pvt. Ltd for M/S Vaishali Real Estate Private Limited (“Corporate Debtor”) under section 30 (6) and 31 of the Insolvency and Bankruptcy Code, 2016 (“IBC, 2016”).
The Company was admitted into Corporate Insolvency Resolution Process (“CIRP”) vide an order dated 30.03.2022. The Resolution Professional initially admitted claims of 2.91 crores from Unsecured Financial Creditor. The Fair Value and Liquidation Value of the Corporate Debtor were determined to be 6.30 crores and 3.93 crores respectively.
The Company received resolution applications from 2 applicants. The CoC approved the resolution plan of Dwiti Construction Pvt. Ltd with a voting share of 94.85% in its 5th meeting held on 13.09.2022.
The resolution plan offered a 100% recovery of 2.91 crores to the unsecured Financial Creditors.
The NCLT approved the resolution plan being satisfied that it was in compliance of IBC, 2016 and its various regulations there under.
M/s Vaishali Real Estate Private Limited was a non government company involved in construction of buildings, apartments and flats.
Case No;IA No.325/2022 in C.P. (IB)/207(ALD) 2019
Case Name; Mr. Amitabh Singh vs M/S Vaishali Real Estate Private Limited