In the matter of Royal Splendour Developers Pvt. Ltd.
- CitationIA(IBC)/1108/(CHE)/2026 in C.P. (IB)/628(CHE)2017
Ratio decidendi
The rule this decision rests on
Where a resolution plan approved under the Insolvency and Bankruptcy Code has failed in its implementation, the Tribunal may restore the corporate insolvency resolution process, and it is the Resolution Professional's duty, on such restoration, to take charge of the corporate debtor and reconstitute the Committee of Creditors before recommending any further course of action. Where the Resolution Professional under the earlier process has been discharged upon approval of the resolution plan, the Tribunal may appoint a new Resolution Professional to take charge of the corporate debtor on restoration of the process.
Written by Miss Lucy from the judgment below, not taken from a headnote.
Judgment
As delivered
NATIONAL COMPANY LAW TRIBUNAL DIVISION BENCH, COURT – II CHENNAI ATTENDANCE CUM ORDER SHEET OF THE HEARING OF NATIONAL COMPANY LAW TRIBUNAL, CHENNAI BENCH, HELD ON 08.09.2026 AT 10.30 A.M. THROUGH VIDEO CONFERENCING: CORAM: SHRI. JYOTI KUMAR TRIPATHI, HON'BLE MEMBER (JUDICIAL) SHRI. RAVICHANDRAN RAMASAMY, HON'BLE MEMBER (TECHNICAL) APPLICATION NUMBER : IA(IBC)/1108/(CHE)/2026 PETITION NUMBER : C.P. (IB)/628(CHE)2017 NAME OF THE APPLICANT : Sandhya and Co & Anr NAME OF THE RESPONDENT(S) : Jain Housing and Constructions Limited UNDER SECTION : Sec 33(1) (b) (i) to (iii) r/w Sec 33(3) ORDER Present: Ld. Representing Counsel Mr. Varun for the Applicant. None for the Respondent. In this case the Applicant who is unsecured creditor and also member of CoC has accepted the resolution plan which offered 60% of admitted claim to the Applicant to the tune of Rs.45 Lakhs. Applicant stated that the resolution plan was approved unanimously with 100% vote by CoC and the same was approved by NCLT on 23.12.2019 in MA No.1234/2019 in C.P. (IB)/628(CHE)2017. Applicant stated that the plan has failed and SRA has not made any payment to the Applicant. Therefore Applicant sought liquidation of Corporate Debtor as well as sanction for prosecution of SRA. We find the appropriate course of action would be for the Resolution Professional to take charge of the Corporate Debtor and constitute CoC and thereafter recommend further course of action. We therefore order restoration of CIRP in this matter as the plan has failed. However as Erstwhile RP Ms. Kavitha Surana, Reg No.IBBI/IPA-002/IP-N00166/2017-
18/10435, Email ID : kavitha@mksurana.gmail.com was discharged as the Resolution Plan was approved, we appoint Mr. Radhakrishnan Gopal, IBBI Reg No.IBBI/IPA-001/IP-P-02650/2022-2023/14070, AFA valid till 30.06.2027, Email ID : gopal.radhakrishnan@yahoo.com, Mobile No.99415 36482 as new RP and new RP Mr. Radhakrishnan Gopal is directed to take charge of the Corporate Debtor with immediate effect. At the interim, consolidated payment of Rs.2 Lakh to RP would be made by the Applicant till the consolidation of CoC and thereafter by the CoC. RP is directed to submit report within four weeks from the date of uploading of this order. List the Application for hearing on 12.10.2026.
Sd/- Sd/- RAVICHANDRAN RAMASAMY JYOTI KUMAR TRIPATHI Member (Technical) Member (Judicial) phk
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