Ayra Consortium Vs Trupro Insolvency Services LLP (NCLAT Chennai)
Material Facts
The appellant was a prospective resolution applicant in the corporate insolvency resolution process of M/s Amar Prakaash Developers Private Limited. The appeal challenged the order dated 27.02.2026 passed by the NCLT, Chennai in IA (IBC)/1985(CHE)/2025 arising out of CP (IB)/73(CHE)/2022.
The impugned order comprised two distinct parts. First, the NCLT considered IA (IBC)Plan/11(CHE)/2025 relating to approval of the resolution plan. Based on the Resolution Professional’s certificate that the plan did not comply with various provisions of the Insolvency and Bankruptcy Code, 2016 and the IBBI (CIRP) Regulations, 2016, the NCLT remitted the resolution plan to the Committee of Creditors (CoC) for reconsideration and a fresh decision.
The deficiencies identified in the plan included:
- Provision for payment of only unpaid CIRP costs instead of the entire CIRP costs, contrary to Section 30(2)(a) of the Code read with Regulation 34B and Schedule II of the CIRP Regulations.
- Non-compliance with Regulation 36B(4A) regarding payment of performance security.
- Non-furnishing of the declaration required under Section 30(2)(e) of the Code and Regulation 38(1B).
- Non-provision for payment of regulatory fee to the IBBI under Regulation 39(4).
- Absence of details relating to PUFE applications and the CoC’s views.
- Non-payment of performance-based incentive to the Resolution Professional despite CoC approval.
- Differential treatment among secured financial creditors without recorded reasons.
Accordingly, the NCLT directed the CoC to reconsider these issues, record its deliberations and reasoning, convene a meeting within ten days and resubmit the resolution plan.
