Praveen Kumar Garg Vs APS Infra Engineers Private Limited (NCLT Delhi)
The application was filed by the Resolution Professional under Section 30(6) of the Insolvency and Bankruptcy Code, 2016 read with Regulation 39 of the CIRP Regulations, seeking approval of a resolution plan that had been approved by the Committee of Creditors (CoC) in its 13th meeting held on 11 July 2025.
The Corporate Insolvency Resolution Process (CIRP) commenced pursuant to the Tribunal’s order dated 09.08.2024. Following public announcement, claim verification and constitution of the CoC, the CoC approved publication of Form G, eligibility criteria for Prospective Resolution Applicants (PRAs), and other bid documents. Four resolution plans were ultimately received from Raj Kumar Singh, Neeta Goyal, Liverbird International Private Limited and SPG Infraprojects Private Limited. After deliberations, valuation, transaction audit, extension of timelines and adoption of the Swiss Challenge Mechanism, SPG Infra Projects Pvt. Ltd. emerged as the highest-ranked bidder. The revised resolution plan was approved unanimously by the CoC with 100% voting share, while the plans submitted by Liverbird International Pvt. Ltd. and Rajkumar Singh were rejected unanimously through e-voting.
Following approval by the CoC, the Resolution Professional issued a Letter of Intent to SPG Infra Projects Pvt. Ltd., which accepted the same and furnished performance security amounting to Rs. 77,50,000, representing 25% of the resolution plan value. The resolution plan proposed total payments of Rs. 3.60 crore towards CIRP costs, secured financial creditors, operational creditors and working capital requirements over a period of 360 days. The plan also recorded provisions relating to claims of Axis Bank Ltd. and Kotak Mahindra Bank. The CoC consisted of ICICI Bank Ltd. and Richcredit Finance Pvt. Ltd. Operational creditors had admitted claims of Rs. 207.79 crore, while admitted financial creditor claims stood at Rs. 12.59 crore. The financial proposal allocated Rs. 35 lakh towards CIRP costs, Rs. 2.58 crore to secured financial creditors, Rs. 2 lakh to workmen and employees, Rs. 15 lakh to operational creditors (other than workmen, employees and government dues), and Rs. 50 lakh towards working capital.
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