Capriso Finance Limited & Ors. Vs Trishul Dream Homes Limited (NCLT Chandigarh)
The application was filed by Mr. Jalesh Kumar Grover, Resolution Professional (RP) of Trishul Dream Homes Limited under Section 30(6) of the Insolvency and Bankruptcy Code, 2016 (IBC), seeking approval of the resolution plan submitted by Vashisth Builders and Engineers Limited and Vashisth Estates Limited (the Successful Resolution Applicant – SRA). The plan, dated 19 February 2024 with an addendum dated 26 February 2024, was approved by the Committee of Creditors (CoC) with a 91.55% voting share in the 10th CoC meeting held on 23 February 2024.
The Corporate Insolvency Resolution Process (CIRP) had been initiated following a petition under Section 7 of the IBC by Capriso Finance Limited and Siri In Fin Lease Private Limited, which was allowed on 16 June 2023. The RP issued an Expression of Interest (EoI) in Form G. In the 5th CoC meeting held on 18 October 2023, the RP reported that four EoIs were received—two from corporate entities, one from an individual, and one from a consortium. At the 6th CoC meeting on 1 December 2023, the plan submitted by the consortium of Vashisth Builders and Engineers Limited and Vashisth Estates Limited was presented. The CoC approved the plan in its 10th meeting on 23 February 2024 with 91.55% votes. The fair value, liquidation value, and plan value were ₹68.42 crore, ₹61.50 crore, and ₹85.92 crore respectively.
