Pranav B Prem

The National Company Law Tribunal (NCLT), Mumbai, has approved the ₹145.26 crore resolution plan submitted by Ashdan Properties Private Limited for reviving Indo Global Soft Solutions and Technologies Pvt. Ltd., an IT and software development company undergoing insolvency. The order was delivered on November 25, 2025, by Judicial Member K.R. Saji Kumar and Technical Member Anil Raj Chellan. The tribunal held that once a resolution plan meets the statutory requirements under the Insolvency and Bankruptcy Code, 2016, it is not open to the adjudicating authority to interfere with the commercial wisdom of the Committee of Creditors (CoC). Referring to its findings, the Bench observed that “the instant Resolution Plan meets the requirements of Section 30(2) of the Code and Regulations 37, 38, 38(1A), and 39(4) of the CIRP Regulations,” and further noted that the plan “is not in contravention of any of the provisions of Section 29A of the Code and is in accordance with law. The same deserves to be approved.”

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The CIRP of Indo Global Soft Solutions began on April 12, 2022, on an application filed by Yes Bank. Ashdan Properties submitted its first resolution plan on May 2, 2023. Although it initially secured 80 percent voting share, a dispute emerged regarding the creditor classification of JC Flowers Asset Reconstruction Company. In October 2024, the tribunal ruled that JC Flowers ARC must be treated as an unsecured creditor and directed the CoC to reconsider the plan. The ARC then obtained a stay from the NCLAT on November 21, 2024, preventing the CoC from voting further until the stay was lifted on May 9, 2025. During this time, Ashdan continued discussions with the CoC and submitted revised versions of its plan. Once the stay was vacated, the final revised plan was placed for voting and received unanimous approval during the e-voting conducted between July 17 and July 21, 2025. The successful resolution applicant then submitted its performance guarantee, including an additional deposit made on July 22, 2025.

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According to the judgment, Ashdan Properties, a part of the Solitaire Group with major real estate projects in Pune and Mumbai, proposed a total resolution amount of ₹145.26 crore. Out of this amount, ₹130 crore has been earmarked for secured financial creditors, while unsecured financial creditors will receive ₹15.12 crore. Operational creditors will receive ₹12 lakh and other creditors ₹2 lakh. The tribunal noted the detailed financial structure, including the treatment of CIRP costs, the mechanism for discharging employee dues, and the handling of unsustainable debt through the issuance of Class B equity shares. The plan also provides that all existing share capital of the corporate debtor will stand cancelled once the resolution plan takes effect, and the successful resolution applicant or its subsidiary will acquire up to 100 percent of the company’s equity.

The resolution professional submitted that the plan complied with Section 30(1) and Section 30(2) of the Code, as well as Regulations 37, 38, 38(1A) and 39(4) of the CIRP Regulations. A Form H certificate confirming statutory compliance was also placed before the tribunal. In its analysis, the Bench recorded that the plan satisfies all components mandated under Section 30(2), including payment of CIRP costs, treatment of operational creditors, post-approval management of the corporate debtor and supervision of the plan’s implementation. The tribunal referenced the Supreme Court’s rulings in K. Sashidhar v. Indian Overseas Bank and CoC of Essar Steel, reiterating that judicial review under Section 31 is limited to verifying statutory compliance and cannot intrude into commercial decisions taken by the CoC. The Bench observed that “the limited judicial review available… cannot in any circumstance trespass upon a business decision of the majority of the Committee of Creditors.”

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Concluding the matter, the NCLT allowed IA 86/2025 and approved the resolution plan, directing that it shall take effect immediately and bind the corporate debtor, its creditors, government authorities and all other stakeholders. The tribunal lifted the moratorium under Section 14 and directed the resolution professional to hand over all records and documents to the successful resolution applicant for implementation of the plan. It also recorded that, in line with the Supreme Court’s decision in Ghanshyam Mishra and Sons, all claims not forming part of the approved resolution plan now stand extinguished. With this order, the resolution plan of ₹145.26 crore stands formally sanctioned, and the CIRP of Indo Global Soft Solutions has concluded.

Appearance

For RP: Senior Advocate Chetan Kapadia along with Advocates Nisha, Shivani Sinha, Anugya

For CoC: Advocates Pulkit Sharma, Saloni Sulekhe instructed Dhaval & Associates

For SRA: Advocates Nauhsher Kohli, AshishParwani

Cause Title: Ravi Sethia vs Ashdan Properties Private Limited

Case No: IA (IBC) (Plan) No. 86 of 2025 in CP (IB) No. 377/MB/2021

Coram: Judicial Member K.R. Saji Kumar , Technical Member Anil Raj Chellan