NCLT Approves Amar Prakaash Developers Resolution Plan

Authority: National Company Law Tribunal, Division Bench (Court-I), Chennai

Order Date: 30 June 2026

Case Overview

The National Company Law Tribunal (NCLT) Chennai heard multiple applications and intervention petitions related to the Corporate Insolvency Resolution Process (CIRP) of Amar Prakaash Developers Private Limited (main petition CP(IB)/73(CHE)/2022). The proceedings involved various stakeholders including financial creditors, homebuyers, the resolution professional, and the resolution applicant Aadarsh Surana. The tribunal addressed issues ranging from claim admissions, resolution professional fees, treatment of homebuyer claims, and approval of the resolution plan.

Key applications included IA(IBC)(Plan)/11(CHE)/2025 for approval of the resolution plan, multiple intervention petitions by homebuyers and creditors, and applications concerning the resolution professional's fees and expenses. The Resolution Plan submitted by Aadarsh Surana was approved by the Committee of Creditors (CoC) with 96.71% voting in the meeting held on 10 June 2026.

The tribunal made several important observations:

• Claims not submitted to the Resolution Professional within prescribed timelines cannot be included in the Resolution Plan at a belated stage
• Registered sale deeds and orders from consumer forums must be honored by the Successful Resolution Applicant subject to verification
• The Resolution Professional's incentive fee forms part of CIRP costs and must be paid in priority under Section 30(2) of the Code
• Homebuyers with valid claims must be treated in accordance with the approved Resolution Plan

Final Outcome

The tribunal approved the resolution plan with addendum submitted by Resolution Applicant Aadarsh Surana with specific directions. Multiple applications were disposed of or dismissed with observations:

• IA(IBC)(Plan)/11(CHE)/2025: Allowed - resolution plan approved
• Inv.P(IBC)/11(CHE)/2025: Dismissed
• Inv.P(IBC)/5(CHE)/2026: Disposed of - IRP fees claim subsumed under CIRP costs
• Inv.P(IBC)/6(CHE)/2026: Disposed of - Applicant's flat ownership recognized but compensation claim of Rs. 11,69,520 rejected
• IA(IBC)/1905(CHE)/2025: Disposed of - Resolution Applicant bound to pay RP incentive fee as part of CIRP costs
• IA(IBC)/700(CHE)/2026: Disposed of - Cause no longer subsists
• IA(IBC)/1985(CHE)/2025: Dismissed
• IA(IBC)/53(CHE)/2026 and IA(IBC)/2082(CHE)/2025: Dismissed - SBI free to initiate recovery proceedings against mortgaged flats
• IA(IBC)/1369(CHE)/2025 and IA(IBC)/1646(CHE)/2024: Dismissed
• IA(IBC)/892(CHE)/2025: Dismissed
• IA(IBC)/2095(CHE)/2025: Allowed - Dugar Finance claim to be included as Secured Financial Creditor
• IA(IBC)/2209(CHE)/2024: Dismissed
• IA(IBC)/1877(CHE)/2025: Disposed of - NHD Homes claim to be treated as Home Buyer
• IA(IBC)/815(CHE)/2026: Disposed of - Nothing survives
• IVN.P(IBC)/08(CHE)/2026: Disposed of - SRA to honor consumer forum order and deliver possession subject to verification

The resolution plan implementation will proceed with the Successful Resolution Applicant bound to fulfill all undertakings and obligations as approved by the CoC and directed by the tribunal.

Topics: Insolvency Resolution, Real Estate, Creditor Claims