Resolution plan for Amar Prakaash Developerss approved by the tribunal

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Amar Prakaash resolution approved

Highlights

The resolution plan of Amar Prakaash Developerss Private Limited was approved by the NCLT on 22.08.2025 after approval by the committee of creditors.
Despite non-cooperation from suspended directors and legal challenges to the resolution plans, the claims of homebuyers were accepted on 18.03.2025.
The approved plan ensures settlement of secured financial creditors, compensation for homebuyers, and statutory compliance under the IBC.

This article was translated from the original. Read the original version by our correspondent here.

Approval and Process of the Resolution Plan

As stated by the Insolvency and Bankruptcy Board of India, the resolution professional of Amar Prakaash Developerss Private Limited filed an application under Sections 30(6) and 60(5) of the Insolvency and Bankruptcy Code, 2016, seeking approval of the resolution plan dated 22.08.2025, which was approved by the committee of creditors in favor of the successful resolution applicant, Aadarsh Kumar Surana.

The corporate insolvency resolution process against the corporate debtor was initiated by tribunal order dated 18.04.2023, after which Vishwanathan Gopalan was appointed as the interim resolution professional. After taking charge of the records, the resolution professional also faced non-cooperation from the suspended director.

During the proceedings, several applications and challenges regarding the resolution plans emerged. The committee of creditors was reconstituted, and on 18.03.2025, the claims of homebuyers were verified and accepted, while a public announcement regarding the insolvency process was also issued.

Impact on Stakeholders and Statutory Compliance

After considering various applications, including objections from other potential resolution applicants, the tribunal found that the approved plan provides for settlement of secured financial creditors and compensation for homebuyers. The plan underwent comprehensive scrutiny to ensure compliance with the statutory requirements of the IBC.

Ultimately, the tribunal held that the plan complies with the conditions of Sections 30(2) and 31 of the IBC, 2016. The plan was then fully approved, with provisions established for timelines, performance guarantee obligations, and protection of the interests of all stakeholders involved in the resolution process.

We have previously reported on the money laundering investigation related to alleged financial misappropriation and illegal memberships in Shanti Niketan Co-operative Group Housing Society Limited. That report stated that during searches at several locations in Delhi-NCR, cash, precious metals, and important documents were seized, and related bank accounts were frozen. This case highlights increased scrutiny on fund usage, membership allocation, and compliance risks in the housing/co-operative sector.

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