NCLT Mumbai Approves Ashdan Properties' ₹145.26 Crore Plan To Revive Indo Global Soft Solutions

The National Company Law Tribunal (NCLT) at Mumbai has approved the Rs 145.26 crore resolution plan submitted by Ashdan Properties Private Limited for the revival of Indo Global Soft Solutions and Technologies Pvt Ltd, a company engaged in IT services and software development.The tribunal said that once a resolution plan satisfies the requirements of the Insolvency and Bankruptcy Code, the commercial wisdom of the Committee of Creditors cannot be examined by it. “In view of the discussions and the law thus settled, 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. The Resolution 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.”, the tribunal recorded. The order was delivered on November 25, 2025 by Judicial Member K R Saji Kumar and Technical Member Anil Raj Chellan, who noted that the plan met all statutory mandates.Indo Global's insolvency began on April 12, 2022 on an application filed by Yes Bank. Ashdan Properties, part of the Solitaire Group that operates under the brands Solitaire and VTP, submitted its resolution plan on May 2, 2023. Although the plan initially secured 80 per cent approval from the CoC, disputes over creditor classification delayed its approval. In October 2024, the tribunal reclassified JC Flowers Asset Reconstruction as an unsecured creditor and directed the CoC to reconsider the plan. JCF ARC then obtained an NCLAT stay on November 21, 2024, preventing voting on the plan until the stay was lifted on 9 May 2025.During this period, Ashdan submitted revised plans, and the final version secured 100 per cent approval during e-voting conducted between 17 and 21 July 2025. The successful resolution applicant submitted its performance guarantee through deposits dated July 22, 2025. Resolution Professional Ravi Sethia and Ashdan Properties clarified that the plan complied with Section 30(2) and the CIRP Regulations, that no avoidance or fraudulent transaction had been found, and that all revisions were in accordance with the Insolvency Code.The tribunal reiterated that it cannot interfere with the CoC's commercial decisions once statutory requirements are met and the plan has received majority approval. It approved the plan and directed the resolution professional to hand over all records and documents to Ashdan Properties for implementation Case Title: Ravi Sethia vs Ashdan Properties Private Limited Case Number: IA (IBC) (Plan) No. 86 of 2025 in CP (IB) No. 377/MB/2021 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 Click Here To Read/Download Order

NCLT Mumbai Approves Ashdan Properties' ₹145.26 Crore Plan To Revive Indo Global Soft Solutions

Kirit Singhania

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