Anuj Gaur & Ors Vs Rabindra Kumar Mintri (NCLAT Delhi)
NCLAT Delhi held that contingencies as part of resolution plan justified as resolution plan complies with CIRP Regulations, 2016, as well as Section 30(2)(b) of the Insolvency and Bankruptcy Code.
Facts- The corporate debtor, Som Resorts Pvt Ltd. is engaged in the business of development of Real Estate Project. The corporate debtor started a Project. Land of said Project has been allotted by UP Housing and Development Board (Uttar Pradesh Awas Evam Vikas Parishad). The promoters carried out constructions in violation of approved building plan and the UP Awas Evam Vikas Parshad, sealed the Project.
26 homebuyers, namely Yadubir Singh Sajwan & Ors. filed a Section 7 application against the corporate debtor for initiating the insolvency resolution process and vide order dated 02.08.2022, the adjudicating authority admitted Section 7 application and appointed one Mr. Sumit Shukla as the IRP.
On the basis of e-voting, the resolution plan submitted by Casa Italia Social Welfare Association was approved by the 100% vote shares of the CoC. The RP filed application for approval of the resolution plan on 19.04.2023. The application filed by the RP was heard by the adjudicating authority on 04.01.2024.
