Lone Homebuyer Cannot Challenge Resolution Plan Approval: NCLAT Delhi

Jai Prakash Keswani Vs MB Malls Pvt. Ltd & Ors. (NCLAT Delhi) The National Company Law Appellate Tribunal (NCLAT) Delhi has dismissed appeals challenging the approval of a resolution plan for MB Malls Pvt. Ltd. The appeals were filed by the promoter, Jai Prakash Keswani, and a homebuyer, Harvinder Singh. The key contention was that the resolution plan was unviable and conditional upon obtaining an occupancy certificate, making it non-implementable. However, NCLAT upheld the commercial wisdom of the Committee of Creditors (CoC), emphasizing that objections related to viability and feasibili...