National Company Law Appellate Tribunal
Ashok Gosavi & Ors vs Mr Manoj Kumar Agarwal & Ors on 24 August, 2023
Author: Ashok Bhushan
Bench: Ashok Bhushan
NATIONAL COMPANY LAW APPELLATE TRIBUNAL
PRINCIPAL BENCH, NEW DELHI
Company Appeal (AT) (Insolvency) No. 1094 of 2023
&
I.A. No. 3779 of 2023
IN THE MATTER OF:
Ashok Gosavi & Ors. ...Appellant
Versus
Manoj Kumar Agarwal & Ors. ...Respondents
Present:
For Appellant: Mr. Vishesh Kalra, Mr. Sourabh Tandon, Ruturaj V
Bankar, Advocates
For Respondent: Mohd Shahan Ulla, Nikunj Mahajan, Advocates for
R-1
Mr. Sanjeev Singh, Ms. Taniya Bansal, Ms. Ridhi
Pahuja, Mr. Aditya Maheshwari, Advocates for R-2
Mr. Arun Kathpalia, Sr. Advocate with Mr. Puneet
Singh Bindra, Mr. Rishabh Gupta, Ms. Simranjeet,
Mr. Akshay Sharma, Mr. Sameer Sethi, Advocates for
R-3 to R-5.
ORDER
24.08.2023: Heard Learned Counsel for the Appellants and Learned Sr. Counsel for R-3 to R-5 along with Learned Counsel for the Respondents for R- 1 and R-2.
2. This Appeal has been filed against the Order dated 23rd June, 2023 by which Order I.A. No. 1950 of 2021 filed by the Resolution Professional under Section 30(6) has been approved. The Appellants who are the Home Buyers and Financial Creditors have come up in the Appeal challenging the Order approving the Resolution Plan.
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3. Learned Counsel for the Appellant submits that there was scheme under which the Corporate Debtor was to pay Pre-EMI after particular date. He submits that after the approval of the plan, there was no clarity as to what will happen to the liability of the Corporate Debtor with regard to the said Pre-EMI.
4. Learned Sr. Counsel for the Respondent-Mr. Arun Kathpalia submits that the Appellants are financial creditors of a class and the authorised representative of the home-buyers have already given vote in favour of the approval of the Resolution Plan and the Appellants are clearly bound by the said decision of the Judgment which Learned Sr. Counsel has referred to Judgment of the Hon'ble Supreme Court in "Jaypee Kensington Boulevard Apartments Welfare Association & Ors. Vs. NBCC India Limited & 0rs.", 2022 1 SCC 40, Paragraph 210.5, 210.6, 218 and 219.
5. We have considered the submissions of Learned Counsel for the parties and have perused the record.
6. The Appellants who are home buyers in a class and whose authorised representative has admittedly voted in favour of approval of the plan, the Appellants who may be in the minority could not be allowed to challenge the plan as per the law laid down in "Jaypee Kensington". Plan having been approved, the payment to the financial institutions have to be as per the plan. In so far as apprehension of the Appellant that financial institutions may after approval of the plan go against the individual home-buyers for recovery of their Company Appeal (AT) (Insolvency) No.1094/2023 -3- Pre-EMI or any financial liability, it shall always open for the Appellant to raise their appropriate objection in any such proceedings in accordance with law.
With these observations, we dismiss the Appeal.
[Justice Ashok Bhushan] Chairperson [Mr. Barun Mitra] Member (Technical) Basant/nn Company Appeal (AT) (Insolvency) No.1094/2023