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TMI Blog2022 (10) TMI 703X X X X Extracts X X X X X X X X Extracts X X X X ..... uyers - even if some of the homebuyers have not voted in favour of the plan they have to sail with the majority. The procedural violations which were sought to be urge before us are not sufficient enough to interfere with the order approving the Resolution Plan. To the similar effect is the Resolution Plan with regard to other two projects, the plan clearly mention that Resolution Applicant proposes to satisfy all the admitted claims in respect of the project by completing the pending construction activities and handing over possession to the allottees, in the manner as proposed, and subject to terms and conditions mentioned in the Resolution Plan. Thus, no good grounds have been made out to interfere with the impugned order approving ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... spect of Earth Iconic Project shall be implemented in accordance with separate Resolution Plan submitted by Respondent No.2 in CIRP proceeding of Celestial Estates Pvt. Ltd. Resolution Plan was put before the CoC in 18th meeting held on 18.10.2019 where it was resolved to put the plan to vote. Resolution Plan was put to vote in the 19th meeting of the CoC dated 11.11.2019 where it was approved by 99.97% votes. The Application was filed before the Adjudicating Authority being CA- 914/2019 for approval of the Resolution Plan submitted by the Respondent No.2 which plan came to be approved by the impugned order of the Adjudicating Authority. Aggrieved with the order approving the Resolution Plan, this Appeal has been filed by Earth Buyers Asso ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... et aside. 5. Learned Counsel for the Resolution Professional as well as Successful Resolution Applicant refuting the submission of the Appellant submits that even 35 Applicants who sought to be brought on record were members belonging to class of voters and they cannot be allowed to question the majority votes. Majority of homebuyers having decided to approve the plan by 99.97%, a miniscule of homebuyers cannot be allowed to challenge the plan. Statutory scheme does not permit minority of homebuyers to challenge the plan. It is further submitted that there was no procedural violation and Authorised Representative after obtaining the majority of votes of homebuyers has participated in the CoC meeting. Learned Counsel for the Successful Re ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 3). 8. The Authorised Representative represent the voters of the class after taking decision by vote of more than 50% of the voting of the Financial Creditors. From the above fact, it is clear that there is no dispute that majority of homebuyers have approved the Resolution Plan, Resolution Plan having been approved by 99.97% votes. The Hon ble Supreme Court in Jaypee Kensington Boulevard Apartments Welfare Association and Ors. vs. NBCC (India) Ltd. and Ors.- 2021 SCC OnLine SC 253 has already held that the allottees, even if not a homogeneous group, they could vote only either to approve the resolution plan or to disapprove the same. Divergence of the views within their own class may exist but, when coming to the vote in the Committ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he homebuyers, the operation of sub-section (3A) of Section 25A of the Code is that their authorised representative is required to vote on the resolution plan in accordance with the decision taken by a vote of more than 50% of the voting share of the homebuyers; and this 50% is counted with reference to the voting share of such homebuyers who choose to cast their vote for arriving at the particular decision. Once this process is carried out and the authorised representative has been handed down a particular decision by the requisite majority of voting share, he shall vote accordingly and his vote shall bind all the homebuyers, being of the single class he represents. 9. We, thus, are of the clear opinion that even if some of the homebu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of review of all necessary information/documents as will be required to be reviewed by the Resolution Applicant for such purpose with a view to identify any anomaly/ differences in respect of the claims as well as underlying claim amounts including but not restricted to the relevant Unit numbers, payment plan and such other details under the existing ABA. Any and all existing Allottees of Earth Copia Project shall not have the right to surrender / cancel the allotment of Units and/or claim refund of any amounts from the Resolution Applicant whether paid by them or due to them from or in connection with EIL, Aurochem or the Earth Copia Project Provided that, the Allottee shall have a right to transfer/assign Units allotted to them to p ..... X X X X Extracts X X X X X X X X Extracts X X X X
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