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TMI Blog2024 (2) TMI 974X X X X Extracts X X X X X X X X Extracts X X X X ..... s IRIDIA in the matter of M/s Horizon Buildcon Pvt. Ltd. - HELD THAT:- The Resolution Professional in the CIRP proceedings, appointed two valuers under Section 35 of the CIRP Regulations and the two valuers have submitted their valuation reports. There being difference of more than 10% in the valuation of two valuers, a third valuer was appointed. After completion of the valuation exercise, resolution plan was placed before the CoC for consideration. The CoC approved the Resolution Plan and application has already been filed by the Resolution Professional for approval of the plan before the Adjudicating Authority. Reliance placed on judgment of Hon ble Supreme Court in Ramkrishna Forgings Limited vs. Ravindra Loonkar, Resolution Profess ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e Appellant praying for following reliefs in I.A. No.1993 of 2023: a) Reject the valuation report obtained by the RP from its valuers and direct him to consider the valuation reports dated 21.12.2022 given by Mr. Anil Kumar Saxena and Ms. Aditi Aggarwal; or in the alternative; b) Appoint a fresh valuer to ascertain a fair value and liquidation value of the assets of Group Housing Society Known as IRIDIA in the matter of M/s Horizon Buildcon Pvt. Ltd.; c) Pass any other or further orders/directions as this Hon ble Tribunal may deem fit and appropriate in the present circumstances of the matter and in the interest of justice. 3. The Adjudicating Authority noticing the fact that Committee of Creditor has already approved th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... or the Appellant submits that Appellant in 12th and 13th meeting of the CoC has raised issued of valuation. Learned counsel for the Appellant has referred to the C , Item 2 and 3 (page 90 of paper book). The question with regard to valuation report was placed before the CoC and deliberated and reply of the Resolution Professional who was Chairman of the CoC was also noticed in the meeting of the CoC. 8. Learned counsel for the Appellant submits that valuation is at higher side which shall affect the homebuyers. Valuation has been obtained as per Regulations and Resolution Plan has been already approved, we, thus, are of the view that the Adjudicating Authority did not commit any error in rejecting the application filed by the Appellant. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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