9911796707
TMI Blog2025 (2) TMI 963X X X X Extracts X X X X X X X X Extracts X X X X ..... lementable within 9 months is not an issue which can be decided at the time of approval of the plan. The question that the plan cannot be implemented within 9 months is the question which can be raised after expiry of the period as contemplated in the plan. In so far as viability and feasibility, it is the commercial wisdom of the CoC to take a decision on viability and feasibility of the plan. The CoC having approved the plan with 100% voting, the CoC deemed to have adverted to the viability and feasibility of the Resolution Plan. The scope of interference in an order approving Resolution Plan is too limited for the Adjudicating Authority and this Appellate Tribunal which is well settled proposition - there are no good ground to interfere ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed by the Adjudicating Authority in IA No.5451 of 2023 by which objections were raised by the Appellant to the Resolution Plan. Company Appeal (AT) (Insolvency) No. 94 of 2025 has been filed by a Homebuyer against the approval of Resolution Plan. 2. Learned counsel appearing for the Promoter submits that the Resolution Plan is not implementable and there is no viability and feasibility of the plan. It is submitted that the time for implementation of the plan i.e. handing over of units within 9 months is not possible and further it is subject to receipt of Occupancy Certificate, hence, the plan is conditional and contingent and ought not to have been approved. 3. Learned counsel for the Homebuyer has raised similar issues and submits that ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nsidered in consonance with the provisions of the IBC, 2016 and the corresponding provisions of the allied rules and regulations." 7. Now when we look into the order passed by the Adjudicating Authority approving the Resolution Plan i.e. order dated 20.09.2024 in Para 45 the Adjudicating Authority made following observations: "45. Additionally, it is pertinent to mention that certain contentions pertaining to the present resolution plan were raised in the aforementioned I.A.s. However, with regards to the aforesaid objections which have been raised by the virtue of the said L.A.s, this AA is satisfied that the said objections have been properly addressed in this resolution plan." 8. The objections which was raised in the IA thus was hel ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Adjudicating Authority or the Appellate Tribunal to interfere in the merits of a business decision taken by the requisite majority of the Committee of Creditors, provided that it is otherwise in conformity with the provisions of the Code and the Regulations, as has been laid down by this judgment." 10. We, thus, do not find any good ground to interfere in the order approving the Resolution Plan at the instance of the Promoter. 11. Now coming to the Appeal filed by the Homebuyer i.e. Harvinder Singh, the plan has already been approved by 100% vote share of the CoC. Appellant who is one of the homebuyers has to go with the majority decision of the homebuyers and cannot be allowed to question the approval of the plan which is law settled by ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
