Ashok Gosavi & Ors vs Mr Manoj Kumar Agarwal & Ors

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