Capriso Finance Limited & Anr vs Trishul Dream Homes Limited

Capriso Finance Ltd. & Anr. ...Appellant(s)

Versus

Trishul Dream Homes Ltd. ...Respondent(s) Present: For Appellant : Mr. Rakesh Kumar, Ms. Roshni Patil, Advocates. For Respondents :

ORDER

(Hybrid Mode) 22.08.2024: Heard Counsel for the Appellant. This appeal has been

filed challenging the order passed by the Adjudicating Authority dated

25.04.2024 by which IA No. 2790 of 2023 filed by the Appellant challenging

the eligibility criteria in Form-G has been rejected.

2. The appellant has filed the application where he has prayed for

following reliefs:

"I. Allow the present application and direct the RP to lay down to invite a fresh and fair and justified criteria for Expression of Interest.

II. Pass other or further orders, if any, as may deem fit in the interest of justice."

3. Adjudicating Authority has rejected the application against which the

appellant has come up in this appeal.

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4. Counsel for the Appellant submits that although the Resolution in

which criteria was fixed was passed by the CoC with a majority decision but

the appellant who is a minority shareholder in the CoC is aggrieved by the

said criteria and has come up in this appeal.

5. It is submitted that the Adjudicating Authority has not considered the

submissions which has been raised by the Appellant including that the

authorized representative of the homebuyer was not correctly chosen.

6. We have considered submission of the Counsel for the Appellant and

perused the record.

7. Only prayer which was made by the appellant in the application was

to direct the RP to lay down and invite fresh and fair criteria for expression

of interest.

8. Ld. Counsel for the Appellant himself has referred to the agenda item

no. 4.12 which came for consideration before the Committee of Creditors in

its meeting held on 06.09.2023 in which agenda item the draft eligibility

criteria were deliberated and approved, admittedly the project is the real

estate project of magnitude; The fixation of criteria is in the domain of the

Committee of Creditors and Committee of Creditors having fixed the

criterion with the majority decision, we are of the view that at the instance of

the appellant who has a minority vote share in the CoC cannot be allowed to

be challenged.

Comp. App. (AT) (Ins) No. 1481 of 2024 -3-

9. Counsel for the Appellant sought to content that authorised

representative of the homebuyers was not rightly chosen, the said issue was

not raised in prayers made in the application and cannot be examined in the

present appeal. We thus, do not find any error in the order. The Appeal is

dismissed.

[Justice Ashok Bhushan] Chairperson

[Barun Mitra] Member (Technical)

[Arun Baroka] Member (Technical) sr/nn Comp. App. (AT) (Ins) No. 1481 of 2024