Dharmender Verma On Behalf Of Financial ... vs Jitender Arora Resolution ...

IN THE MATTER OF: Dharmender Verma ...Appellant

Versus

Jitender Arora, RP & Anr. ...Respondents

Present: For Appellant : Mr. Pulkit Deora, Mr. Harsh Gurabani, Advocates. For Respondents : Mr. Gautam Singhal, Mr. Rajat Chaudhary, Mr. Bhilashi Chopra, Ms. Kanika Balnara, Advocates for- 1. Mr. Pragya Prakash Upadhyay, Mr. Palash Singhai, Mr. Harshal Sareen, Advocates for R-2,

ORDER

(Hybrid Mode)

07.11.2024: Heard learned counsel for the Appellant as well as learned

counsel for the Respondent. This appeal has been filed against order dated

27.09.2024 passed in IA No.4928 of 2023. The application was filed by some

of the Homebuyers for replacement of the Resolution Professional (RP), on

which following order was passed:

"ΙA/4928/2023:-

This is an application filed by some of the Home-Buyers for replacement of the Resolution Professional. It is the contention of the Ld. Counsel on behalf of the Applicant that the Authorized Representative of the Home Buyers in class had casted his own vote in violation of the provisions contained in IBC and the Regulations made there under. Since, the issue of replacement of the Resolution Professional is pending since long and the matter has also travelled up to the Hon'ble NCLAT, and in the mean time Resolution Professional has also filed an application for the

Cont'd../ 2

approval of the Resolution Plan, before deciding this issue of replacement, we would like to know that how many Home- Buyers today are in favor of replacement of the Resolution Professional. Ld. Counsel on behalf of the Applicant may submit the list of Home-Buyers who wants to replace the Resolution Professional along with necessary proof. List this application on 08.11.2024."

2. Learned counsel for the Appellant challenging the order submits that

the Agenda for replacement of Resolution Professional has not been repeatedly

placed and when it was placed for voting, the Authorised Representative (AR)

voted against the resolution whereas the majority of the homebuyers were in

favour of the replacement of Resolution Professional. IA No. 4928 of 2023 in

the above background was filed seeking replacement of the Resolution

Professional. The Adjudicating Authority issued direction to the applicant to

submit list of Homebuyers who want to replace the Resolution Professional

along with necessary proof. Appellant is basically aggrieved by aforesaid

direction and submits that at this stage there is no occasion to take any vote

of the homebuyers and whatever materials are there the Adjudicating

Authority ought to have decided the matter on basis of them.

3. Learned counsel for the Respondent submits that the CoC has approved

the Resolution Plan in December, 2023 and majority homebuyers are in

favour of the Resolution Plan and only a few homebuyers have been asking

for replacement of the Resolution Professional and the Adjudicating Authority

just to satisfy itself that how many homebuyers are in favour of the

replacement of the Resolution Professional has issued the directions.

Company Appeal (AT) (Insolvency) No.2043 of 2024 3

4. We have considered the submissions of the parties and perused the

record.

5. The IA No.4928 of 2023 has been filed before approval of the Resolution

Plan by the CoC. The Adjudicating Authority ought to have decided the

application for replacement of Resolution Professional taking into

consideration the approval of Resolution Plan by CoC and it was not necessary

for the Adjudicating Authority to issue any further direction for submitting

list of homebuyers who want replacement of the Resolution Professional as

on today. The list, even if submitted by the applicant, may also be subject to

several disputes concerning the homebuyers and may not be sufficient for

reaching a solution. We are of the view that the Adjudicating Authority should

dispose of IA No.4928 of 2023 before passing orders on plan approval

application. It is also open for the Appellant/Applicant to submit the

documents as asked for or rely on the materials already filed. Appeal is

disposed of accordingly.

[Justice Ashok Bhushan] Chairperson

[Barun Mitra] Member (Technical)

[Arun Baroka] Member (Technical) Archana/nn

Company Appeal (AT) (Insolvency) No.2043 of 2024