Manoj Kumar And Ors vs Mr. Anurag Nirbhaya Resolution ...

National Company Law Appellate Tribunal25 May 2023Ashok Bhushan

CitationCompany Appeal (AT) (Insolvency) No. 620 of 2023

Ratio decidendi

The rule this decision rests on

One set of home-buyers, being a sub-set of the financial creditors, has no independent right to seek rejection of a resolution plan submitted for approval; the consideration and approval or disapproval of the plan rests with the Adjudicating Authority under Section 30(2) of the Insolvency and Bankruptcy Code, 2016.

Written by Miss Lucy from the judgment below, not taken from a headnote.

Judgment

As delivered

NATIONAL COMPANY LAW APPELLATE TRIBUNALPRINCIPAL BENCH, NEW DELHICompany Appeal (AT) (Insolvency) No. 620 of 2023IN THE MATTER OF:

Manoj Kumar & Ors. ...Appellants

Versus

Anurag Nirbhaya ...Respondents Resolution Professional Manju J Homes India Ltd. & Anr.

Present: For Appellant: Advocate Mrinal Harshwardhan, Advocate Yougendra Singh. For Respondent: Mr.Abhishek Anand, Ms. Bindu Das, Mr. Karan Kohli, Advocates

ORDER

25.05.2023: Heard Learned Counsel for the Appellant.

2. This Appeal has been filed against the Order dated 20th February, 2023

by which I.A. No. 4170/ND/2022 filed by the Appellants (one-set of home-

buyers) has been rejected. Appellants are one set of home buyers who has filed

I.A. No. 4170/ND/ 2022 for rejecting the Resolution Plan submitted by home-

buyers-Financial Creditors. The Resolution Professional has filed an

Application for approving the Resolution Plan which is pending consideration

before the Adjudicating Authority.

3. The Home-Buyers as sub-set of the Financial Creditors has by the

Application prayed for rejection of the Resolution Plan, we are of the view that

one set of home-buyers have no right to claim rejection of the Resolution Plan,

it is for the Adjudicating Authority to consider the plan and approve or

disapprove in accordance with Section 30(2) of I&B Code, 2016. We do not find -2-

any error in the order of the Adjudicating Authority rejecting Application filed

by one-set of home-buyers seeking rejection of the Resolution Plan, the Appeal

is dismissed.

[Justice Ashok Bhushan] Chairperson

[Barun Mitra] Member (Technical)

Basant/nn

Company Appeal (AT) (Insolvency) No. 620/2023

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