Ashok Bhushan, J
1. This Appeal has been filed challenging order dated 20.11.2023 passed in IA No.1854 of 2022. The Adjudicating Authority by the impugned order has approved the Resolution Plan submitted by the Successful Resolution Applicant (“SRA”). The Appellant aggrieved by the said order has come up in this Appeal.
2. Appellant’s case is that the orders passed by the Adjudicating Authority refusing to accept the claim with regard to Units CB-05, CB-06, is pending consideration in Company Appeal (AT) (Insolvency) No.1039 of 2023 and with regard to Units 1GF and 5GF orders passed by the Adjudicating Authority are also been challenged in Company Appeal (AT) (Insolvency) Nos.186 and 187 of 2024. The Appellant’s claim having not been rightly considered, the approval of Resolution Plan needs to be set aside and matter be remitted for reconsideration.
3. The learned Counsel appearing for RP refuting the submission of learned Counsel for the Appellant submits that the Plan has been approved, which Plan is in compliant with Section 30, sub-section (2) of the Insolvency and Bankruptcy Code, 2016 (hereinafter referred to as the “Code”) and claim with regard to Units 1GF and 5GF has already been admitted and a provision has been made in the Plan that Appellant shall receive his amount towards the assured return with regard to the aforesaid two Units and with regard to other two Units of the Appellant, IAs filed by the Appellant have already been rejected, which has been challenged in Appeal No.1039 of 2023. It is submitted that there is no ground to interfere with the order approving the Resolution Plan.
4. The learned Counsel for the SRA also has contended that SRA has undertaken to pay the assured return to extend its admitted claim as per the Resolution Plan and SRA has also undertaken to execute Conveyance Deed for two Units CB-05 and CB-06. The Appellant is being paid 40% of the enhanced admitted claim towards the assured return, pertaining to 1GF and 5GF. SRA is also executing Conveyance Deed for Unit CB-05 and CB-06. It is submitted that the Appellant is a speculative investor and is not resident of India and has approached several Forums for raising his grievances.
5. We have heard learned Counsel for the parties and have perused the records.
6. The Resolution Plan was approved by the Committee of Creditors and thereafter by Adjudicating Authority on 20.11.2023. The Resolution Plan provides for payment of all stake holders. In paragraphs 6.7, 6.8 and 6.12 of the impugned order, the Adjudicating Authority has noted the following:
“6.7 Payment to Other Creditors (other than Financial Creditors and Operational Creditors)
The Other Creditors of the Corporate Debtor shall be paid Rs.43,72,530/- of the total admitted amount of Rs.81,55,356/- as towards their full and final settlement as detailed in Schedule 5.
The said payment shall be made in three equal installments. The payment of first instalment shall be made in Qtr 3, Second Instalment in Qtr 4 and Third Instalment in Qtr 5 from the effective date.
6.8 Claims of the Financial Creditors (Home Buyer, Commercial Buyer and Studio/ Celebrity Suite Buyers/Allottees) and Other Creditors admitted after Submission of the present Resolution Plan:
The claims of the Financial Creditor (Home Buyer, Commercial Buyer and Studio/ Celebrity Suite Buyers/ Allottees) and other Creditors if accepted and admitted by the Resolution Professional after the submission of present Resolution Plan, shall be considered by the Resolution Applicant, and shall be treated at part with the claims of the present Financial Creditor (Home Buyer, Commercial Buyer and Studio Celebrity Suite Buyers/ Allottees) and other Creditors in accordance with Clause 2.9 of Schedule 5.
6.12 Terms of the Resolution Plan: The term of the Plan shall commence on the date of the Effective Date and shall be valid till 30 months from the effective date (which includes 6 months for obtaining the necessary sanctions and 24 months for construction as detailed in Schedule 7). The payments are proposed to eb made as per Schedule 5
|
Summary of Proposed Settlement |
||||
|
Particulars |
Admitted Claims/ deemed CIRP |
Proposed % |
Proposed Settlement |
Remarks |
|
Rs. |
Rs. |
|||
|
IRP
Costs |
30,00,000 |
100% |
30,00,000 |
|
|
Home Buyers/ Commercial Space Buyers Celebrity Suit Buyers |
10,85,01,852 |
100% |
Home
Buyers, Commercial Buyers, Studio/ Celebrity Suite Buyers will get the
Flat(s) Commercial Space(s)/ Celebrity Suit(s) as |
|
|
Operational
Creditors (for Admitted Claim Amount upto Rs.50,000) |
48,930 1,97,38,885 |
100% 40% |
48,930 78,91,554 |
|
|
Other
Creditors |
25,75,970 |
80% |
22,20,776 |
|
|
Other Creditors (Other than FC and OC) (for Admitted Claim Amount more than Rs.5,00,000) |
53,79,386 |
40% |
21,51,754 |
|
|
Total |
1,53,13,015 |
7. The Plan provides for 40% payment to other Creditors under which category the claim of the Appellant was admitted. It is well settled that commercial wisdom of the CoC in approving the Resolution Plan is not to be interfered with, unless it is shown that Plan violates any of the provisions of Section 30, sub-section (2) of the Code. The Hon’ble Supreme Court in its judgment in K. Shashidhar vs. Indian Overseas Bank and Ors. – (2019) 12 SCC 150 has laid down that the legislature, consciously, has not provided any ground to challenge the “commercial wisdom” of the Committee of Creditors, except on the grounds as provided in Section 30, sub-section (2).
8. In the present case, no grounds have been made that Resolution Plan approved by the CoC and the Adjudicating Authority violates any of the provisions of Section 30, sub-section (2). We, thus, do not find any ground in this Appeal to interfere with the impugned order of the Adjudicating Authority approving the Resolution Plan. There is no merit in the Appeal. The Appeal is dismissed. Parties to bear their own costs.
