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2025 Supreme(Online)(NCLT) 1529
NATIONAL COMPANY LAW TRIBUNAL
JYOTI KUMAR TRIPATHI, MEMBER (JUDICIAL), RAVICHANDRAN RAMASAMY, MEMNER (TECHNICAL)
M R . A.A RUMUGAM Resolution Professional of Hamsini Foundations Private Limited – Appellant
Versus
M/s Authum Investment and Infrastructure Ltd – Respondent
IA(IBC)/271(CHE)/2020 | IA(IBC)/1187(CHE)/2020 | CP/1361/IB/2018
For the Appellants/Petitioners: Mr. K Moorthy
For the Respondents: Abitha Banu, Mr Anant, Divya Ganapathy, K.P. Hemanth Kumar, K.P. Pramodh Kumar, Ramaswamy Meyyappan, Mr Om Prakesh, Savitha G, Vatsala P.M, K Moorthy, Pavithra Sundarrajan
The court upheld the resolution plan's approval despite dissent, affirming the commercial discretion of the Committee of Creditors under the IBC.
Headnote:The judgment concerns the approval of the resolution plan for Hamsini Foundations Private Limited under the Insolvency and Bankruptcy Code, 2016. The plan, submitted by Tatia Developer Private Limited, received 67.387% voting approval from the Committee of Creditors (CoC). The court noted issues raised by a dissenting creditor, Mr. A.B. Jagadeesan, regarding the transparency of the CIRP process and calculation of voting rights. It found these objections mostly baseless and concluded that the process, although not perfectly followed, should proceed to avoid liquidation. The court reiterated the discretionary authority of the CoC in approving resolution plans, emphasizing limited grounds for judicial review. The final approval to the resolution plan was granted, ceasing any moratorium under Section 14 of the IBC.
| Table of Content |
|---|
| 1. resolution plan approval sought. (Para 1 , 2) |
| 2. court's observations on objections. (Para 5 , 6) |
| 3. judicial review parameters established. (Para 17 , 19) |
| 4. resolution plan approved by the court. (Para 20 , 21 , 28) |
ORDER
1. IA(IBC)/271(CHE)/2020 This Application has been filed under Section 31 of the Insolvency and Bankruptcy Code, 2026 by the Resolution Professional of the Corporate Debtor viz. Hamsini Foundation Private Limited seeking to approve the resolution plan submitted by the Successful Resolution Applicant (SRA) viz. Tatia Developer Private Limited, approved by the CoC with 67.387% of voting.
2. (IBC)/1187(CHE)/2020 This Application has been filed by one Mr.A.B. Jagadeesan under Section 60 (5) of IBC, 2016 against the Resolution Professional, Authorized Representative and SRA seeking to reject the Resolution Plan submitted by the SRA.
3. CIRP OF THE CORPORATE DEBOR
3.1. The Corporate Debtor was admitted to CIRP vide order dated 12.03.2019. Mr. A.Arumugam, Applicant herein was appointed as the Interim Resolution Professional later confirmed as a Resolution Professional of the Corporate Debtor.
3.2. The Public Announcement as per Section 15 was made subsequently the IRP constituted the CoC comprising 2 financial creditors and 49 homebuyers represented by the Authorised Representative.
3.3. In the 1st meeting of the CoC held on 30.05.2019 had the following members a) Reliance Commercial Finance Limited, b) Sanchit Sales Private Limited, c) Home Buyers (Form – CA). Later, Reliance Commercial Finance Limited claim was found defective and it become ineligible to be a member of the CoC.
3.4. After the 5th meeting of the CoC the Expression of Interest in Form-G was published on 27.08.2019. Meanwhile an application was moved to extend the CIRP period which was granted by this Tribunal vide order dated 25.09.2019 and the CIRP period was extended till 06.12.2019.
3.5. Thereafter, three resolution plans have been received by the RP viz. 1)Tatia Developers Private Limited, 2) Senthamizh Constructions and Projects Private Limited and 3) Sai Trading and Interiors. Resolution Plan submitted by Tatia and Senthamizh were discussed in the 14th meeting of the CoC where Sai Trading has withdrawn its plan.
3.6. Vide MA No.20 of 2020 further 60 days extension prayed by the RP wherein this Adjudicating Authority fixed the 04.02.2020 as CIRP expiry date.
3.7. In the 16th meeting of the CoC revised resolution plans of 1) Tatia Developers Private Limited, 2) Senthamizh Constructions and Projects Private Limited were placed before CoC. In the 17th meeting of the CoC held on 01.02.2020 the same was put to the voting. The results of the e- voting were declared on 04.02.2020. The Resolution Plan submitted by Tatia Developers Private Limited received 64.479%, voting Senthamizh Constructions and Projects Private Limited received 0%. Later the RP found that 8% interest component of the homebuyers was not included in their claim correcting the same the total voting of the CoC in the plan of Tatia Developers Private Limited become 67.387% which passed the muster. The extracts of the revised voting pattern are reproduced below:
3.8. As a result of above Tatia Developers emerged as successful resolution applicant. On the instruction of RP the SRA submitted its EMD of Rs.25,00,000/-. Subsequently, the RP filed this application for approval of the Resolution Plan.
3.9. Pursuant to that in the 19th meeting of the CoC held on 22.07.2024 the resolution plan submitted by Tatia Developers has been approved with the incorporation of additional CIRP cost.
4. OBJECTIONS ON THE RESOLUTION PLAN
4.1. In the IA/1187/2020 Mr.A.B.Jagadeesan one of the creditors submitted his objection to the Resolution Plan approved by the CoC on the as follows:
a) The Applicant along with Mr. D.K. Prabakaran, D.K. Babu and D.K.Dhanasekar (Collectively hereinafter referred to as ‘Land Owners’) are the joint owners of the property admeasuring 3.80 acres situated at Nemilicherry Vil
