[Under Section 60(5) of the Insolvency and Bankruptcy Code, 2016 read with Rule 11

of the National Company Law Tribunal Rules, 2016]

1. MR. RAMPRASAD VISHWANATH GUPTA

Building No. 58, Flat No. 1305

Saikripa CHS Ltd, Nehru Nagar

Kurla (E), Mumbai - 400024, Maharashtra. 2. MR. SUNIL BHANWARLAL PUROHIT

201 A Wing, Swapna Bhoomi Building,

Near Portuguese Church, S. K. Bole Road,

Dadar West, Mumbai - 400028, Maharashtra.

3. MR. HEMANT KANHAIYALAL PAREKH

B-11, Bhagneri CHS Ltd. N.S. Mankikar Marg Chunabhatti, Mumbai - 400022, Maharashtra

4. MR. HEMANT BHALERAO

Flat No. 28, B-E8, Sion Koliwada

Raoli Camp, BMC Colony

Mumbai 400037, Maharashtra

5. MR. RAJESH YASHWANT BANDARKAR

C-3, Flat No. 101, Bramhand Phase -4

Ghodbunder Road

Thane West- 400607, Maharashtra

…Applicant

Vs.

1. MR. DINESH KUMAR DEORA,

RESOLUTION PROFESSIONAL OF

M/S SNEHANJALI AND S.B. DEVELOPERS PRIVATE LIMITED

B-202, ABT Apartment, Rani Sati Marg

Near Navjivan School, Malad (East)

Mumbai-400097, Maharashtra.

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2. MR. MANISH LALJI DAWDA Authorized Representatives of Homebuyers

205 A, 2nd Floor. Hiren Light Industrial Estate Behind Johson & Johnson, Moghul Land Bhagoji Kheer Marg, Mahim West Mumbai-400016, Maharashtra

3. LA MER DEVELOPERS LIMITED in consortium with Neel Builders and Developers No. 19, The Full Stop Mall Plot No. 1 Sector -19, Sanpada, Palm Beach Road Navi Mumbai -400705, Maharashtra ...Respondents IN THE MATTER OF:

MR. SANTOSH ANANDA SHETTY AND ORS …Financial Creditor Vs.

M/S SNEHANJALI AND S.B. DEVELOPERS PRIVATE LIMITED ...Corporate Debtor Pronounced:24.01.2025 CORAM:

HON’BLE SHRI K. R. SAJI KUMAR, MEMBER (JUDICIAL)

HON’BLE SHRI SANJIV DUTT, MEMBER (TECHNICAL)

Appearances: Hybrid Applicant: Adv. Akshay S. Malvia.

Respondent No.1: Adv. Niyati Merchant i/b MDP Legal.

Respondent Nos. 2 & 3 : None _______________________________________________________________________________

ORDER

[PER: SANJIV DUTT, MEMBER (TECHNICAL)]

1. BACKGROUND

1.1 This IA (I.B.C) No.269/MB/2025 has been filed on 27.11.2024 by Mr.

Ramprasad Vishwanath Gupta and Ors., under Section 60(5) of the Insolvency and Bankruptcy Code, 2016 (hereinafter referred to as “the Code”) read with Rule 11 of the National Company Law Tribunal Rules, 2016 praying for quashing the condition of Request for Resolution Plan (RFRP) prohibiting modification and amendment of plan, declaring the successful resolution plan of La Mer Developers Limited in consortium with Neel Builders and Developers (Respondent No.3) as null and void, replacing Respondent Nos.1 and 2 with other suitable persons from their respective roles as Resolution Professional (RP) and Authorised Representative (AR) respectively and directing Respondent Nos.1 and 2 to produce the video and Zoom meeting recordings of the meeting held on 29.09.2024 and the e-voting details with respect to approval of the resolution plan.

1.2 The Corporate Debtor was admitted to Corporate Insolvency Resolution Process (hereinafter referred as “CIRP”) in C.P. (IB) No.1046/MB/2023 (Main C.P.) under Section 7 of the IBC vide order of this Bench dated 07.03.2024. Mr. Dinesh Kumar Deora, Respondent No.1 was appointed as the IRP and later his appointment as RP was confirmed for conducting CIRP.

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1.3 The five Applicants in captioned IA are homebuyers who had purchased their respective flats from the Corporate Debtor. Respondent No.2 is the Authorised Representative (AR) of the Committee of Creditors (CoC) representing the class of creditors comprising only homebuyers. Respondent No.3 is the Successful Resolution Applicant (SRA) approved by the CoC who has submitted Resolution Plan, which is awaiting approval of this Adjudicating Authority.

2. AVERMENTS OF APPLICANT

2.1 The Corporate Debtor (erstwhile developer) constructing the Project was under obligation to give possession of flats to the homebuyers including the Applicants herein on or before 30.06.2022. S