IN TH

IN

CP (IBC)/05/KOB/2021

(Under Section 60(5)(C) of Insolvency and

Bankruptcy Code, 2016 and Rule 11 and 32 of the

NCLT Rules,2016)

Date of Institution:20.06.2025 Order delivered on: 12.11.2025

In the matter of:

Samson and Sons Builders and

Developers Private Limited

MEMO OF PARTIES:

Nova Castle Apartment Owner’s

Association,

(Reg No. TVM/TC/1378/2016)

T.C-3/2430-1, KPRA – 12, Marappalam,

Pattom Palace P.O. Trivandrum 695004

…Applicant No.1

Sanctuary Apartment Owner’s

Association,

(Reg no. TVM/TC/202/2021)

TC#9/739, RNP Lane, Sasthamangalam P.O.,

Thiruvananthapuram-695010

…Applicant No.2

-Vs-

K. Parameshwaran Nair

Resolution Professional,

In the matter of Samson and Sons Builders and Developers Private Limited Samson and Sons Builders and Developers Pvt Ltd Reg No. IBBI/IPA-001/IPP01773/2019-

20/12702 37/1736E, Kripasagaram, K Murali Road, Kadavanthra, Kochi, Kerala 682020 …Respondent No.1 Samson and Sons Builders Developers Private Limited, CIN – U45200KL2009PTC024511 TC 3/678, Muttada, Trivandrum.

…Respondent No.2 Coram:

HON’BLE MEMBER (JUDICIAL) : SHRI. VINAY GOEL HON’BLE MEMBER(TECHNICAL) : SMT. MADHU SINHA Appearances:

For the Applicant : Mr. Bijoy Pulipra, Adv;

For the Respondent No.1 : Mr. Vinod P V, Adv.

O R D E R Per Coram:

1. The present Application has been filed by Nova Castle Apartment Owner’s Association and Sanctuary Apartment Owner’s Association, under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, and Rules 11 and 32 of the NCLT Rules,2016, seeking the following reliefs:

In the matter of Samson and Sons Builders and Developers Private Limited

1. Declare that the reconstitution of the Committee of Creditors (CoC) undertaken by Respondent No. 1, the Resolution Professional, is illegal, ultra vires the Insolvency and Bankruptcy Code, 2016, and contrary to the principles of natural justice;

2. Quash and set aside the impugned reconstitution of the CoC and direct restoration of the original composition of the CoC, including the Applicant Association and other similarly placed associations of homebuyers who were originally part of the CoC;

3. Hold and declare that the mere submission and approval of a project-wise Resolution Plan by a financial creditor (including homebuyer associations) does not extinguish their status or responsibilities as financial creditors under the Code, and cannot be a valid ground for their exclusion from the CoC;

4. Direct the Resolution Professional to act strictly in accordance with the provisions of the Code and the Regulations made thereunder, and to refrain from any unilateral action affecting the composition or functioning of the CoC without the prior approval of this Hon'ble Tribunal;

5. Direct that the Resolution Plan submitted by the Applicants under IA(IBC)/(PLAN)/3/KOB/2024 for Applicant no.1 and IA(IBC)/(PLAN)/5/KOB/2024 for Applicant no.2, which was approved by the requisite majority of the original CoC, be considered valid and placed before this Hon'ble Tribunal for approval under Section 31 of the Code;

6. Pass such further or other orders as this Hon'ble Tribunal may deem fit and proper in the facts and circumstances of the case and in the interest of justice.

The Brief facts of the case are as follows: -

2. The Applicants stated that Applicant No.1, Nova Castle Apartment Owners’ Association, and Applicant No.2, Sanctuary Apartment Owners’ Association are both registered under the Travancore Cochin Literary, Scientific and Charitable Societies Registration In the matter of Samson and Sons Builders and Developers Private Limited Act, 1955, representing homebuyers and allottees of the “Nova Castle” and “Sanctuary” projects respectively of the Corporate Debtor, Samson & Sons Builders and Developers Private Limited.

3. The Applicants stated that the approval of project-wise Resolution Plans by certain homebuyer associations, who are recognized financial creditors under Section 5(7) of the Insolvency and Bankruptcy Code, 2016, does not extinguish their status or rights under the Code. However, Respondent