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Judgment
O R D E R
22.08.2024: Heard Counsel for the Appellant. This appeal has been filed challenging the order passed by the Adjudicating Authority dated 25.04.2024 by which IA No. 2790 of 2023 filed by the Appellant challenging the eligibility criteria in Form-G has been rejected.
The appellant has filed the application where he has prayed for following reliefs:
“I. Allow the present application and direct the RP to lay down to invite a fresh and fair and justified criteria for Expression of Interest.
II. Pass other or further orders, if any, as may deem fit in the interest of justice.”
Adjudicating Authority has rejected the application against which the appellant has come up in this appeal.
Counsel for the Appellant submits that although the Resolution in which criteria was fixed was passed by the CoC with a majority decision but the appellant who is a minority shareholder in the CoC is aggrieved by the said criteria and has come up in this appeal.
It is submitted that the Adjudicating Authority has not considered the submissions which has been raised by the Appellant including that the authorized representative of the homebuyer was not correctly chosen.
We have considered submission of the Counsel for the Appellant and perused the record.
Only prayer which was made by the appellant in the application was to direct the RP to lay down and invite fresh and fair criteria for expression of interest.
Ld. Counsel for the Appellant himself has referred to the agenda item no. 4.12 which came for consideration before the Committee of Creditors in its meeting held on 06.09.2023 in which agenda item the draft eligibility criteria were deliberated and approved, admittedly the project is the real estate project of magnitude; The fixation of criteria is in the domain of the Committee of Creditors and Committee of Creditors having fixed the criterion with the majority decision, we are of the view that at the instance of the appellant who has a minority vote share in the CoC cannot be allowed to be challenged.
Counsel for the Appellant sought to content that authorised representative of the homebuyers was not rightly chosen, the said issue was not raised in prayers made in the application and cannot be examined in the present appeal. We thus, do not find any error in the order. The Appeal is dismissed.