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Judgment
Heard Mr. P Nagesh, Sr. Advocate for the Appellant.
This Appeal has been filed against the Order dated 23rd August, 2023 by which order I.A. filed by the Appellant being I.A. No. 3865 of 2021 raising objection to the Resolution Plan approved by the CoC has been rejected.
The CoC which is a committee of creditors in a class has submitted the resolution plan which was approved with 90.66 % votes. The Appellant who belongs to the same class of creditors is aggrieved by the approval of the plan by the CoC. The Adjudicating Authority relying on Judgment of Hon’ble Supreme Court in Jaypee Kensington Boulevard Apartments Welfare Association and Ors. Vs. NBCC (India) Ltd. and Ors. paragraph 218-219 has dismissed the Application on the ground that Appellant has no locus to challenge the approval of the plan.
We are in full agreement with the view taken by the Adjudicating Authority relying on Jaypee Kensington which is clear from para 218-219 where following has been held:
“218. To sum up this part of discussion, in our view, after approval of the resolution plan of NBCC by CoC, where homebuyers as a class assented to the plan, any individual homebuyer or association cannot maintain any challenge to the resolution plan nor could be treated as carrying any legal grievance.
Once we have held that these dissatisfied homebuyers and associations are not entitled to put up any challenge to the resolution plan contrary to the decision of the requisite majority of their class, all their objections are required to be rejected outright. Yet, in the interest of justice, we have examined these objections to find if there be any aspect worth consideration within the periphery of Section 30(2) of the Code. We find none.”
Following the said judgment, we find that no error has been committed by the Adjudicating Authority rejecting application. There is no merit in the Appeal, the Appeal is dismissed.