# In the matter of Air Force Group Insurance Society Vs.  Mr R. Subramaniakumar Administrator of Dewan Housing Finance Corporation Limited & Ors.  Company Appeal (AT) (Insolvency) No. 546 & 552 of 2021

> NCLAT judgment dated 2022-01-27. Citation: TCN-2022-NCLAT-00654. The case involves two appeals (546/2021 and 552/2021) challenging the resolution plan…

- **Court:** NCLAT
- **Order date:** 27 Jan 2022
- **Citation:** TCN-2022-NCLAT-00654
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/air-force-group-insurance-society-vs-mr-r-subramaniakumar-administrator-of-dewan-5202188b

## Summary

### Background

The case involves two appeals (546/2021 and 552/2021) challenging the resolution plan approved by the Adjudicating Authority (NCLT, Mumbai Bench) for Dewan Housing Finance Corporation Limited (DHFL). The appeals were filed by Air Force Group Insurance Society and Anup Kumar Shrivastava & Vibha Shrivastava, who are fixed deposit holders of DHFL. The appellants contended that the resolution plan unfairly treated them compared to other financial creditors and violated the National Housing Bank (NHB) Act and Reserve Bank of India (RBI) Act. The Adjudicating Authority had suggested reconsideration of the payment percentage to small investors and full payment to the Army Group Insurance Fund, but the CoC rejected the revision.

## Facts

Air Force Group Insurance Society and Anup Kumar Shrivastava & Vibha Shrivastava, fixed deposit (FD) holders of Dewan Housing Finance Corporation Limited (DHFL), filed appeals challenging the resolution plan approved by the NCLT. The appellants argued that the resolution plan unfairly treated them compared to other financial creditors and violated the National Housing Bank (NHB) Act and Reserve Bank of India (RBI) Act. The Adjudicating Authority suggested reconsidering the payment percentage to small investors and full payment to the Army Group Insurance Fund, but the CoC rejected the revision. The appellants contended that their deposits were made from lifetime earnings and provident funds, and the NHB Act mandates full repayment. The respondents argued that the

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## Issues and analysis

### Issue 1: Whether the Resolution Plan unfairly treats fixed deposit holders compared to other financial …

**Ratio:** The principle of fair and equitable distribution under the IBC requires that the

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**Reasoning:** The NCLAT reasoned that the CoC has the authority to make commercial decisions regarding

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**Interpretation:** The IBC does not mandate equal treatment for all creditors. The CoC can

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**Application:** In this case, the NCLAT found that the FD holders were treated as financial

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## Parties

- **Judges:** M. Venu…; V. P. S…; +1 more
- **Appellants:** Air Force Group…
- **Respondents:** Dewan Housing…; Mr R. Subramaniaku…

## Timeline

- **2019-11-29 — CIRP Init…**: Corporate Insolvency Resolution Process was initiated against DHFL by RBI under Rule 5 of…
- **2019-12-03 — Petition Ad…**: Adjudicating Authority admitted the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 30(6) — Submission of resolution plan](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-30)

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