# In the matter of Asset Reconstruction Company (india) Ltd. Vs Vr2 Land Development Pvt. Ltd. & Ors

> NCLAT judgment dated 2024-02-13. Citation: TCN-2024-NCLAT-00641. The case involves a Company Appeal (AT) (Insolvency) No. 289-291 of 2024 before the National…

- **Court:** NCLAT
- **Order date:** 13 Feb 2024
- **Citation:** TCN-2024-NCLAT-00641
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/asset-reconstruction-company-india-ltd-vs-vr2-land-development-pvt-ltd-ors-5f629c55

## Summary

### Background

The case involves a Company Appeal (AT) (Insolvency) No. 289-291 of 2024 before the National Company Law Appellate Tribunal (NCLAT), Principal Bench, New Delhi. Asset Reconstruction Company (India) Ltd. is the Appellant, and VR2 Land Development Pvt. Ltd. & Ors are the Respondents. The Appellant claims that despite holding a 68.92% vote share, they have been ousted from the Committee of Creditors (CoC).

## Facts

Asset Reconstruction Company (India) Ltd. filed an appeal against VR2 Land Development Pvt. Ltd. & Ors. The Appellant claims to have a 68.92% vote share in the Committee of Creditors (CoC) but has been ousted. The Resolution Professional (RP) has issued Form-G. The Appellant fears that the CoC might proceed with a resolution plan without their input, rendering the appeal infructuous. The court is addressing the handling of resolution plans in light of the Appellant's exclusion from the CoC.

## Issues and analysis

### Issue 1: Whether the ouster of the Appellant, holding a 68.92% vote share, from the Committee of Creditors …

**Ratio:** The ratio is based on principles of fairness and representation within the Committee of

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**Reasoning:** The court's reasoning is that the ouster of a party with a substantial vote share raises

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**Interpretation:** The interpretation involves examining the legal provisions governing the

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**Application:** The application involves assessing whether the specific circumstances of the

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## Parties

- **Judges:** Ashok Bh…; Barun M…; +1 more
- **Appellants:** Asset Reconstructi…
- **Respondents:** VR2 Land Developme…

## Timeline

- **2024-02-13 — Court Or…**: Issue Notice. Requisites along with process fee be filed within three days. Let Reply be…
- **2024-03-07 — Next Hearin…**: Case listed for further…

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