# In the matter of Merina Commotrade Pvt. Ltd. vs. Anand Sonbhadra, RP for Shubhkamna Buildtech Pvt. Ltd. & Ors.

> NCLAT judgment dated 2024-10-25. Citation: TCN-2024-NCLAT-00142. The appeal was filed by Merina Commotrade Pvt. Ltd., a secured financial creditor, against an…

- **Court:** NCLAT
- **Order date:** 25 Oct 2024
- **Citation:** TCN-2024-NCLAT-00142
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/merina-commotrade-pvt-ltd-vs-anand-sonbhadra-rp-for-shubhkamna-buildtech-pvt-ltd-dd4370e6

## Summary

### Background

The appeal was filed by Merina Commotrade Pvt. Ltd., a secured financial creditor, against an order dated 12.09.2022 passed in I.A. No. 485 of 2019, filed by the Resolution Professional of Shubhkamna Buildtech Pvt. Ltd. (Corporate Debtor) for approval of the resolution plan. The appellant dissented with the resolution plan of Sunil Kumar Agarwal and Surendra Kumar Singhal. M/s Concord Infrastructure Pvt. Ltd. had initiated CIRP against Shubhkamna Buildtech Pvt. Ltd. under Section 9 of IBC. The appellant was part of the CoC with 1.67% voting share. The resolution plan was approved by the CoC with 87.60% affirmative voting. The appellant objected to the resolution plan, arguing that the liquidation value allocated to them was wrongful and not in proportion to their

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## Facts

M/s Concord Infrastructure Pvt. Ltd. initiated CIRP against Shubhkamna Buildtech Pvt. Ltd. under Section 9 of IBC. Merina Commotrade Pvt. Ltd., a secured financial creditor, was part of the CoC with 1.67% voting share and an admitted claim of Rs. 102,125,000. The resolution plan was approved by the CoC with 87.60% affirmative voting. Merina Commotrade dissented with the resolution plan, objecting to the allocated liquidation value of Rs. 79 lakhs, arguing it was not proportionate to their admitted claim and security interest. The appellant's financial debt was secured by a charge on certain units and/or total FSI. The appellant filed an objection to the approval of the resolution plan, which was rejected by the Adjudicating Authority. The appellant then filed an appeal

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## Issues and analysis

### Issue 1: Whether the Adjudicating Authority erred in approving the resolution plan despite the dissenting …

**Ratio:** The commercial wisdom of the Committee of Creditors (CoC) is paramount in approving a

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**Reasoning:** The NCLAT relied on the principle that the commercial wisdom of the CoC is paramount and

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**Interpretation:** The court interpreted that the Adjudicating Authority should not interfere with

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**Application:** The NCLAT found no error in the Adjudicating Authority's decision, as the

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## Parties

- **Judges:** Rakesh Kuma…; Indevar P…
- **Appellants:** Merina Commotrade…
- **Respondents:** Shubhkamna…; Anand Son…
- **Advocates:** Shashank A…; Abhishek…; +2 more

## Timeline

- **2018-11-26 — CIRP Init…**: CIRP initiated against Shubhkamna Buildtech Pvt. Ltd. based on application by M/s Concord…
- **2019-12-04 — Objection…**: Merina Commotrade Pvt. Ltd. filed an…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 9 — Application for initiation of corporate insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-9)

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