# In the matter of Paridhi Finvest Private Limited vs. Value Infracon Buyers Association & Ors.

> NCLAT judgment dated 2024-02-09. Citation: TCN-2024-NCLAT-00644. This appeal was filed against an order dated 2022-04-28 passed by the National Company Law…

- **Court:** NCLAT
- **Order date:** 9 Feb 2024
- **Citation:** TCN-2024-NCLAT-00644
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/paridhi-finvest-private-limited-vs-value-infracon-buyers-association-ors-a9e8ab1d

## Summary

### Background

This appeal was filed against an order dated 2022-04-28 passed by the National Company Law Tribunal, Principal Bench at New Delhi. The order approved a Resolution Plan submitted by Value Infra Buyers Association. The appellant, Paridhi Finvest Private Limited, a financial creditor, challenged the approval. The Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor following an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) by Daimler Financial Services India Private Limited. The appellant had extended a loan to the Corporate Debtor and executed a Memorandum of Equitable Mortgage in 2014. The appellant's claim was admitted in the CIRP, and a Resolution Plan was submitted by Value Infra Buyers Association,

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## Facts

On 2014-09-17, Paridhi Finvest Private Limited (Appellant) extended a loan to the Corporate Debtor and executed a Memorandum of Equitable Mortgage. On 2018-05-04, Corporate Insolvency Resolution Process (CIRP) commenced against the Corporate Debtor following an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) by Daimler Financial Services India Private Limited. The Appellant filed a claim in the CIRP, which was admitted by the Resolution Professional (RP) for Rs.1,86,00,000/-. Form-G was issued on 2018-11-20, and Pacificia (India) Projects Private Limited filed an Expression of Interest (EoI), but no Resolution Plan was submitted. The 180 days of CIRP expired on 2018-10-31, and 270 days expired on 2019-01-29. The RP filed an application for

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## Issues and analysis

### Issue 1: Whether the Adjudicating Authority committed …

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

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**Reasoning:** The Resolution Plan was approved by the CoC with a 90.45% vote share, indicating a strong

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**Interpretation:** The IBC emphasizes the importance of the CoC's decision-making power in the

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**Application:** In this case, the NCLAT found no compelling reason to interfere with the

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## Parties

- **Judges:** Ashok Bh…; Barun M…
- **Appellants:** Paridhi Finvest…
- **Respondents:** Value Infracon…

## Timeline

- **2014-09-17 — Loan Extension and…**: Appellant extended loan to Corporate Debtor and executed a Memorandum of Equitable…
- **2018-05-04 — CIRP Commen…**: Corporate Insolvency Resolution Process (CIRP)…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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