# In the matter of Supriya Singh & Ors. vs. Ansal Urban Condominiums Pvt. Ltd. & Ors.

> NCLAT judgment dated 2024-11-25. Citation: TCN-2024-NCLAT-00066. This appeal was filed by six Appellants/homebuyers whose application before the National…

- **Court:** NCLAT
- **Order date:** 25 Nov 2024
- **Citation:** TCN-2024-NCLAT-00066
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/supriya-singh-ors-vs-ansal-urban-condominiums-pvt-ltd-ors-534853b2

## Summary

### Background

This appeal was filed by six Appellants/homebuyers whose application before the National Company Law Tribunal (NCLT), New Delhi, was rejected as per the Orders dated 07.08.2024 in IA No. 5939/2023 in CP/IB No. 113 (ND/2021). The Appellants are seeking equitable treatment with other creditors in the same class, specifically requesting an amendment to the Information Memorandum (IM) to reflect the cancellation of their units. They also seek the allowance of the present Appeal and the setting aside of the Impugned Order. The Appellants had entered into several flat buyer's Agreements with the Corporate Debtor on various dates, under which flats were allotted to them. As per the Agreements, the Appellants had paid their respective consideration amounts. However, the

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## Facts

Six homebuyers (Appellants) filed an appeal against the rejection of their application by the NCLT. The Appellants had entered into flat buyer agreements with Ansal Urban Condominiums Pvt. Ltd. (Corporate Debtor) and paid consideration amounts. The Corporate Debtor failed to deliver possession of the flats. The Appellants obtained decrees from UPRERA for refunds. They received partial refunds from the Corporate Debtor. Prior to the initiation of CIRP, the Corporate Debtor cancelled the Appellants' units. The Resolution Professional (RP) admitted the Appellants' claims in the CIRP, adjusting for the amounts already received. The RP issued Form G/EOI, and the Resolution Plan submitted by One City Infrastructure Pvt Ltd (SRA) was approved by the CoC with 100% majority.

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## Issues and analysis

### Issue 1: Whether the Appellants, as homebuyers whose units were cancelled prior to the initiation of CIRP, …

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

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**Reasoning:** The court reasoned that the CoC had approved the Resolution Plan with 100% majority, and

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**Interpretation:** The court interpreted the provisions of the Insolvency and Bankruptcy Code,

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**Application:** The court applied the ratio to the facts of the case, noting that the

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## Parties

- **Judges:** Ashok Bh…; Barun M…; +1 more
- **Appellants:** Supriya…
- **Respondents:** Ansal Urban…; M/s Ansal Urban…

## Timeline

- **2024-08-07 — Order by Adjudicating…**: Order passed by the 'Adjudicating Authority' (National Company Law Tribunal, New Delhi,…
- **2022-03-10 — CIRP Admissi…**: Date of admission of 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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