# In the matter of Three C Homes Private Limited, CA No. 3840/2020 and IA No. 3385/2020 in IB-432/ND/2019

> NCLT judgment dated 2021-02-08. Citation: TCN-2021-NCLT-03093. The case involves objections raised by financial creditors (homebuyers/allottees) regarding the…

- **Court:** NCLT
- **Order date:** 8 Feb 2021
- **Citation:** TCN-2021-NCLT-03093
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/three-c-homes-private-limited-ca-no-38402020-and-ia-no-33852020-in-ib-432nd2019-ece3e2b2

## Summary

### Background

The case involves objections raised by financial creditors (homebuyers/allottees) regarding the resolution plan for M/s. Three C Homes Pvt. Ltd. The objections were filed under Section 60(5) of the Insolvency and Bankruptcy Code (IBC), 2016. The resolution professional had filed I.A. No. 3385/2020, and CA No. 3840/2020 was filed by the applicants. The applications are interconnected and were tagged to pass a common order.

## Facts

Mr. Arun Kumar Sinha, a financial creditor, initiated proceedings against M/s. Three C Homes Pvt. Ltd., the corporate debtor. The case involves objections to the resolution plan filed by the Resolution Professional (RP). The applicants, Mr. Sandeep Goel & Ors., raised objections under Section 60(5) of the IBC, 2016, arguing that the resolution plan violates several provisions of the Code and CIRP Regulations. Key facts include the significant difference between the liquidation value (Rs. 480.70 Crores) and the resolution plan offer (Rs. 180.34 crores), the lack of provisions for dissenting financial creditors, and the failure to adequately address the cause of default, which involves disputes with farmers and delays in project delivery. The applicants also argued

…

## Issues and analysis

### Issue 1: Whether the Resolution Plan violates Section 30(2)(b) of the IBC, 2016, by not providing for …

**Ratio:** The IBC, 2016, requires provisions for dissenting financial creditors. However, the

…

**Reasoning:** The court considered the argument that the IBC does not provide a mechanism for

…

**Interpretation:** The interpretation of Section 30(2)(b) in the context of class voting suggests

…

**Application:** The court rejected this objection, finding that the resolution plan's treatment

…

## Parties

- **Judges:** Ch. Mohd Sharief…; SHRI, NARENDER…
- **Appellants:** Arun Kumar…
- **Respondents:** M/s. THREE C…; Gaurav Ka…

## Timeline

- **2020-03-01 — CA No. 384…**: Filing of CA No.…
- **2019-01-01 — IB-432/ND…**: Filing of IB-43…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 60(5) — Adjudicating Authority for corporate persons](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-60)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-chandigarh/three-c-homes-private-limited-ca-no-38402020-and-ia-no-33852020-in-ib-432nd2019-ece3e2b2