# In the matter of Ansal Urban Condominiums Private Limited

> NCLT judgment dated 2024-08-07. Citation: TCN-2024-NCLT-00857. The case involves multiple applications (IA-478/2024, IA-5939/2023, IA-6583/2023, IA-6586/2023)…

- **Court:** NCLT
- **Order date:** 7 Aug 2024
- **Citation:** TCN-2024-NCLT-00857
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/ansal-urban-condominiums-private-limited-6328ab80

## Summary

### Background

The case involves multiple applications (IA-478/2024, IA-5939/2023, IA-6583/2023, IA-6586/2023) filed under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, read with Rule 11 of the National Company Law Tribunal Rules, 2016, before the NCLT. These applications relate to the Corporate Insolvency Resolution Process (CIRP) of Ansal Urban Condominiums Private Limited. The CIRP was initiated based on an application filed by the financial creditor, Vistra ITCL (India) Limited, which was admitted on 2022-03-10. The applications primarily concern disputes related to Floor Space Index (FSI) agreements, the resolution plan, and the treatment of allottees.

## Facts

1. Vistra ITCL (India) Limited initiated CIRP against Ansal Urban Condominiums Private Limited under Section 7 of IBC, admitted on 2022-03-10.
2. Rajesh Ramani was appointed as the Interim Resolution Professional and later confirmed as the Resolution Professional.
3. One City Infrastructure Private Limited submitted a Resolution Plan, approved by the CoC on 2023-08-03 (e-voting concluded on 2023-08-09) with 100% voting share.
4. ASGI Properties Private Limited, Adwik Homes Private Limited, and Supriya Singh & Ors. filed applications objecting to the Resolution Plan, primarily concerning FSI agreements and treatment of allottees.
5. ASGI Properties Private Limited had entered into MOUs with Ansal Urban Condominiums Private Limited for the purchase of FSI in various

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## Issues and analysis

### Issue 1: Whether the Adjudicating Authority can interfere with the commercial wisdom of the Committee of …

**Ratio:** The commercial wisdom of the CoC is paramount and non-justiciable, as established by the

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**Reasoning:** The NCLT stated that it is not endowed with the powers of jurisdiction or authority to

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**Interpretation:** This principle reinforces the autonomy of the CoC in making decisions related

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**Application:** The NCLT applied this principle by refusing to interfere with the CoC's

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## Parties

- **Judges:** ATUL CHAT…; BACHU VENKAT…
- **Appellants:** M/s. Vistra ITCL…
- **Respondents:** M/s. Ansal Urban…

## Timeline

- **2022-03-10 — CIRP Init…**: Application under Section 7 of IBC filed by Vistra ITCL (India) Limited against Ansal…
- **2022-04-09 — RP Appoin…**: Rajesh Ramani was confirmed as the Resolution Professional of the Corporate Debtor at the…

## 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)

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