# Approval of Resolution Plan - Hamsini Foundations Private Limited

> NCLT judgment dated 2025-01-21. Citation: TCN-2025-NCLT-00602. The case involves two applications under the Insolvency and Bankruptcy Code, 2016 (IBC).…

- **Court:** NCLT
- **Order date:** 21 Jan 2025
- **Citation:** TCN-2025-NCLT-00602
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/approval-of-resolution-plan-hamsini-foundations-private-limited-008e091f

## Summary

### Background

The case involves two applications under the Insolvency and Bankruptcy Code, 2016 (IBC). IA(IBC)/271(CHE)/2020 was filed by the Resolution Professional (RP) of Hamsini Foundations Private Limited, seeking approval of the resolution plan submitted by Tatia Developer Private Limited, which was approved by the Committee of Creditors (CoC) with 67.387% of voting. IA(IBC)/1187(CHE)/2020 was filed by Mr. A.B. Jagadeesan, a creditor, seeking to reject the resolution plan submitted by the Successful Resolution Applicant (SRA). The Corporate Debtor was admitted to CIRP on 12.03.2019, and Mr. A. Arumugam was appointed as the Interim Resolution Professional (IRP), later confirmed as the RP.

## Facts

Hamsini Foundations Private Limited underwent Corporate Insolvency Resolution Process (CIRP) initiated on 12.03.2019. A. Arumugam was appointed as the Resolution Professional (RP). The Committee of Creditors (CoC) comprised 2 financial creditors and 49 homebuyers. Tatia Developer Private Limited submitted a resolution plan that was initially approved with 64.479% of votes, later revised to 67.387% after correcting an 8% interest component for homebuyers. A.B. Jagadeesan, a creditor and landowner, objected to the resolution plan, claiming he was unaware of the appointment of Mr. Krishnamachari as Authorised Representative for the homebuyers and questioning the fairness of the CIRP process. Jagadeesan, along with other landowners, had entered into a Joint Development

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## Issues and analysis

### Issue 1: Whether the resolution plan submitted by Tatia …

**Ratio:** The Adjudicating Authority's role is limited to ensuring compliance with Section 30(2) of

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**Reasoning:** The CoC approved the resolution plan with the requisite majority (67.387%), and the

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**Interpretation:** The Adjudicating Authority must respect the commercial wisdom of the CoC and

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**Application:** The Adjudicating Authority approved the resolution plan, as it was approved by

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## Parties

- **Judges:** JYOTI KUMAR…; RAVICHANDRAN…
- **Appellants:** Mr.A.Aru…
- **Respondents:** Hamsini Foundation…; Authum Investment…

## Timeline

- **2019-03-12 — CIRP Init…**: Corporate Debtor…
- **2019-03-12 — Appointment…**: Mr. A.Arumugam appointed as…

## 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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