# Approval of Resolution plan- Som Resorts Private Limited

> NCLT judgment dated 2024-12-03. Citation: TCN-2024-NCLT-00105. The case involves an Interlocutory Application (IA-459/2024) filed against the resolution plan…

- **Court:** NCLT
- **Order date:** 3 Dec 2024
- **Citation:** TCN-2024-NCLT-00105
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/approval-of-resolution-plan-som-resorts-private-limited-67c77412

## Summary

### Background

The case involves an Interlocutory Application (IA-459/2024) filed against the resolution plan of Som Resorts Pvt. Ltd. (Corporate Debtor). The application was filed by the erstwhile/suspended directors of the Corporate Debtor, seeking to set aside the resolution plan submitted by the Resolution Professional. The Corporate Debtor was engaged in the development and sale of residential cum commercial units in a project named 'Casa Italia' in Vasundhara, Ghaziabad. A marketing agreement was signed with Cosmic Structure Ltd., which allegedly sold units directly without the Corporate Debtor's consent, leading to an FIR. Subsequently, a group of homebuyers, acting as Financial Creditors, initiated Corporate Insolvency Resolution Process (CIRP) under Section 7 of the IBC,

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## Facts

Som Resorts Pvt. Ltd. (Corporate Debtor) was involved in developing and selling residential and commercial units in 'Casa Italia' in Vasundhara, Ghaziabad. In 2013, they signed a marketing agreement with Cosmic Structure Ltd., promising a 10% commission on sales. Cosmic Structure Ltd. allegedly sold units directly without the Corporate Debtor's knowledge, leading to an FIR filed by Rahul Bharadwaj. In 2016, the Delhi High Court appointed an Official Liquidator for Cosmic Group. A group of 26 homebuyers, acting as Financial Creditors, filed an application under Section 7 of the IBC, 2016, leading to the initiation of CIRP. The 'Casa Italia Social Welfare Association,' comprising allottees, approved a resolution plan with 100% voting. The erstwhile directors of Som

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## Issues and analysis

### Issue 1: Whether the resolution plan already approved by the Committee of Creditors can be rejected on the …

**Ratio:** The law states that the COC of the corporate debtor has the sole right to decide on the

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**Reasoning:** The Adjudicating Authority considered the submissions of both parties and examined the

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**Interpretation:** The Adjudicating Authority has limited power to interfere with the commercial

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**Application:** The Adjudicating Authority found that the Resolution Plan of M/s Casa Italia

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## Parties

- **Judges:** SH. MANNI…; Sanjeev R…
- **Appellants:** Yadubir Singh…
- **Respondents:** Som Resorts Pvt.…; Rabindra Kumar…
- **Advocates:** Abhishek…; Arjun Ma…; +6 more

## Timeline

- **2013-10-10 — Marketing Ag…**: Som Resorts Pvt. Ltd. signed a marketing agreement with Cosmic Structure Ltd. for the…
- **2017-06-15 — FIR File…**: An FIR was filed by Rahul Bharadwaj against Cosmic Group Directors under sections 406/420…

## 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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