# In the matter of Bulland Buildtech Pvt. Ltd.

> NCLT judgment dated 2023-10-31. Citation: TCN-2023-NCLT-00970. Priceline Infra LLP and its partners, Ajay Gupta and Vijay Kumar Gupta, filed an application…

- **Court:** NCLT
- **Order date:** 31 Oct 2023
- **Citation:** TCN-2023-NCLT-00970
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/bulland-buildtech-pvt-ltd-0b82938b

## Summary

### Background

Priceline Infra LLP and its partners, Ajay Gupta and Vijay Kumar Gupta, filed an application (IA-2359/2022) expressing interest in the resolution plan for Bulland Buildtech Pvt. Ltd. The applicants challenged the resolution plan approved by the Committee of Creditors (CoC) for Saviour Builders Private Limited, alleging irregularities in the process, including delayed submission of resolution plans by other applicants, non-disclosure of bid evaluation criteria, and related party issues. The Resolution Professional (RP) defended the process, citing commercial wisdom of the CoC and compliance with IBBI regulations.

## Facts

Syndicate Bank initiated Corporate Insolvency Resolution Process (CIRP) against Bulland Buildtech Pvt. Ltd. Priceline Infra LLP, along with its partners Ajay Gupta and Vijay Kumar Gupta, submitted an Expression of Interest (EOI) to participate in the resolution process. The last date for receiving the Resolution Plan was 11.02.2022, but the Resolution Professional (RP) accepted plans from Saviour Builders Private Limited and Sawaria Seth Infratech Pvt. Ltd. on 12.02.2022. The applicants alleged that the RP failed to evaluate the Resolution Plans in accordance with the Bid-Evaluation Criteria and that the RFRP was not circulated to the homebuyers. The RP admitted that the applicants submitted a soft copy of the Resolution Plan to RP on 11.02.2022 and that the Resolution

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## Issues and analysis

### Issue 1: Whether the CoC's decision to consider resolution …

**Ratio:** The CoC has the authority to extend the timeline for submission of Resolution Plans, as

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**Reasoning:** The court reasoned that the CoC's decision to consider plans submitted a day late was

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**Interpretation:** This interprets the IBBI regulations to allow the CoC flexibility in extending

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**Application:** The CoC's decision to consider the plans submitted a day late was justified, as

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## Parties

- **Judges:** Sh. Ashok Kumar…; L. N. G…
- **Appellants:** Priceline Infra…
- **Respondents:** Bulland Buildtech…

## Timeline

- **2021-12-20 — Release of Adve…**: Advertisement for CIRP…
- **2022-01-04 — Last date to submit the…**: Deadline for submitting 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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