# In the matter of Earhcon Universal Infratech Private Limited

> NCLT judgment dated 2024-04-09. Citation: TCN-2024-NCLT-01776. The case involves an application filed by Mr. Pankaj Thakur under Section 60(5) of the…

- **Court:** NCLT
- **Order date:** 9 Apr 2024
- **Citation:** TCN-2024-NCLT-01776
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/earhcon-universal-infratech-private-limited-5824c8e0

## Summary

### Background

The case involves an application filed by Mr. Pankaj Thakur under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, against the Resolution Professional of Earthcon Universal Infratech Private Limited. The applicant alleges mischievous and fraudulent conduct by the Resolution Professional. The corporate insolvency resolution process (CIRP) was initiated against Earthcon Universal Infratech Private Limited by Nisus Finance & Investment Managers LLP & Anr. The application was admitted on 2020-11-08. A resolution plan submitted by Consortium of M/s. D. S. Infraheights Private Limited and M/s. Anand Buildtech Private Limited was approved by the CoC with 70.18% voting share. The Resolution Professional then submitted an IA-4466/2023 for approval of the

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## Facts

Nisus Finance & Investment Managers LLP & Anr. initiated CIRP against Earthcon Universal Infratech Private Limited under Section 7 of the IBC. The application was admitted on 2020-11-08, and a moratorium was declared. Mr. Jitendra Arora was appointed as Interim Resolution Professional, and later Mr. Gaurav Katiyar was confirmed as Resolution Professional. A resolution plan submitted by Consortium of M/s. D. S. Infraheights Private Limited and M/s. Anand Buildtech Private Limited was approved by the CoC with 70.18% voting share. Mr. Pankaj Thakur, another resolution applicant, filed an application alleging misconduct by the Resolution Professional, claiming that his resolution plan was unfairly rejected. The Resolution Professional submitted IA-4466/2023 for

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## Issues and analysis

### Issue 1: Whether the Resolution Professional acted improperly by favoring the successful resolution …

**Ratio:** The commercial wisdom of the Committee of Creditors (CoC) is paramount in the

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**Reasoning:** The Adjudicating Authority is not endowed with the powers of jurisdiction or authority to

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**Interpretation:** This principle emphasizes the autonomy and expertise of the CoC in evaluating

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**Application:** The court applied this principle by deferring to the CoC's decision to reject

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## Parties

- **Judges:** ATUL CHAT…; BACHU VENKAT…
- **Appellants:** PANKAJ T…
- **Respondents:** Earthcon Universal…; Gaurav Ka…

## Timeline

- **2020-11-08 — CIRP Init…**: Application under Section 7 of IBC admitted against Earthcon Universal Infratech Private…
- **2023-08-19 — CoC Appr…**: Resolution plan submitted by Consortium of M/s. D. S. Infraheights Private Limited and…

## 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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