# In the matter of Lavasa Corporation Ltd. IA No. 769 of 2022 in CP (IB) No. 1765-9-(MB) 2018

> NCLT judgment dated 2022-09-23. Citation: TCN-2022-NCLT-00951. This is an application filed by 368 homebuyers against the resolution plan of Lavasa…

- **Court:** NCLT
- **Order date:** 23 Sept 2022
- **Citation:** TCN-2022-NCLT-00951
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/lavasa-corporation-ltd-ia-no-769-of-2022-in-cp-ib-no-1765-9-mb-2018-128093c7

## Summary

### Background

This is an application filed by 368 homebuyers against the resolution plan of Lavasa Corporation Ltd., alleging misconduct in the Corporate Insolvency Resolution Process (CIRP) and mistreatment of homebuyers as creditors. The corporate debtor, Lavasa Corporation Ltd., was admitted into CIRP on August 30, 2018, following an application by Raj Infrastructure Development (India) Private Ltd. The CIRP was consolidated with four subsidiaries, forming a Consolidated Committee of Creditors (CoC). The CoC approved a resolution plan by Darwin Platform Infrastructure Limited on November 20, 2021, with a 96.41% majority vote. The homebuyers challenged the plan on seven grounds, including concerns about liquidation value, environmental clearances, payment terms, and the voting

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## Facts

Raj Infrastructure Development (India) Private Ltd. filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, leading to the admission of Lavasa Corporation Ltd. into CIRP on August 30, 2018. The CIRP was consolidated with four subsidiaries, and a Consolidated Committee of Creditors (CoC) was formed. The CoC approved a resolution plan proposed by Darwin Platform Infrastructure Limited on November 20, 2021, with a 96.41% majority vote. 368 Homebuyers filed an application against the resolution plan, alleging misconduct and mistreatment. The homebuyers argued that the liquidation value was not disclosed, environmental clearances were lacking, payment terms were indeterminate, and the voting process was flawed. The Resolution Professional (RP)

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## Issues and analysis

### Issue 1: Whether liquidation value is required to be provided to every individual Home buyer under Section …

**Ratio:** Individual Homebuyers cannot be called

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**Reasoning:** Homebuyers constitute a different class of creditors distinct from other Financial

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**Interpretation:** The court interpreted that the scheme of the Code and the manner of voting on a

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**Application:** Since Individual Homebuyers cannot be called as dissenting Financial Creditors,

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## Parties

- **Judges:** P.N. Deshmukh…; Shyam Babu…
- **Appellants:** Renu Ka…
- **Respondents:** Lavasa Corporation…; Shailesh…

## Timeline

- **2018-08-30 — CIRP Admi…**: Lavasa Corporation Ltd. was admitted into CIRP following an application by Raj…
- **2021-05-13 — Order for Consolidated Committee of Creditors…**: Order was issued to constitute a Consolidated Committee of Creditors (CoC) for all 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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