# In the matter of Max Heighs Township and Projects Pvt. Ltd.

> NCLT judgment dated 2023-06-07. Citation: TCN-2023-NCLT-03048. The application, I.A. 2165/ND/2023 in CP 26/ND/2023, was filed by the Resolution Professional,…

- **Court:** NCLT
- **Order date:** 7 Jun 2023
- **Citation:** TCN-2023-NCLT-03048
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/max-heighs-township-and-projects-pvt-ltd-19074244

## Summary

### Background

The application, I.A. 2165/ND/2023 in CP 26/ND/2023, was filed by the Resolution Professional, Mr. Varun Goel, under Section 21 (6A)(b) of the Insolvency and Bankruptcy Code, 2016, read with Regulations 4A and 6A of the IBBI (Insolvency Resolution Process of Corporate Persons) Regulations, 2016, seeking the appointment of an Authorised Representative for the class of creditors, specifically the allottees of the real estate project. The CIRP of the Corporate Debtor was admitted on 07.03.2023, and Mr. Varun Goel was appointed as the Interim Resolution Professional (IRP). A public announcement was made on 11.03.2023. The IRP identified a class of creditors, namely, 'Real Estate Allottees'.

## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor (CD) and admitted on 07.03.2023, with Mr. Varun Goel appointed as the Interim Resolution Professional (IRP). A public announcement was made on 11.03.2023. The IRP identified a class of creditors, namely, 'Real Estate Allottees'. The IRP proposed three names of Independent Insolvency Professionals. Out of the 13 claims received from the Class of Creditors in homebuyers, 12 were verified/collated. 11 allottees agreed to appoint CA Rakesh Kumar Gupta as their Authorised Representative. CA Rakesh Kumar Gupta filed his written consent in Form AB, dated 10.03.2023, and holds a valid Authorisation for Assignment (AFA). The application seeks to appoint CA Rakesh Kumar Gupta as

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## Issues and analysis

### Issue 1: Whether CA Rakesh Kumar Gupta should be appointed as the Authorised Representative for the Class of …

**Ratio:** The legal principle applied is based on Section 21 (6A)(b) of the Insolvency and

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**Reasoning:** The court reasoned that 11 out of 12 allottees, holding 91.13% of the voting share,

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**Interpretation:** The interpretation of the relevant provisions of the IBC and IBBI regulations

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**Application:** Given that a majority of the allottees supported the appointment of CA Rakesh

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## Parties

- **Judges:** BACHU VENKAT…; RAHUL BHA…
- **Appellants:** M/s. Vani…
- **Respondents:** M/S MAX HEIGHTS…

## Timeline

- **2023-03-07 — CIRP Admi…**: The Corporate Insolvency Resolution Process…
- **2023-03-07 — IRP Appoi…**: Mr. Varun Goel was appointed as the…

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