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

> NCLT judgment dated 2023-06-07. Citation: TCN-2023-NCLT-03046. 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-03046
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/max-heights-township-and-projects-pvt-ltd-6c69c1ec

## 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 Insolvency and Bankruptcy Board of India (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). Public announcement was made on 11.03.2023. The IRP identified a class of creditors, namely, 'Real Estate Allottees'. The IRP proposed three Independent Insolvency

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## Facts

The Corporate Insolvency Resolution Process (CIRP) of the Corporate Debtor (CD) 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 'Real Estate Allottees' as a class of creditors. The IRP proposed three Independent Insolvency Professionals: CA Sumit Sharma, CA Rakesh Gupta, and CA Saurabh Sharma. A total of 13 claims were received from the Class of Creditors in homebuyers, with one claim being incomplete. 12 claims of Financial Creditors have been verified/collated. 11 allottees agreed to appoint CA Rakesh Kumar Gupta as their Authorised Representative. Mr. Rakesh Kumar Gupta filed his written consent in Form AB, dated 10.03.2023, and holds a valid

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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:** Section 21 (6A)(b) of the Insolvency and Bankruptcy Code, 2016, read with Regulations 4A

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**Reasoning:** The court considered that the application was filed by the Resolution Professional, Mr.

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**Interpretation:** The legal issue revolves around the interpretation and application of the

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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 — Appointment…**: Mr. Varun Goel was appointed as the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 21(6a) — Committee of creditors](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-21)

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