# In the matter of MSA Developers Private Limited

> NCLT judgment dated 2023-10-13. Citation: TCN-2023-NCLT-01240. The application, I.A. 4224/2021, was filed by the Prospective Resolution Applicant, Mr. Yashmin…

- **Court:** NCLT
- **Order date:** 13 Oct 2023
- **Citation:** TCN-2023-NCLT-01240
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/msa-developers-private-limited-5f9aad1a

## Summary

### Background

The application, I.A. 4224/2021, was filed by the Prospective Resolution Applicant, Mr. Yashmin Sabir Ali, under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, read with Rule 11 of NCLT Rules, 2016, seeking a direction to the Resolution Professional to place the Applicant's Resolution Plan before the Committee of Creditors (CoC). The applicant also sought rejection of the Resolution Plan submitted by Respondent No. 2 and a fresh voting process, barring Respondent No. 2 from submitting a fresh Resolution Plan, and directing Respondent No. 1 to take legal action against Respondent No. 2 for submitting forged documents to the CoC.

## Facts

Ravinder Aggarwal & Ors. is the Financial Creditor. M/S MSA Developers Private Limited is the Corporate Debtor. Yasmin Sabir Ali is the Applicant, seeking to have his resolution plan considered. Rabindra Kumari Mintri is Respondent No. 1, and Deepak Aggarwal is Respondent No. 2. The Committee of Creditors (CoC) had already approved a Resolution Plan with 80.12% voting shares in its 12th meeting held on August 31, 2021. The applicant's resolution plan was also put to vote before the CoC. The CoC approved the Resolution Plan submitted by Respondent No. 2. The applicant raised allegations against the Successful Resolution Applicant, which the IRP had already pointed out in IA 1078/ND/2022.

## Issues and analysis

### Issue 1: Whether the Prospective Resolution Applicant has the locus to challenge the Resolution Plan …

**Ratio:** An unsuccessful Resolution Applicant, who is not a stakeholder as per Section 31(1) of

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**Reasoning:** The court relied on the judgment of Hon'ble NCLAT Chennai in IA No. 215 of 2023 in Comp.

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**Interpretation:** The interpretation of Section 31(1) of the I&B Code, 2016, and the NCLAT

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**Application:** In this case, the applicant was an unsuccessful Resolution Applicant and not a

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## Parties

- **Judges:** RAHUL BHA…; BACHU VENKAT…
- **Respondents:** M/s. MSA Developer…; Rabindra Kumar…

## Timeline

- **2021-08-31 — 12th CoC M…**: The Committee of Creditors approved a…
- **2023-03-17 — NCLAT Chennai…**: Hon'ble NCLAT Chennai issued a judgment in IA No. 215 of 2023 in Comp. App (AT) (CH)…

## 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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