# In the matter of MSX Mall Pvt. Ltd. {IA. No. 4570-ND-2020 in Company Petition No. (IB)-334(ND)-2018]

> NCLT judgment dated 2023-11-10. Citation: TCN-2023-NCLT-00782. The case involves an application (IA No. 4570/ND/2020) filed in Company Petition No.…

- **Court:** NCLT
- **Order date:** 10 Nov 2023
- **Citation:** TCN-2023-NCLT-00782
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/msx-mall-pvt-ltd-ia-no-4570-nd-2020-in-company-petition-no-ib-334nd-2018-c53bd3aa

## Summary

### Background

The case involves an application (IA No. 4570/ND/2020) filed in Company Petition No. (IB)-334(ND)/2018 under Section 60(5) of the IBC 2016 by Radha Kapoor, Har Krishan Lal Kapoor, and Sangeeta Kapoor, who are financial creditors in the real estate class. They sought to set aside the voting by the Committee of Creditors (CoC) regarding the Resolution Plan concluded on 03.02.2020, defer the voting initiated from 29.01.2020 to 30.01.2020 in the 13th CoC meeting and from 31.01.2020 till 03.02.2020 concerning the approval of the Resolution Plan for the Corporate Debtor, and direct Respondent No. 2/RA to modify the Resolution Plan, rejecting it for being non-viable and non-feasible. The Corporate Insolvency Resolution Process (CIRP) was initiated, and the applicants

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## Facts

Radha Kapoor, Har Krishan Lal Kapoor, and Sangeeta Kapoor, as financial creditors, filed an application (IA No. 4570/ND/2020) against M/s MSX Mall Pvt. Ltd. in relation to Company Petition No. (IB)-334(ND)/2018. The applicants sought to set aside the voting by the CoC regarding the Resolution Plan concluded on 03.02.2020, defer the voting initiated from 29.01.2020 to 30.01.2020 in the 13th CoC meeting and from 31.01.2020 till 03.02.2020 concerning the approval of the Resolution Plan for the Corporate Debtor, and direct Respondent No. 2/RA to modify the Resolution Plan, rejecting it for being non-viable and non-feasible. The applicants are financial creditors in the real estate class and are represented in the Committee of Creditors. The Corporate Insolvency Resolution

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## Issues and analysis

### Issue 1: Whether the prayer made in the application regarding deferment of the voting scheduled to be held …

**Ratio:** The court determined that the prayer for

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**Reasoning:** The voting process had already concluded, rendering the prayer for deferment without

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**Interpretation:** The court interpreted that if the event sought to be deferred has already

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**Application:** Since the voting had already taken place, the court disposed of the prayer for

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## Parties

- **Judges:** SH. ASHOK KUMAR…; SH. L. N.…
- **Appellants:** Radha K…
- **Respondents:** M/s. MSX Mall…; M/s MSX Mall Pvt.…

## Timeline

- **2018-01-01 — Company Petiti…**: Company Petition No.…
- **2018-07-09 — Application A…**: The application was admitted by…

## 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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