# In the matter of Ornate Spaces Private Limited

> NCLT judgment dated 2023-10-06. Citation: TCN-2023-NCLT-01356. The case involves an application (IA-3168/2023) filed under Section 60(5) of the Insolvency and…

- **Court:** NCLT
- **Order date:** 6 Oct 2023
- **Citation:** TCN-2023-NCLT-01356
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/ornate-spaces-private-limited-199e386d

## Summary

### Background

The case involves an application (IA-3168/2023) filed under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, by UTI Employees Sai Samruddhi Co-operative Housing Society, challenging the Resolution Professional's application for approval of a Resolution Plan. The plan was approved by 80.86% of the Committee of Creditors (CoC) of the Debtor Company, Ornate Spaces Private Limited. The applicant also sought rejection of the Resolution Plan approved by CoC, continuation of CIRP proceedings, recall of a previous order, and a consequential liquidation order.

## Facts

UTI Employees Sai Samruddhi Co-operative Housing Society filed an application IA-3168/2023 challenging the Resolution Professional's application for approval of the Resolution Plan for Ornate Spaces Private Limited. The Resolution Plan was approved by 80.86% of the Committee of Creditors (CoC). The applicant sought rejection of the Resolution Plan, continuation of CIRP proceedings, recall of a previous order (IA-2421/2021), and a consequential liquidation order under Section 33 of the IBC. The applicant contended that the CoC had become functus officio. The court had previously extended the CIRP period until 12.10.2021 in IA-2421/2021. The order in IA-2421/2021 was challenged before NCLAT. The court had also passed an order in IA-2576/2023 concluding that the CoC's

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## Issues and analysis

### Issue 1: Whether the application IA-3168/2023 challenging the Resolution Professional's application for …

**Ratio:** The court has the power to adjudicate applications related to the insolvency resolution

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**Reasoning:** The court reasoned that the contentions pertaining to the rejection of the plan had

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**Interpretation:** Section 60(5) provides the NCLT jurisdiction over matters connected with the

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**Application:** The court applied the ratio to the facts by considering its previous orders and

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## Parties

- **Judges:** Prabhat…; KISHORE VEMULAPALL…
- **Appellants:** UTI Employees Sai…
- **Respondents:** Ornate Spaces…; Jayesh Sangharajak…

## Timeline

- **2023-07-19 — Application…**: IA-3168/2023 filed under Section 60(5) of…
- **2021-08-31 — Extension o…**: Application dealt with the limited aspect of exclusion and extension of time till…

## 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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