# In the matter of Rashmi Housing Pvt. Ltd.

> NCLT judgment dated 2024-01-04. Citation: TCN-2024-NCLT-03321. The case involves an application filed by the Resolution Professional to exclude a period of 45…

- **Court:** NCLT
- **Order date:** 4 Jan 2024
- **Citation:** TCN-2024-NCLT-03321
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/rashmi-housing-pvt-ltd-64690587

## Summary

### Background

The case involves an application filed by the Resolution Professional to exclude a period of 45 days from the Corporate Insolvency Resolution Process (CIRP) timeline, due to delays in e-voting. The 16th Committee of Creditors (COC) meeting discussed resolution plans received by the Prospective Resolution Applicants (PRAs). The COC decided to conduct voting for seeking exclusion of 45 days in CIRP and also exclusion of 10 days required for voting on the same. An additional application (I.A. 3491/2023) concerned the release of fixed deposit amounts to the Respondent, but was disposed of as infructuous due to prior release to the Corporate Debtor.

## Facts

India Asset Growth Fund Through Esssel Finance Advisors & Managers LLP & Anr initiated a CIRP against Rashmi Housing Pvt Ltd under Section 9 of the IBC, 2016. The Resolution Professional filed an application (I.A. 4678/2023) to exclude 45 days from the CIRP timeline due to delays in e-voting. The 16th COC meeting discussed resolution plans from East West Freight Carriers Limited, Consortium of Mr. Anil Khandelwal and Noida Holdings Private Limited, Consortium of Rashmi Housing SPV Limited and Mr. Deepak Bosmiya, and Consortium of Mr. Hemendra Bosmiya with Mr. Yogesh Bosmiya. 960 homebuyers are part of the class of creditors. The COC passed a resolution with 74.49% voting share to extend the CIRP period by 45 days. Another application (I.A. 3491/2023) was filed

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## Issues and analysis

### Issue 1: Whether the time period of 45 days should be excluded from the CIRP timeline due to delays in …

**Ratio:** The NCLAT's judgment in 'Whispering Tower Flat Owner Welfare Association Vs. Abhay

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**Reasoning:** The court considered the submissions regarding the delays in e-voting and the need for

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**Interpretation:** The interpretation is that delays in the CIRP process, particularly those

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**Application:** The court applied the ratio from the NCLAT precedent to the specific facts of

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## Parties

- **Judges:** Lakmsmi G…; Charanjeet Singh…
- **Appellants:** India Asset…
- **Respondents:** Rashmi Housing…

## Timeline

- **2023-09-13 — Order Da…**: An order was issued to release an amount of…
- **2023-08-22 — 16th COC M…**: The 16th COC meeting was held where resolution…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 9 — Application for initiation of corporate insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-9)

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