# In the matter of Shubhkamna Buildtech Pvt. Ltd. C.A.459-ND-2019 in C.P. No. IB-1059-ND-2018

> NCLT judgment dated 2022-09-12. Citation: TCN-2022-NCLT-01099. The case involves the Corporate Insolvency Resolution Process (CIRP) of M/s. Shubhkamna…

- **Court:** NCLT
- **Order date:** 12 Sept 2022
- **Citation:** TCN-2022-NCLT-01099
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/shubhkamna-buildtech-pvt-ltd-ca459-nd-2019-in-cp-no-ib-1059-nd-2018-97502279

## Summary

### Background

The case involves the Corporate Insolvency Resolution Process (CIRP) of M/s. Shubhkamna Buildtech Private Limited, initiated by M/s. Concord Infrastructure Private Limited (Operational Creditor). The resolution plan submitted by Mr. Surender Kumar Singhal and Mr. Sunil Kumar Agarwal was approved by the Committee of Creditors (CoC). Several objections were raised by dissenting homebuyers, financial creditors, and authorities like NOIDA and GNIDA regarding the resolution plan. The objections primarily concerned the fairness and compliance of the resolution plan with the Insolvency and Bankruptcy Code, 2016 (IBC).

## Facts

M/s. Shubhkamna Buildtech Private Limited ('Corporate Debtor') faced Corporate Insolvency Resolution Process (CIRP) initiated by M/s. Concord Infrastructure Private Limited ('Operational Creditor'). The Corporate Debtor was engaged in real estate construction and development, developing projects on a plot of land in Sector 137, Noida. The Corporate Debtor entered into purchase agreements for flats/commercial areas in two projects: Shubhkamna Advert Techomes and Shubhkamna City. A resolution plan was submitted by Mr. Surender Kumar Singhal and Mr. Sunil Kumar Agarwal ('Successful Resolution Applicant') and approved by the Committee of Creditors ('CoC') with 87.60% voting share. Several objections were raised by dissenting homebuyers, financial creditors (like Merina

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## Issues and analysis

### Issue 1: Whether the objections raised by dissenting homebuyers against the resolution plan are maintainable …

**Ratio:** The Hon'ble Supreme Court in Jaypee Kensington Boulevard Apartments Welfare Association

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**Reasoning:** The court reasoned that allowing dissenting homebuyers to raise objections would

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**Interpretation:** This interpretation emphasizes the importance of the CoC's commercial wisdom

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**Application:** The NCLT applied this ratio to dismiss the objections of dissenting homebuyers,

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## Parties

- **Judges:** Sh. Dharminder…; BINOD KUMAR…
- **Appellants:** M/S. CONCORD…
- **Respondents:** M/S. SHUBHKAMNA…

## Timeline

- **2018-11-26 — CIRP Init…**: Corporate Insolvency Resolution Process initiated against M/s. Shubhkamna Buildtech…
- **2018-11-29 — Public Annou…**: Public announcement made to notify…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 30(6) — Submission of resolution plan](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-30)

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