# 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-01096. The case involves the Corporate Insolvency Resolution Process (CIRP) against M/s. Shubhkamna…

- **Court:** NCLT
- **Order date:** 12 Sept 2022
- **Citation:** TCN-2022-NCLT-01096
- **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-c2bf9776

## Summary

### Background

The case involves the Corporate Insolvency Resolution Process (CIRP) against M/s. Shubhkamna Buildtech Private Limited, initiated by M/s. Concord Infrastructure Private Limited, an 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's fairness, liquidation value, and treatment of dues.

## Facts

M/s. Concord Infrastructure Private Limited initiated Corporate Insolvency Resolution Process (CIRP) against M/s. Shubhkamna Buildtech Private Limited ('Corporate Debtor'). The Corporate Debtor is engaged in real estate construction and development, developing projects on a plot of land in Sector 137, Noida, and Sector-01 Greater Noida. The Corporate Debtor entered into purchase agreements for flats/commercial areas in two projects: Shubhkamna Advert Techomes and Shubhkamna City. The Committee of Creditors (CoC) was formed, with homebuyers/allottees holding 87.6% of the voting share. Mr. Anand Sonbhadra was appointed as the Resolution Professional (RP). The RP issued an Expression of Interest, and three prospective resolution applicants came forward. The resolution

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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 collective decision-making by

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**Application:** In this case, since the homebuyers as a class assented to the resolution plan,

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## Parties

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

## Timeline

- **2018-11-26 — Initiation…**: Corporate Insolvency Resolution Process (CIRP) initiated against M/s. Shubhkamna…
- **2019-10-17 — Approval of Resolution…**: Resolution plan approved by the Committee of…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 5(13) — Definitions](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-5)

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