# In the matter of Sivana Reality Private Limited

> NCLT judgment dated 2023-07-19. Citation: TCN-2023-NCLT-02425. The case involves an application (I.A. 654 of 2022) filed by Bipin Dhayalal Savla, a financial…

- **Court:** NCLT
- **Order date:** 19 Jul 2023
- **Citation:** TCN-2023-NCLT-02425
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/sivana-reality-private-limited-ef70f6f7

## Summary

### Background

The case involves an application (I.A. 654 of 2022) filed by Bipin Dhayalal Savla, a financial creditor (homebuyer/allottee), objecting to the resolution plan submitted by M/s Kabra Estate and Investment Consultants, which was approved by the Committee of Creditors (CoC) of the Corporate Debtor, Spartan Engineering Industries Private Limited. The applicant invested Rs. 3.5 Crores in the Sunshine Group of Companies and was allotted two flats, but the occupancy certificate was not issued. The applicant filed a claim of Rs. 6,02,92,476/- after CIRP initiation. The applicant opposed the resolution plan, arguing that it unfairly classifies home buyers as 'affected' and 'unaffected' based on NOC from LIC Housing Finance Ltd (LICHFL).

## Facts

Bipin Dhayalal Savla, a financial creditor categorized as a homebuyer/allottee, filed an application objecting to the resolution plan for Spartan Engineering Industries Private Limited. Savla invested Rs. 3.5 crores in Sunshine Group of Industries (M/s Sunshine Tracon Private Limited) and was allotted two flats (D-1301 and 1601) in Phase-I of the 'Sunshine Oakwood' project. The Corporate Debtor confirmed the allotment on 03.05.2017, but the occupancy certificate was not issued. Following the initiation of CIRP on 11.08.2020, Savla lodged a claim of Rs. 6,02,92,476/- (principal: Rs. 3.5 crores, interest: Rs. 2.52 crores). The resolution plan, submitted by M/s Kabra Estate and Investment Consultants, was approved by 99.96% of the CoC. The plan proposed differential

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## Issues and analysis

### Issue 1: Whether the Applicant, as a Home Buyer who is part of a class that has voted in favor of the …

**Ratio:** The Supreme Court in Jaypee Kensington Boulevard Apartments Vs. NBCC (India) Limited and

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**Reasoning:** The court reasoned that allowing individual dissent within a class that has already voted

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**Interpretation:** The Supreme Court's judgment clarifies that the Insolvency and Bankruptcy Code

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**Application:** In this case, the applicant, Bipin Dhayalal Savla, is a homebuyer who is part

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## Parties

- **Judges:** Kuldip Kumar…; ANURADHA SANJAY…
- **Appellants:** Bipin Dhayalal…
- **Respondents:** Spartan Engineerin…; Manish Motilal…
- **Advocates:** Chetan…; Rakesh Ag…; +3 more

## Timeline

- **2017-05-03 — Allotment o…**: Corporate Debtor confirmed the allotment of two flats (3BHK Flat No. D-1301 and 1BHK Flat…
- **2018-06-30 — Expected Occupancy…**: The Corporate Debtor confirmed that the Occupancy Certificate would be obtained by this…

## 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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