# In the matter of Snehanjali and S.B. Developers Private Limited

> NCLT judgment dated 2025-01-24. Citation: TCN-2025-NCLT-00579. This IA (I.B.C) No.269/MB/2025 was filed on 27.11.2024 by Mr. Ramprasad Vishwanath Gupta and…

- **Court:** NCLT
- **Order date:** 24 Jan 2025
- **Citation:** TCN-2025-NCLT-00579
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/snehanjali-and-sb-developers-private-limited-546a9ce1

## Summary

### Background

This IA (I.B.C) No.269/MB/2025 was filed on 27.11.2024 by Mr. Ramprasad Vishwanath Gupta and Ors., under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, seeking to quash the condition of Request for Resolution Plan (RFRP) prohibiting modification and amendment of plan, declare the successful resolution plan of La Mer Developers Limited in consortium with Neel Builders and Developers (Respondent No.3) as null and void, replace Respondent Nos.1 and 2 with other suitable persons from their respective roles as Resolution Professional (RP) and Authorised Representative (AR) respectively and directing Respondent Nos.1 and 2 to produce the video and Zoom meeting recordings of the meeting held on 29.09.2024 and the e-voting details with respect to approval of the

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## Facts

The case involves an application (IA No. 269/MB/2025) filed by Mr. Ramprasad Vishwanath Gupta and others, homebuyers of a project developed by M/S Snehanjali and S.B. Developers Private Limited (the Corporate Debtor), under Section 60(5) of the Insolvency and Bankruptcy Code, 2016. The Corporate Debtor was admitted into Corporate Insolvency Resolution Process (CIRP) on 07.03.2024. The applicants sought to quash the Request for Resolution Plan (RFRP), declare the resolution plan of La Mer Developers Limited (Respondent No. 3) as null and void, replace the Resolution Professional (RP) and Authorised Representative (AR), and direct the production of meeting recordings. The applicants alleged fraud, deception, and misrepresentation in the selection of Respondent No. 3 and

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## Issues and analysis

### Issue 1: Whether the Applicants, being part of a class of homebuyers majority of whom have already voted in …

**Ratio:** Homebuyers of a corporate debtor fall in a class of financial creditors and constitute a

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**Reasoning:** The NCLT reasoned that since the Applicants were part of a class of homebuyers, the

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**Interpretation:** This interpretation emphasizes the collective nature of the decision-making

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**Application:** The ratio and reasoning were applied to the specific facts of the case, where

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## Parties

- **Judges:** K. R. SAJI…; SANJIV…
- **Appellants:** Ramprasad…
- **Respondents:** M/s. SNEHANJALI…; Dinesh Kuma…

## Timeline

- **2024-11-27 — Filing of IA No.269/MB/2…**: IA (I.B.C) No.269/MB/2025 filed by Mr.…
- **2023-03-07 — Admission t…**: Corporate Debtor admitted to Corporate Insolvency Resolution Process (CIRP) in C.P. (IB)…

## 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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