The case involves a concern raised by the Counsel for the Applicant regarding an additional condition imposed by the Resolution Professional (RP) in Form G. This condition states that existing home buyers and past developers associated with the Corporate Debtor (CD), as well as related entities, are ineligible to submit a Resolution Plan. The applicant argues that this condition lacks legal basis and is prejudicial to the interests of home buyers and past developers. The RP, however, contends that the condition was incorporated in Form G under Section 25(2)(h) of the IBC, with the approval of the Committee of Creditors (CoC), which consists only of home buyers represented by an Authorised Representative (AR).
Mr. Santosh Shetty filed an application against Snehanjali And S.B. Developers Private Limited. The Counsel for the Applicant raised a concern that the RP has put an additional condition stating that existing home buyers and past developers associated with the CD, as well as related entities, are not eligible to submit a Resolution Plan. The RP argues that the condition was incorporated in Form G under Section 25(2)(h) of the IBC, with the approval of the CoC. The CoC consists of only home buyers and is represented by the Authorised Representative (AR). The court found that the RP's criterion for excluding existing home buyers and past developers was not justified based on the complexity and scale of the CD's business or any other condition made by the IBBI. The court
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Order sheet of…
Main C.P. lis…
The case involves a concern raised by the Counsel for the Applicant regarding an additional condition imposed by the Resolution Professional (RP) in Form G. This condition states that existing home buyers and past developers associated with the Corporate Debtor (CD), as well as related entities, are ineligible to submit a Resolution Plan. The applicant argues that this condition lacks legal basis and is prejudicial to the interests of home buyers and past developers. The RP, however, contends that the condition was incorporated in Form G under Section 25(2)(h) of the IBC, with the approval of the Committee of Creditors (CoC), which consists only of home buyers represented by an Authorised Representative (AR).
Mr. Santosh Shetty filed an application against Snehanjali And S.B. Developers Private Limited. The Counsel for the Applicant raised a concern that the RP has put an additional condition stating that existing home buyers and past developers associated with the CD, as well as related entities, are not eligible to submit a Resolution Plan. The RP argues that the condition was incorporated in Form G under Section 25(2)(h) of the IBC, with the approval of the CoC. The CoC consists of only home buyers and is represented by the Authorised Representative (AR). The court found that the RP's criterion for excluding existing home buyers and past developers was not justified based on the complexity and scale of the CD's business or any other condition made by the IBBI. The court
…Order sheet of…
Main C.P. lis…