# In the matter of Soni Realtors Pvt. Ltd. CA-747-(ND)-2018 in (IB)-609(ND)-2017

> NCLT judgment dated 2022-06-10. Citation: TCN-2022-NCLT-02298. The case involves a company petition under the Insolvency and Bankruptcy Code (IBC) concerning…

- **Court:** NCLT
- **Order date:** 10 Jun 2022
- **Citation:** TCN-2022-NCLT-02298
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/soni-realtors-pvt-ltd-ca-747-nd-2018-in-ib-609nd-2017-b66ccff0

## Summary

### Background

The case involves a company petition under the Insolvency and Bankruptcy Code (IBC) concerning M/s Soni Realtors Pvt. Ltd. The Corporate Insolvency Resolution Process (CIRP) was initiated, and a resolution professional was appointed. The case involves multiple applications related to the approval of a resolution plan submitted by Srijan Infra LLP, avoidance of undervalued transactions, and claims by various parties including home buyers, financial creditors, and operational creditors. The resolution plan submitted by Srijan Infra LLP was approved by the Committee of Creditors (CoC) with a majority vote.

## Facts

M/s Soni Realtors Pvt. Ltd. faced insolvency proceedings initiated by S.E. Investments Limited. The CIRP was initiated, and a resolution professional was appointed. Soni Realtors was developing a township called "Soni Palm City" in Karnal. The main promoter, Kapil Soni, was initially in jail, hindering cooperation. The CoC was formed, and a valuer was appointed. During CIRP, some transactions were found to be undervalued and fraudulent, leading to the appointment of a forensic auditor. Homebuyers were recognized as financial creditors, and efforts were made to include them in the process. Alok Chandra Singh and Vishnu Dutt were appointed as authorized representatives for homebuyers and financial creditors, respectively. Srijan Infra LLP submitted a resolution

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## Issues and analysis

### Issue 1: Whether the resolution plan submitted by …

**Ratio:** The commercial wisdom of the Committee of Creditors (CoC) is paramount in approving a

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**Reasoning:** The court considered the detailed discussions between the CoC members, the majority vote

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**Interpretation:** The court interpreted the IBC to prioritize the commercial wisdom of the CoC in

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**Application:** The court applied the ratio to the specific facts of the case, noting that the

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## Parties

- **Judges:** DHARMINDER…; SUMITAPURKA…
- **Appellants:** M/s S.E. Investmen…
- **Respondents:** M/s Soni Realtors…

## Timeline

- **2018-02-27 — CIRP Init…**: CIRP proceedings were ordered to be…
- **2018-02-28 — IRP Appoi…**: Manoj Kulshrestha was appointed as the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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