# 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-02295. The case involves a company petition related to the insolvency resolution process of M/s Soni…

- **Court:** NCLT
- **Order date:** 10 Jun 2022
- **Citation:** TCN-2022-NCLT-02295
- **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-d9f2d111

## Summary

### Background

The case involves a company petition related to the insolvency resolution process of M/s Soni Realtors Pvt. Ltd. initiated by the financial creditor, M/s S.E. Investments Limited. The resolution professional (RP) moved an application for the approval of a resolution plan submitted by Srijan Infra LLP. The case involves various claims from financial creditors, home buyers, and operational creditors, with allegations of undervalued and fraudulent transactions by the corporate debtor. The National Company Law Tribunal (NCLT) is tasked with examining the resolution plan and addressing the claims and objections raised by various parties.

## Facts

M/s S.E. Investments Limited initiated corporate insolvency resolution process (CIRP) against M/s Soni Realtors Pvt. Ltd. Srijan Infra LLP submitted a resolution plan. Mr. Kapil Soni, the promoter of Soni Realtors, was in jail. The project, Soni Palm City Karnal, had 400 plots. The CoC met consecutively from 02.04.2018 to 16.08.2018. A valuer was appointed under Section 25(2)(d) of the code. Some transactions were found undervalued and fraudulent, leading to the appointment of a forensic auditor. Home-buyers were recognized as financial creditors. Three IPs were sent to 380 plot allottees, and Mr. Alok Chandra Singh was appointed as AR for Home-Buyers. Vishnu Dutt was appointed as AR for Financial Creditors. The Tribunal approved creditors on 12.09.2018. Five

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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, and the

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

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**Interpretation:** The 'Commercial Wisdom of CoC' has to be given paramount status without any

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**Application:** The NCLT accepted the application and approved the Resolution Plan submitted by

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## Parties

- **Judges:** DHARMINDER…; SUMITA PURK…; +1 more
- **Appellants:** M/s S.E. Investmen…
- **Respondents:** M/s Soni Realtors…

## Timeline

- **2018-02-27 — CIRP Init…**: CIRP proceedings were ordered to be…
- **2018-04-17 — Kapil Soni's…**: Mr. Kapil Soni, the main promoter of the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 19(1) — Personnel to extend co-operation to interim…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-19)

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