# In the matter of Today Homes and Infrastructure Pvt. Ltd. IA-4096-2022 in IB-2130(ND)-2019]

> NCLT judgment dated 2023-12-05. Citation: TCN-2023-NCLT-00465. The applicants, dissenting financial creditors, filed an application under Section 60(5) of the…

- **Court:** NCLT
- **Order date:** 5 Dec 2023
- **Citation:** TCN-2023-NCLT-00465
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/today-homes-and-infrastructure-pvt-ltd-ia-4096-2022-in-ib-2130nd-2019-b3df210e

## Summary

### Background

The applicants, dissenting financial creditors, filed an application under Section 60(5) of the IBC, 2016, seeking rejection of the Resolution Plan submitted by a consortium of welfare associations. They raised objections regarding the plan's compliance with the IBC, the eligibility of the successful resolution applicant, and alleged fraud.

## Facts

The Corporate Insolvency Resolution Process ( CIRP ) was initiated against M/s. Today Homes & Infrastructure Pvt. Ltd. by an order dated October 31, 2019, following an application filed under Section 7 of the Code by M/s. Dynacon Projects Private Limited. A Resolution Professional was appointed, and a Committee of Creditors (CoC) was constituted. The Resolution Professional published Form G, which was later amended, and the final Form G was published on November 6, 2020. The invitation for Expression of Interest (EoI) for the Corporate Debtor offered concessions to Registered Welfare Associations regarding the Earnest Money Deposit (EMD), requiring them to pay Rs. 10 Lakhs while other applicants had to submit Rs. 3 Crores. This disparity in EMD requirements was

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## Issues and analysis

### Issue 1: Whether the Resolution Plan is non-compliant with Section 30(2)(b) of the Code and Regulation 38(1) …

**Ratio:** The Resolution Plan is compliant with Section 30(2)(b) of the Code and Regulation

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**Reasoning:** The Resolution Professional contended that the Resolution Plan, as per Note to Clause 13,

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**Interpretation:** The court interpreted Section 30(2)(b) and Regulation 38(1)(b) to mean that a

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**Application:** The Resolution Plan explicitly stated that dissenting financial creditors would

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## Parties

- **Judges:** ATUL CHAT…; BACHU VENKAT…
- **Appellants:** M.S. Batra & Sons…; M.S. Batra & Sons…
- **Respondents:** Today Homes &…; Pradeep Kumar…; +6 more
- **Advocates:** For the Applicants…; Anjali Ch…; +10 more

## Timeline

- **October 31, 2019 — CIRP Init…**: Application filed under Section 7 of the Code by M/s. Dynacon Projects Private Limited…
- **November 6, 2020 — Final Form G Pu…**: The Resolution Professional published the final Form G after amendments to eligibility…

## 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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