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2022 (10) TMI 703 - AT - Insolvency and BankruptcyApproval of Resolution Plan - Rights and duties of authorised representative of financial creditors - Section 25A (3A) of IBC - HELD THAT:- There is no dispute to the fact that the Resolution Plan has been approved by 99.97% of vote shares of CoC. The Appellant- ‘Earth Buyers Association For Justice’ itself is not member of the CoC. The 35 homebuyers who were sought to be brought on record, 29 homebuyers have not voted for the plan and the class of homebuyers have to sail with the majority of the votes of the homebuyers - even if some of the homebuyers have not voted in favour of the plan they have to sail with the majority. The procedural violations which were sought to be urge before us are not sufficient enough to interfere with the order approving the Resolution Plan. To the similar effect is the Resolution Plan with regard to other two projects, the plan clearly mention that Resolution Applicant proposes to satisfy all the admitted claims in respect of the project by completing the pending construction activities and handing over possession to the allottees, in the manner as proposed, and subject to terms and conditions mentioned in the Resolution Plan. Thus, no good grounds have been made out to interfere with the impugned order approving the Resolution Plan - appeal dismissed.
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