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2022 (12) TMI 729 - AT - Insolvency and BankruptcyValidity of approval of Resolution plan - home buyers - Authorized Representative who is said to have voted has not obtained instructions and approval of the home buyers with regard to different items of the Agenda. - It is submitted that in the 6th CoC meeting several items were deferred without obtaining any opinion of the home buyers which has vitiated the entire process. - no opinion was obtained on feasibility and viability. HELD THAT:- The judgment of PIYA PURI, PRADEEP ARORA, SATYADEEP BISHNOI VERSUS MR. DEBHASHISH NANDA RESOLUTION PROFESSIONAL OF VENTA REALTECH PRIVATE LIMITED, ADANI INFRASTRUCTURE & DEVELOPERS PVT. LTD., MR. G. SATYA NARAYANA GUDDETI AUTHORISED REPRESENTATIVE OF FINANCIAL CREDITORS IN CLASS OF VENTA REALTECH PRIVATE LIMITED [2022 (8) TMI 1111 - NATIONAL COMPANY LAW APPELLATE TRIBUNAL , PRINCIPAL BENCH , NEW DELHI] which is was relied by the Adjudicating Authority was also judgment of this Tribunal where one set of home buyers were challenging the various procedures adopted while approving the Resolution Plan and objections were raised by the home buyers. This Tribunal relying on the judgment of Hon’ble Supreme Court in JAYPEE KENSINGTON BOULEVARD APARTMENTS WELFARE ASSOCIATION & ORS. VERSUS NBCC (INDIA) LTD. & ORS. [2021 (3) TMI 1143 - SUPREME COURT] has held that the democratic principles of the determinative role of the opinion of the majority have been duly incorporated in the scheme of the code and the minority homebuyers have to necessarily sail with the majority within the class. When the majority has approved the Resolution Plan which approval was sought to be challenged by one set of home buyers that has been repelled by this Tribunal in Priya Puri’s case, the objection raised in the present Appeal are another set of objections raising similar issues regarding voting and other issues. Regarding the issue of viability and feasibility of the resolution plan, when the CoC approved the Resolution Plan in its commercial wisdom, it is presumed that the approval was given to a viable and feasible plan. The Resolution Plan being approved, this Tribunal also cannot interfere with the commercial wisdom. Approval of the CoC suggest that the plan is viable and feasible. Appeal is dismissed.
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