TMI Blog2021 (7) TMI 371X X X X Extracts X X X X X X X X Extracts X X X X ..... cts where the CoC are totally comprising of homebuyers may not have the same expertise and perspective. Although, in case of Homebuyers provisions exists for Authorised Representatives but even he cannot be equated with the expertise with the banking professional will have. We are not passing any comments on specific Authorised Representatives. While the Resolution Plan will generally provide a higher value than the liquidation value but in case of Real Estate Project may not be always feasible and homebuyers are in dire need of getting their homes at the earliest. However, in this case certain reconciliation are required that what is the actual realisable value which the homebuyers are getting whether it is below liquidation value or ab ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e Insolvency and Bankruptcy Code, 2016 (in short Code ) against the impugned order dated 08.02.2021 passed by the Adjudicating Authority (National Company Law Tribunal, Division Bench New Delhi Bench III), in C.A.No. 3840 of 2020 and I.A No.3385 (ND) of 2020 in company petition I.B No. 432/ND/2019. 2. Since all these appeals have been filed against the common order dated 08.02.2021 passed by the Adjudicating Authority and accordingly, all the appeals have been clubbed for disposal. It is also observed that the three appeals as enumerated above is seeking the common reliefs of setting aside the impugned order dated 08.02.202 passed by the Adjudicating Authority and connected consequential reliefs. 3. The Adjudicating Authori ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he said case, basic issue arose before Hon ble Supreme Court stemmed out of the fact that in the said matter, the Successful Resolution Applicant was asked to pay an additional amount of ₹ 120.54 Crores over and above upfront payment of ₹ 477 Crores to financial creditors therein as against Liquidation Value of ₹ 597.54 crores. In other words, the upfront amount in comparison to Liquidation Value and shorter by around 20 per cent only. 5. The Adjudicating Authority based on above analysis has come to the conclusion that Resolution Plan does not have any potential to fulfil the dreams of homebuyers which is at just 19.77 % of the liquidation value of Corporate Debtor. 6. The Appellant has submitted that the Adjudi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... voting share which would be considered as 100% as per Section 25A (3A) of the Code in favour of the Resolution Plan . They have also raised the issue that the decision of the CoC in respect of commercial issues cannot be challenged by the Adjudicating Authority. 9. While hearing the appeal on 11.06.2021 certain Respondents have withdrawn their objections raised in these appeals as per the instructions of their clients and the same is stated hereunder: 11.06.2021- Learned Counsel appearing in CA(AT)(Ins.) No. 151 of 2021and CA(AT)(Ins.) No. 205 of 2021 for Respondent Nos. 3 to 10, 12,13,15 to 23 and in CA(AT)(Ins.) No. 193-194 of 2021for Respondent Nos. 1-8, 10, 11, 13 to 21 submit that as per the instructions of their client they ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in case of Real Estate projects where the CoC are totally comprising of homebuyers may not have the same expertise and perspective. Although, in case of Homebuyers provisions exists for Authorised Representatives but even he cannot be equated with the expertise with the banking professional will have. We are not passing any comments on specific Authorised Representatives. 12. While the Resolution Plan will generally provide a higher value than the liquidation value but in case of Real Estate Project may not be always feasible and homebuyers are in dire need of getting their homes at the earliest. However, in this case certain reconciliation are required that what is the actual realisable value which the homebuyers are getting whether it ..... X X X X Extracts X X X X X X X X Extracts X X X X
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