TMI Blog2022 (12) TMI 729X X X X Extracts X X X X X X X X Extracts X X X X ..... TED, 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 principl ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... iled against the order dated 26.09.2022 passed by the Adjudicating Authority (National Company Law Tribunal), Principal Bench, by which order the application filed by 68 home buyers being I.A. No. 2065/2020 has been rejected. In I.A. No. 2065/2020 following prayers were made by the Appellants: a. Pass an order for replacement of Mr. Rabindra Kumar Mintri, having registration no. IBBI/IPA- 001/IP P00707/2017 18/11194 as the resolution professional in the Corporate Insolvency Resolution Process of the Corporate Debtor with Mr. Sanjeet Kumar Sharma, having registration no. IBBI/ IPA-001/IPP01132/ 2018-19/11827; AND b. Pass an order rejecting the revised resolution plan submitted by Sunil Kumar Jain Apoorv Jain (One Group) as b ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... have been considered by the Adjudicating Authority. Learned counsel for the Appellants submits that the 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. Learned counsel for the Appellant further submits that with regard to feasibility and viability of the Resolution Plan no opinion was obtained from the CoC and although there was a decision taken in the 7th CoC meeting to obtain views on feasibility and viability. 4. We have considered the submissions of learned counsel f ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... o vote for the majority for any agenda item where CoC obtain votes. Where there is no voting of the CoC in an agenda item, the Authorised Representative s opinion can very well be taken note of and considered in the CoC meeting. 7. 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. 8. We, thus, do not find any good ground to entertain this Appeal. Appeal is dismissed. - - TaxTMI - TMITax - Insolvency & Ban ..... X X X X Extracts X X X X X X X X Extracts X X X X
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