Dismissed

In the matter of Nucleus Premium Properties Pvt. Ltd. Ia (Ibc) No. 70-KOB-2023 In C.P (Ib) No. 01-KOB-2021

NCLT17 Mar 2023

Case brief

AI extract

What is this about?

Two Owners' Associations applied for directions to the Resolution Professional under IBC 2016 to convene a COC meeting for a revised resolution plan. The Tribunal dismissed the application, holding that the maximum CIRP period of 450 days was exhausted and the decision to move for liquidation was a commercial bid of the COC.

What did the court decide?

Application praying for direction to convene COC to consider a revised plan dismissed.

In the matter of Nucleus Premium Properties Pvt. Ltd. Ia… — Insolvency and Bankruptcy | NCLT (2023)

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IN THE NATIONAL COMPANY LAW TRIBUNAL KOCHI BENCH KOCHI

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IA (IBC) No. 70/KOB/2023

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In C.P (IB) No. 01/KOB/2021

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In the Matter of:

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Application filed under Section 60 (5) of the Insolvency and Bankruptcy Code, 2016 read with rule 11 of NCLT Rules, 2016

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-And-

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In the Matter of:

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1. Nucleus Raymount Villa and Apartment, Owners Association;

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2. Riva Apartment Owners Association;

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… Applicants

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Mr. Dileep K.P, Resolution Professional Nucleus Premium Properties Pvt Ltd, Veluthedath House, Ponnurunni , Vyttila P.O, Kochi- 682019

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	…Respondent
-In- *In the Matter of:*
Anoop John, Blessy and Ors;	…Financial Creditor
-Versus-
Nucleus Premium Properties Pvt. Ltd	…Corporate Debtor
*Coram:*
Shri P. Mohan Raj :	Member (Judicial)
Shri Satya Ranjan Prasad :	Member (Technical)
*Appearances (through video conference):*
For the Applicant :	Mr. Sankar P. Panicker, Adv.
For the Respondent/RP :	Mr. N.R. Krishnan Unni, Adv

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IN THE NATIONAL COMPANY LAW TRIBUNAL KOCHI BENCH

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IA (IBC) No. 70/KOB/2023

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C.P (IB) No. 01/KOB/2021

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Order reserved on: 22.02.2023 Order pronounced on: 17.03.2023

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O R D E R

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This is an application filed by two Apartment owners’ Associations against the Resolution professional for direction directing the Resolution professional to convene the meeting of COC to discuss about the proposed revised plan.

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The corporate debtor was admitted into CIRP on 18.11.2021 and the respondent was appointed as IRP then appointed as RP. In the course of Resolution process, the resolution plan received was rejected in the 6^th COC with 100% voting on 23.09.2022. Then the respondent obtained consent of this Adjudicating Authority to receive application on the ProjectWise resolution in terms of Regulation 37(m) of IBIB Regulations. In response to publication of inviting Expression of interest, two holistic plans were found to be in compliance with the IBC 2016. Both the plan was failed to secure more than 50% voting share in the voting held on 28.01.2023 and 29.01. 2023.The plan which secured highest vote was again put on re-voting on 02.02.2023 and 03.02.2023 but the plan not secured required vote. When both the plans were not got through and R.P. exhausted maximum period of 450 days, in the 10^th COC meeting held on 04.02.2023 it was resolved to file an application for liquidation, accordingly the respondent filed application I.A. No.74 /KOB/2022 under section 33(1) of IBC 2016 for liquidation. At this stage this application has been filed to direct the respondent to convene the COC meeting to consider the proposed modified Resolution plan.

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In the 10^th COC meeting it is resolved to file an application for liquidation of corporate debtor accordingly application also filed. Now the plea of the applicant for direction to Respondent to convene the COC is against the resolution passed in 10^th COC meeting. It is the commercial wisdom of the

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Page 2 of 3

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IN THE NATIONAL COMPANY LAW TRIBUNAL KOCHI BENCH

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IA (IBC) No. 70/KOB/2023

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In C.P (IB) No. 01/KOB/2021

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COC to decide, further already maximum period of 450 days already exhausted. No direction can be issued anticipating that the PRA will submit revised plan which is acceptable to COC. Already sufficient time was granted and exhausted. It is the prerogative of the RP to convene the COC as and when required, but no direction can be issued at the request of out sider. Further no case is made out by the applicants to concede their request.

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In consequence this application is Dismissed.

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The Registry is directed to send e-mail copies of the order forthwith to all the parties and their Ld. Counsel for information and for taking necessary steps,

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Certified Copy of this order may be issued, if applied for, upon compliance of all requisite formalities.

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PANDIAN MOHAN Digitally signed by PANDIAN SATYARANJAN PRASAD Digitally signed by SATYARANJAN PRASAD Date: 2023.03.17 15:58:18 +05'30' RAJ MOHAN RAJ Date: 2023.03.17 15:16:07 +05'30' Satya Ranjan Prasad P. Mohan Raj Member (Technical) Member (Judicial)

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Signed on this 17^th day of March, 2023.

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Supriya_P.S

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Page 3 of 3

In the matter of Nucleus Premium Properties Pvt. Ltd. Ia (Ibc) No. 70-KOB-2023 In C.P (Ib) No. 01-KOB-2021

Case brief

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In the matter of Nucleus Premium Properties Pvt. Ltd. Ia (Ibc) No. 70-KOB-2023 In C.P (Ib) No. 01-KOB-2021

Case brief

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What the court decided

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