IBC does not provide any leeway or scope to dissatisfied individual Homebuyers in a minority to override the commercial wisdom of the majority in the CoC – Mr. Girish Nalavade Vs. Bhrugesh Amin and Ors. – NCLAT New Delhi
Hon’ble NCLAT held that it is settled law that once the CoC has approved the resolution plan by requisite majority and the same is in consonance with applicable provisions of law and nothing has come to light to show that the RP had committed any material irregularities in the conduct of the CIRP proceedings, the same cannot be a subject matter of judicial review and modification. In any case, quite apart from the fact that the resolution plan is already under implementation it has also not been controverted by the Appellant that all the 77 Homebuyers including the Appellant have accepted the offer of 100% of their principal amount from the SRA. That being the case, the Appellant being a dissatisfied Homebuyer in a hopelessly minority position, he has no option but to ‘sail along’ or ‘drag along’ with the overwhelming majority which has accepted the resolution plan in terms of the legal precepts articulated in the Jaypee Kensington Boulevard Apartments Welfare Association and Ors. v. NBCC (India) Ltd. and Ors. (2023) ibclaw.in 320 SC.