A single allottee has no locus to challenge the appointment of an Authorized Representative in the matter of Corporate Debtor as approved by the majority of the class of creditors – Mr. Mukesh Gupta IRP M/s. Gupta Builders and Promoters Pvt. Ltd. – NCLT Chandigarh Bench

The Adjudicating Authority observed it is pertinent to note that in total there are 1777 allottees/creditors belonging to the State of Punjab, Haryana, Himachal Pradesh, U.T. of Chandigarh and Jammu & Kashmir. The applicant herein is just one allottee out of 1777 allottees in the matter of Corporate Debtor and as such, she cannot stand outside the decision of the class of creditors out of which homebuyers having 73.52% voting share have selected an Authorized Representative. The applicant being a single allottee having only a 0.05% share cannot dictate unilateral terms or object to the decision of the majority of the class of creditors. The Ld. counsel for the respondent/RP has rightly placed reliance upon the authority titled as Jaypee Kensington (2021) ibclaw.in 63 SC. Thus, the applicant being a single allottee has no locus to challenge the appointment of an Authorized Representative in the matter of the Corporate Debtor as approved by the majority of the class of creditors.

A single allottee has no locus to challenge the appointment of an Authorized Representative in the matter of Corporate Debtor as approved by the majority of the class of creditors – Mr. Mukesh Gupta IRP M/s. Gupta Builders and Promoters Pvt. Ltd. – NCLT Chandigarh Bench Read Post »