Once the majority of CoC decide on one of Resolution Plan, the decision of the CoC attains finality, Unsuccessful Resolution Applicant has no locus to challenge the commercial decision of the CoC – G. S. Constructions Vs. Mr. Gajesh Labhchand Jain – NCLT Mumbai Bench

NCLT Mumbai Bench held that: (i) Once the majority of CoC decide on one of the Resolution Plan, the decision of the CoC attains finality. (ii) Since the CoC comprising of SIDBI and the home buyers approved the Resolution Plan presented by Mrs. Asha Sanap, the Unsuccessful Resolution Applicant has no locus to challenge the commercial decision of the CoC. (iii) The Applicant who himself was Prospective Resolution Applicant had submitted its Resolution Plan. At no stage, the Applicant challenged the constitution of the CoC. The Applicant is seeking relief to set aside and quash the CoC only after his plan not approved with the requisite voting of the CoC.

Scroll to Top