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        Case ID :
        Insolvency and Bankruptcy

        Approval of Resolution Plan - out of 26 Homebuyers, only 19...

        Resolution Plan Approved with 89.80% Homebuyer Support; Procedural Compliance Deemed Sufficient u/s 25-A(3-A) of IBC.

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                          Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
                            Provisions expressly mentioned in the judgment/order text.
                                Approval of Resolution Plan - out of 26 Homebuyers, only 19 Homebuyers voted in the matter and that in terms of Section 25-A(3-A) of the IBC, the Authorized Representative taking cognizance of the fact that 89.80% of Homebuyers voted in favour of the amended Resolution Plan, he cast his vote in favour of the amended Resolution Plan on behalf of the Creditors in class - the procedural compliance by the Resolution Professional and Authorized Representative appears to be reasonably substantial and there are no reason to hold that there was any wilful casualty or miscarriage of justice. - Remanding the matter back to CoC on the grounds of the procedural deviations raised by a dissenting minority in class of creditors would render the CIRP a never ending process. - AT
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