Dhir & Dhir Associates successfully represented the Resolution Professional of Sidhartha Buildhome Private Limited, a real-estate company under insolvency resolution having two housing projects in Gurugram, Haryana, before the National Company Law Appellate Tribunal (NCLAT) in a matter pertaining to the issue of computation of votes cast by homebuyers in a resolution process.

The NCLAT, in a recent landmark Judgment, Devendra Singh v. Homebuyers of Sidhartha Buildhome Private Limited & Ors. [Company Appeal (AT) (Ins.) No. 791 of 2023] dated 16.02.2024, settled the issue of voting by allottees as members of the Committee of Creditors in a scenario of consideration of a “withdrawal proposal” under Section 12A of the IBC, as opposed to voting on a resolution plan. The team led by Mr. Alok Dhir, Advocate and assisted by Ms. Varsha Banerjee, Partner and Mr. Kanishk Khetan, Sr. Associate, obtained a favourable order from which it was held that in case of voting on a Proposal under Section 12A, the proviso as inserted in Section 25A(3A) shall apply, which provides that the vote of the allottees on the said proposal shall be taken individually as provided under Section 25A(3) and not as a class.