TaxTMI Login
Just a moment...
Press 'Enter' to add multiple search terms. Rules for Better Search
of 
of 
No Folders have been created
Are you sure you want to delete "My most important" ?
NOTE:
of of 
All Case Laws
of of All Case Laws
Note
Bookmark
Share
Don't have an account? Register Here
of <h1>Homebuyers & Creditors Challenge NCLT Order in Corporate Debtor Case:</h1> The Appellants, aggrieved homebuyers and Financial Creditors, challenged the Impugned Order by NCLT dated 13.10.2020 in a Corporate Debtor matter. The ... Seeking directions to Appellants to file their written claims before the Respondent - Financial Creditors/homebuyers - HELD THAT:- The Appellants are hereby directed to file their claims in terms of the aforesaid provisions before the Resolution Professional/ Respondents within two weeks from today - Learned Counsel for the Resolution Professional/ Respondent is hereby directed to verify the claims in terms of the various provisions and forward the genuine claims of the Learned Counsel for the Appellants to Adjudicating Authority. The timeline provided by the IB Code, with the aforesaid directions - Appeal is hereby disposed of Issues involved:1. Appellants challenging Impugned Order dated 13.10.2020 by NCLT2. Appellants as aggrieved homebuyers and Financial Creditors3. Consideration of judgments by NCLAT4. Appeal under Section 61(1) of IBC by Appellants5. Interpretation of Sections 21 and 25A of IBC6. Provisions of Insolvency and Bankruptcy Board of India Regulations7. Filing of written claims by Appellants8. Verification and forwarding of genuine claims by Resolution Professional9. Disposal of Appeal with directions for filing claims within two weeks10. Uploading and sending copies of the JudgmentDetailed Analysis:1. The Appellants, aggrieved homebuyers and Financial Creditors, challenged the Impugned Order by NCLT dated 13.10.2020 in a matter involving a Corporate Debtor. The Adjudicating Authority admitted the application under Section 7 of IBC and appointed an Interim Resolution Professional (IRP) for the Corporate Debtor.2. The Appellants, not party before the Adjudicating Authority, argued that their interests were jeopardized as the Authority failed to consider judgments by NCLAT in similar cases. They emphasized their status as homebuyers and Financial Unsecured Creditors.3. The Respondent contended that the Appellants were not parties to the proceedings before the Adjudicating Authority and cited the lack of relevance of previous judgments by NCLAT in the present case.4. The Appellants filed an appeal under Section 61(1) of IBC, highlighting their status as homebuyers and Financial Unsecured Creditors, seeking redress for their grievances.5. The Tribunal examined Sections 21 and 25A of IBC, focusing on the composition of the Committee of Creditors and the rights and duties of authorized representatives of financial creditors in the insolvency resolution process.6. Reference was made to the provisions of Insolvency and Bankruptcy Board of India Regulations, particularly Regulation 16(A), outlining the role and responsibilities of authorized representatives in the insolvency resolution process.7. The Tribunal directed the Appellants to file their written claims within two weeks before the Resolution Professional/Respondents in accordance with the relevant provisions of the law.8. The Resolution Professional/Respondent was tasked with verifying the claims and forwarding genuine claims of the Appellants to the Adjudicating Authority for further action.9. With the directions for filing claims and verification process, the Appeal was disposed of without any order as to costs, in compliance with the timelines provided by the IB Code.10. The Registry was instructed to upload the Judgment on the Appellate Tribunal's website and send a copy to the National Company Law Tribunal, Allahabad Bench, for necessary action.
TaxTMI 
TaxTMI 
