Appeal Dismissed: Refund for Flat Deposit to be Settled under Insolvency Resolution Plan

The appeal against the Impugned Order under the Insolvency and Bankruptcy Code, 2016 for a refund of the amount deposited for a flat was disposed of with no order as to costs. The Supreme Court, after considering the ongoing Corporate Insolvency Resolution Process and pending Resolution Plan approval, found the Impugned Order irrelevant. The Appellant's rightful dues will be settled as per the Resolution Plan, with the option for the Successful Resolution Applicant to consider the Appellant's refund request with interest if not accrued under the Plan due to the Appellant's indigent condition.

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Issues:
1. Appeal against Impugned Order under Insolvency and Bankruptcy Code, 2016 for refund of amount deposited for flat.
2. Transfer of appeal to Supreme Court for hearing with similar petitions.
3. Claim for refund submitted before cut-off date as per Supreme Court order.
4. Appellant's request for full refund during Corporate Insolvency Resolution Process (CIRP).
5. Disposal of appeal after Supreme Court decision and pending Resolution Plan approval.

Analysis:
1. The appeal was filed against the Impugned Order passed by the Adjudicating Authority under the Insolvency and Bankruptcy Code, 2016, regarding the refund of the amount deposited for a flat in a project. The Appellant, a senior citizen, sought a refund which was denied during the Corporate Insolvency Resolution Process (CIRP) period, citing it as a preferential payment not allowed by law.

2. The Appellant requested the transfer of the appeal to the Supreme Court to be heard with similar petitions. The Supreme Court disposed of the Transfer Petition based on a previous decision related to the matter, indicating no further action was required.

3. The Appellant claimed eligibility for a refund before the cut-off date as per a Supreme Court order and provided evidence supporting the claim, including a statement of accounts and an email from the Interim Resolution Professional acknowledging the claim submission.

4. The Appellant, through his counsel, argued for a full refund due to personal circumstances and the incomplete status of the flat. The Respondent's counsel contended that the appeal lost relevance post the Supreme Court decision and with the pending approval of the Resolution Plan by the Adjudicating Authority.

5. Considering the ongoing Corporate Insolvency Resolution Process and the pending Resolution Plan approval, the Impugned Order was deemed irrelevant. The Appellant's rightful dues as per the Resolution Plan, once approved, will be settled accordingly. However, if refund does not accrue as per the Resolution Plan, the Successful Resolution Applicant was left open to consider the Appellant's request for refund with interest due to his indigent condition. The appeal was disposed of with no order as to costs.

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