Appeal Dismissed: Property Ownership Dispute; Appellant Advised to Seek Relief in Civil Court

The National Company Law Appellate Tribunal dismissed the Appeal challenging the approval of the Resolution Plan by the Adjudicating Authority. The Tribunal found that the property ownership dispute between the parties was already under consideration by the Civil Court, and the Appellant had failed to establish legal grounds for relief in the High Court. As the main issue was being addressed in the Civil Court, the Tribunal deemed the Appeal devoid of merit and advised the Appellant to pursue remedies through the Civil Court in accordance with the law.

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Issues:
1. Approval of Resolution Plan by Adjudicating Authority
2. Dispute regarding ownership of property between Appellant and Corporate Debtor
3. Jurisdiction of National Company Law Appellate Tribunal

Issue 1: Approval of Resolution Plan by Adjudicating Authority
The Appellant challenged the Impugned Order approving the Resolution Plan, arguing that the property in question belonged to them and not the Corporate Debtor. The Resolution Plan was approved by the Adjudicating Authority based on compliance with relevant regulations and a higher value than the Liquidation Value. The Appellant contended that their rights were being extinguished unjustly by the Resolution Plan.

Issue 2: Dispute regarding ownership of property between Appellant and Corporate Debtor
The Appellant claimed ownership of the property in dispute, citing relevant documents and historical acquisition details. They highlighted ongoing legal proceedings seeking injunctions against the Respondents from disturbing their possession. The Resolution Professional was accused of misrepresenting the property as belonging to the Corporate Debtor, leading to a FIR being lodged.

Issue 3: Jurisdiction of National Company Law Appellate Tribunal
The Tribunal noted that the Appellant had already pursued legal remedies in Civil Court regarding the property dispute. The High Court had dismissed a related Writ Petition due to lack of legal grounds asserted by the Appellant. As the primary issue of property title was already sub judice in the Civil Court, the Tribunal dismissed the Appeal for lack of merit and advised the Appellant to seek redressal through the Civil Court if desired.

In summary, the National Company Law Appellate Tribunal dismissed the Appeal challenging the approval of the Resolution Plan by the Adjudicating Authority. The Tribunal found that the property ownership dispute between the Appellant and the Corporate Debtor was already under consideration by the Civil Court, and the Appellant had failed to establish legal grounds for relief in the High Court. As the main issue was being addressed in the Civil Court, the Tribunal deemed the Appeal devoid of merit and advised the Appellant to pursue remedies through the Civil Court in accordance with the law.

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