Registration of sub leased units after payment under approved Resolution Plan, with registration to be completed within sixty days.

The dispute concerns direction to register sub leased apartment units in favour of the appellant upon payment of the first instalment under an approved Resolution Plan and whether the approval of that plan is challengeable. The Tribunal directed the SRA and authority to effect registration after payment of the first tranche, to be completed within sixty days, and required the appellant to withdraw related complaints within seven days of registration. Because registration-linked relief was ordered and accepted by the appellant, the challenge to approval of the Resolution Plan was dismissed; parties may file compliance reports.

---

---

Issues: (i) Whether the Respondent Successful Resolution Applicant (SRA) and NOIDA should be directed to register the sub-leased apartment units in favour of the Appellant after payment of the first instalment under the approved Resolution Plan; (ii) Whether the Appeal challenging approval of the Resolution Plan by the Adjudicating Authority succeeds.

Issue (i): Whether registration of the units in favour of the Appellant should be directed to be effected after payment of the first instalment under the approved Resolution Plan.

Analysis: The Tribunal considered the pleadings, the undertaking by the Appellant to withdraw pending complaints under Section 138 of the Negotiable Instruments Act upon registration, the NOIDA Authority's position that conveyance/registry will be effected on a pro-rata and phased basis as funds are realised from the SRA, and the SRA's timeline for payment of the first tranche. The record shows an earlier direction for parties to endeavour to complete obligations and the willingness of the SRA to permit registration once conditions are met.

Conclusion: Registration of the units is directed to be executed by the SRA and NOIDA in favour of the Appellant after payment of the first instalment under the Resolution Plan, to be completed within 60 days of such payment; the Appellant shall withdraw the complaints within seven days of registration.

Issue (ii): Whether the Appeal challenging approval of the Resolution Plan should be allowed.

Analysis: In view of the order directing registration upon payment of the first instalment and the Appellant's stated willingness to accept registration and withdraw complaints, the Tribunal found no ground to sustain the challenge to approval of the Resolution Plan. The practical relief granted on registration rendered the challenge to the plan unsustainable.

Conclusion: The Appeal challenging approval of the Resolution Plan is dismissed.

Final Conclusion: The Tribunal directed implementation of registration-related reliefs in favour of the Appellant contingent on payment under the approved Resolution Plan and dismissed the separate challenge to the plan, permitting parties to file compliance reports.

---