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The NCLAT held that Atul Paper Pvt. Ltd., having an unregistered Agreement to Sell, is not entitled to protection under Section 53A of the Transfer of Property Act, as per Section 17(1) of the Registration Act, 1908. Consequently, the Adjudicating Authority's direction for Atul Paper Pvt. Ltd. to vacate the premises was upheld. The claim of Rs. 2.51 crores filed by Atul Paper Pvt. Ltd. was wrongly rejected by the Liquidator solely on the ground of delay; thus, the appeal challenging this rejection was partly allowed, directing the Liquidator to admit and treat the claim according to the IBC distribution framework. However, the Adjudicating Authority's order directing payment of Rs. 2.01 crores to Atul Paper Pvt. Ltd. outside the statutory distribution mechanism was set aside, with a mandate for the Liquidator to refund the amount with any interest within 30 days. The appeal was dismissed in all other respects.
The NCLAT held that Atul Paper Pvt. Ltd., having an unregistered Agreement to Sell, is not entitled to protection under Section 53A of the Transfer of Property Act, as per Section 17(1) of the Registration Act, 1908. Consequently, the Adjudicating Authority's direction for Atul Paper Pvt. Ltd. to vacate the premises was upheld. The claim of Rs. 2.51 crores filed by Atul Paper Pvt. Ltd. was wrongly rejected by the Liquidator solely on the ground of delay; thus, the appeal challenging this rejection was partly allowed, directing the Liquidator to admit and treat the claim according to the IBC distribution framework. However, the Adjudicating Authority's order directing payment of Rs. 2.01 crores to Atul Paper Pvt. Ltd. outside the statutory distribution mechanism was set aside, with a mandate for the Liquidator to refund the amount with any interest within 30 days. The appeal was dismissed in all other respects.
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