TaxTMI 
TaxTMI 
2020 (10) TMI 231
X X X X Extracts X X X X
X X X X Extracts X X X X
....Through: Mr. Nitesh Jain, Advocate for R-1 and R-2 with Mr. Manish Kumar Gupta, IRP Mr. Piyush Singh, Advocate for R-3 and R-4. Prathiba M. Singh, J.(Oral) 1. This hearing has been held through video conferencing. 2. The Petitioner is an allotee/homebuyer in a project of AVP Buildtech Pvt Ltd. The said company is undergoing insolvency proceedings and an Insolvency Resolution Professional (herei....
X X X X Extracts X X X X
X X X X Extracts X X X X
....earing yet. Thus, the grievance of the Petitioner is that the IRP is proceeding to finalise the terms of settlement without hearing all the allottees. Mr. Venugopal, ld. Sr. counsel, urges that only 189 out of 480 allotees have been issued notice in the first instance, and the committee of creditors has not yet been constituted. Accordingly, he prays that the application before the NCLAT ought to ....
X X X X Extracts X X X X
X X X X Extracts X X X X
....es were not called, is not correct. He submits that the terms of settlement were placed before the committee of creditors or allottees of creditors, and 334 allottees have already voted. In terms of the order dated 13th March, 2020. the terms of settlement had to be placed before the NCLAT. 7. The court has heard all the parties. The short grievance of the Petitioner, who is an allotee of a flat ....
X X X X Extracts X X X X
X X X X Extracts X X X X
....terms of settlement before the NCLAT. The NCLAT shall hear the Petitioner and any other financial creditors and allottees, who may wish to make submissions in respect of the future course of action to be adopted. Upon hearing all the interested parties and addressing the grievances in accordance with law, NCLAT shall pass orders in respect of the settlement, which may be placed before it by the IR....