2020 (11) TMI 678

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....rcular Road. The prayer of the applicant is for an order directing the respondents to take appropriate steps for preserving and protecting the properties for which the applicant paid the entire consideration money in 2015. The respondent no.1 is the Official Liquidator and the respondent no.2 is a Resolution Professional in the Corporate Insolvency Resolution Process initiated against the Company which promoted the Building under the Insolvency and Bankruptcy Code, 2016. Pursuant to a petition for winding up of the Company (Avani Projects and Infrastructure Limited) being admitted by an order dated 1st December, 2017, a later order was passed on 7th September, 2018 mentioning that the winding-up petition had been admitted in December,....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... has been no progress in the matter for a Resolution Plan in relation to the Corporate Debtor/Company (in liquidation). Counsel therefore prays for an order protecting the petitioner in relation to the flat intended to be purchased for which the entire consideration money was paid in 2015. The operative portion of the Judgment with regard to declaratory orders being within the jurisdiction of this Court is placed for this purpose. Learned Counsel appearing for the Resolution Professional submits that no Resolution Plan of the Corporate Debtor/Company (in liquidation) has been received till date. An application for such has been filed and is due to be listed before the NCLT on 15th December, 2020. I have heard learned Counsel appearing....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....2020 and that one more opportunity for resolution of the corporate debtor [the Company (in liquidation)] was being given and 90 days was excluded from the CIRP period. The Resolution Professional (RP) was directed to complete the entire CIRP within three months from the date of the order. The order also mentioned that no further extension or exclusion would be allowed. It is clear from this order that the date for completing the CIRP finally came to end on 12th May, 2020. This would also be reinforced from the submissions made on behalf of the Resolution Professional that no Resolution Plan has been received from any quarter till date. This Court has been informed that numerous intending flat owners are in the same position as that of the p....