2022 (7) TMI 1348

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.... Shantanu Singh, Adv. Ravi Sehgal ORDER   Per:BachuVenkatBalaram Das, Member (Judicial)   IA-2427/2022:-   The present application has been filed by the Interim Resolution  Professional under Section 60(5) of IBC read with Section 18(0 read with Rule  11 of the NCLT Rules, 2016 seeking a direction against the Respondent i.e.,  SLB Welfare Association to handover the peaceful custody and control of the  project side being real estate project "Sampada Livia" situated at GH-06B, CHI-  05, Express Way, Greater Noida, Gautam Budh Nagar, Uttar Pradesh-201310  being an assets of the Corporate Debtor to the Applicant in terms of provisions  of the Code. The Applicant has also sought directions ....

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....y upheld by Hon 'ble Allahabad High Court vide order dated  09.03.2021 and decided to handover the project to the Respondent as per  Section 8 of RERA Act, 2016 to ensure completion of the project.   Mr. Shantnu Singh, Ld. Counsel appearing for the SLB Welfare  Association contended that the project stands transferred to the welfare  association by virtue of the orders passed by the RERA Authorities and the  property does not belong to the Corporate Debtor and therefore cannot be  handed over to the IRP. The Ld. Counsel also contended that the order  initiating CIRP has been obtained by fraud and misrepresentation and IRP also  has been appointed by the Operational Creditor in a fraudulent m....

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....e present IA in as much as an appeal against the order dated 18.04.2022 initiating CIRP of the  Corporate Debtor is under challenge before the Hon'ble NCLAT in Company  Appeal (AT) (Insolvency) No. 642 of 2022 titles as SLB Welfare Association Vs.  PSA Impex Private Limited & Anr., and is pending for adjudication. Further,  there is no order of stay granted by Ld. Appellate Tribunal in the operation of  CIRP of the Corporate Debtor or restraining the IRP to proceed with the CIRP.   Moreover, it is the settled law that the provision under Section 238 IBC  has overriding effect over the provisions of other legislations including  provisions of the RERA Act 2016. Further, the Resolution Professional....