2024 (1) TMI 90

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.... appeal is directed against the order dated 11.10.2022 passed by the Adjudicating Authority (National Company Law Tribunal, New Delhi, Principal Bench) on an application bearing I.A. No. 934 of 2022 filed in (IB)-875(PB)/2020 by the present Appellants for seeking a direction to the Resolution Professional to ensure refund to the applicants and the similarly placed decree holders, has been disposed of. 2. Shorn of unnecessary details, the Appellants (two in number) booked units in the project (Lotus Arena) floated by M/s Arena Superstructures Pvt. Ltd. (Corporate Debtor) in Sector 79, Noida. The Appellants approached UP RERA for the refund of the amount. In the case of Sh. Rajib Biswas (appellant no. 1) the recovery certificate was issued o....

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....C, any individual homebuyer or any association of homebuyers cannot maintain a challenge to the resolution plan and cannot be treated as a dissenting financial creditor or an aggrieved person; the question of violation of the provisions of the Real Estate (Regulation and Development) Act, 2016 does not arise; the resolution plan in question is not violative of the mandatory requirements of the CIRP Regulations; and when the resolution plan comprehensively deals with all the assets and liabilities of the corporate debtor, no housing project could be segregated merely for the reason that the same has been completed or is nearing completion." 5. Opening her argument, Counsel for the Appellants has relied upon a decision of the Hon'ble Suprem....

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....rned flat, whichever is earlier. This payment will not carry any interest." 7. It is contended that the Appellants are entitled to the decretal amount rather the amount which has been admitted by the RP. 8. On the other hand, Counsel appearing on behalf of Respondent No. 3 has submitted that firstly, resolution plan has been approved by the Adjudicating Authority on 19.07.2023 and as per his information, the Appellants have not challenged the same. Secondly, there is no error in the impugned order and thirdly, even the application filed by the Appellant has become infructuous by virtue of the prayer made in the application. In this regard, he has referred to prayer (b) of the application which read as under:- "Pass directions to Resolu....