TaxTMI 
TaxTMI 
2023 (2) TMI 1288
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.... Rajiv Dalal, Adv. Ms. Janvi Moondhra, Adv. Mr. M.G. Aravind Raj, Adv. ORDER 1 RBCL Projects Private Limited, who was an Operational Creditor of BPTP Limited filed a petition under the Insolvency and Bankruptcy Code 2016 "IBC" . On 14 November 2022, the National Company Law Tribunal "NCLT" initiated the Corporate Insolvency Resolution Process "CIRP" 2 The appellant is an association comprised of home buyers aggrieved by the non-delivery of possession of units by the Corporate Debtor. The appellant had instituted a consumer complaint before the National Consumer Disputes Redressal Commission "NCDRC" which ended in a consent order dated 22 October 2020. The appellant has instituted execution proceedings for enforcement of the order....
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....t and Mr K V Viswanathan, senior counsel for the first respondent. 6 The grievance of the appellant is that the proceedings before the NCLT are in rem. Hence, it is urged by Ms Nina R Nariman that a settlement could not have been arrived at before the NCLAT between the Operational Creditor and the first respondent without notice to the appellant and giving the appellant an opportunity of being heard. 7 On the other hand, Mr K V Viswanathan, senior counsel appearing on behalf of the first respondent urged that the interest of the appellant and that of the first respondent was not coextensive. Senior counsel submits that whereas the first respondent had challenged the very initiation of the CIRP, the appellant on the other hand was not aggr....
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....d Director was aggrieved by the initiation of the CIRP. On the other hand, the appellant was urging that the CIRP should be initiated project wise as opposed to the entirety of the Corporate Debtor and its assets. 9 In order to restore the appeal before the NCLAT, this Court must be satisfied that the appellant is in a position to meet the threshold requirement which is imposed by the terms of Section 7 for the initiation of the CIRP. Absent that demonstration, we are not inclined to allow the appeal at the behest of the appellant and restore the proceedings, the effect of which would be to revive the CIRP against the company. In the event that the appellant seeks to invoke the jurisdiction of the NCLT in terms of the provisions of Section....