2024 (9) TMI 249

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.... ( Hybrid Mode ) These two Appeals have been filed by the Appellants claiming to be allottees challenging the order of the Adjudicating Authority (National Company Law Tribunal) Principal Bench dated 07.05.2024. Company Appeal (AT) (Ins.) No.1544 of 2024 has been filed challenging the order dated 07.05.2024 in IA No.1395 of 2022 whereas Company Appeal (AT) (Ins.) No.1569 of 2024 has been filed challenging the order of the same date in IA No.890 of 2022. 2. Brief facts of the case necessary to be noticed for deciding these Appeals are:- 2.1. The CIRP against the Corporate Debtor commenced on 17.10.2018. Publication was made by the IRP. Claims were received. Appellants before us did not file any claim. The Resolution Plan came to b....

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....nce deed in favor of Applicants with respect to Residential Units being IH 2- Plot-344 and IH 2-Plot-339 in the Ireo Hamlet 2 project in village Sukhgarh and Samabalkhi and IH 4-Plot-B23 and IH 4-Plot-C127 in the Ireo Hamlet 4 project in village Dhol situated at, Sector-98, SAS Nagar, Mohali, Punjab- 140306; and g. pass such other further orders as this Hon'ble Court may deem fit and proper in the facts and circumstances of this case, in favor of the Applicants." 2.2. The application was opposed by the Resolution Professional. It was stated that the CoC has approved the plan on 05.09.2019 and thereafter the Resolution Plan was approved by the Adjudicating Authority and under clause 18.4, those claimants who have not filed th....

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....f verified, has not been informed to the Resolution Applicant shall not stand extinguished for a period of six months from the date of the approval of the Plan by NCLT and for this period they shall be dealt at the sole discretion of the Resolution Applicant according to the merits of the case, and by way of proper verification of the documents held by the Allottees. Upon determination of the genuineness of such a claim, the same shall be restructured in the same manner as all similar claims already collated and admitted are being treated under this Plan, subject to whether the same is considered a simple Allottee, a Decree Holder for Refund or a Decree Holder for Compensation." 4. When we look into the aforesaid clause, it is clear that....