TaxTMI 
TaxTMI 
2024 (12) TMI 747
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....l, dismissing the application filed by the appellant herein by which the appellant had offered the attachment of a flat in lieu of the requisite pre-deposit as mandated under Section 43 (5) of the RERA. 2. The learned Senior Counsel for the appellant submits that the learned Tribunal has failed to appreciate that, in terms of the Order dated 20.08.2019, passed by the learned National Company Law Tribunal, Principal Bench, New Delhi (in short, 'NCLT'), in CP No. IB-1564(PB)/2018 titled Rachna Singh & Anr. vs. Umang Realtech Pvt. Ltd., while admitting the application filed under Section 7 of the Insolvency and Bankruptcy Code, 2016 (in short, 'IBC'), a moratorium has been granted for any claim against the appellant company. He submits that, ....
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....ant. He submits that, therefore, the benefit of the Order dated 20.08.2019 passed by the learned NCLT cannot be obtained by the appellant to seek exemption from complying with the provisions of Section 43 (5) of the RERA, especially, in view of the Judgment of the Supreme Court in New Tech Promoters and Developers Pvt. Ltd. vs. State of Uttar Pradesh & Ors., (2021) 18 SCC 1. 6. In rejoinder, the learned Senior Counsel for the appellant insists that the Order dated 04.02.2020, passed by the learned NCLAT does not, in any manner, revoke the moratorium that has been issued by the learned NCLT vide its Order dated 20.08.2019, which is as against the appellant company and not against one particular project being undertaken by the appellant comp....
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.... duties are provided on the shoulders of the allottees under Section 19 of the Act at a given time, several onerous duties and obligations have been imposed on the promoters i.e. registration, duties of promoters, obligations of promoters, adherence to sanctioned plans, insurance of real estate, payment of penalty, interest and compensation, etc. under Chapters III and VIII of the 2016 Act. This classification between consumers and promoters is based upon the intelligible differentia between the rights, duties and obligations cast upon the allottees/homebuyers and the promoters and is in furtherance of the object and purpose of the Act to protect the interest of the consumers vis-à-viz, the promoters in the real estate sector. The pr....
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....ongs to the allottee at a later stage could be saved from all the miseries which come forward against him. 127. At the same time, it will avoid unscrupulous and uncalled for litigation at the appellate stage and restrict the promoter if feels that there is some manifest material irregularity being committed or his defence has not been properly appreciated at the first stage, would prefer an appeal for reappraisal of the evidence on record provided substantive compliance of the condition of pre-deposit is made over, the rights of the parties inter se could easily be saved for adjudication at the appellate stage. ... ... ... ... ... ... 134. To be noticed, the intention of the instant legislation appears to be that the promoters ou....
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....atorium issued by the learned NCLT vide its Order dated 20.08.2019, a special exemption should be granted to the appellant from making the mandatory pre-deposit for the appeal filed before the Real Estate Appellate Tribunal. We are unable to agree with the said submission. 11. The learned NCLAT, by a subsequent Order dated 04.02.2020, has clarified the effect of the order passed by the learned NCLT and the scope of the moratorium that has been issued in the following terms:- "21. In Corporate Insolvency Resolution Process against a real estate, if allottees (Financial Creditors) or Financial Institutions/Banks (Other Financial Creditors) or Operational Creditors of one project initiated Corporate Insolvency Resolution Process against the....
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....9; has been place of Corporate Insolvency Resolution Process. If the same real estate company (Corporate Debtor herein) has any other project in another town such as Delhi or Kerala or Mumbai, they cannot be clubbed together nor the asset of the Corporate Debtor (Company) for such other projects can be maximised." 12. The learned NCLAT has, therefore, clarified that the Insolvency Resolution Process is only with respect to one of the projects being undertaken by the appellant company, which, we are informed, is not the same as the one which is the subject matter of the proceedings before the Real Estate Appellate Tribunal. The appellant, therefore, cannot seek any benefit of the moratorium that has been issued by the learned NCLT for seeki....