TaxTMI 
TaxTMI 
2025 (7) TMI 84
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....1385/2023, respectively. I.A. No.1377/2023 and other IAs were filed by the appellant seeking a direction to accept their claim as financial creditor in a class (allottee). By the impugned order, application filed by the appellant has been rejected refusing to accept the claim of the appellant as allottees. Aggrieved by the said order, these appeals have been filed. 2. All the appeals are founded on similar question of facts and law and are being decided by this common judgement. It shall be sufficient to refer the pleadings in Comp. App. (AT) (Ins.) No.130/2024 for deciding all the appeals. 3. Brief facts of the case necessary to be noticed for deciding the appeals are: i. The corporate debtor M/s. Indirapuram Habitat Centre Private Limited acquired Plot No. 16 admeasuring 5.08 hectares Indirapuram, Ghaziabad. Ghaziabad Development Authority has granted leasehold right to the corporate debtor for usage of a subject property for socio cultural, residential and recreational, and commercial buildings. ii. The corporate debtor proposed to develop Club Suite/Service Apartment Complex by name of Indirapuram Habitat Centre. The corporate debtor entered into various....
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....her appellants also filed similar IAs, I.A. No. 1375/2023, 1376/2023 & 1385/2023. In the IAs appellants challenged the decision of the RP rejecting their claim to be recognised as allottee and prayed for a direction to the RP to recognise their claim as allottees. I.A. No.1377/2023, 1375/2023, 1376/2023 & 1385/2023 came for consideration before the adjudicating authority. There were others IAs filed by other claimants including I.A. No.5177/2022. In I.A.5177/2022, applicant claim to be treated as a financial creditor in a class i.e., allottee. Adjudicating authority by impugned order dated 21.11.2023 rejected I.A.5177/2022, observing that the claim of the applicant 5177/2022 is not verifiable from the audited CRM data and books of the corporate debtor. No document could be found to come to conclusion that applicant (I.A.5177/2022) be treated as financial creditor in a class. Adjudicating Authority observed that RP need to go by the books of account balance sheet record of the corporate debtor and not by documents which do not found part of the record. Consequently, the application, I.A.5177/2022 was rejected. viii. Adjudicating Authority relied on its decision in I.A.5177/....
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....M software) does not reflect allotment in favour of the appellant. Appellant has also brought on record copy of the letter by Indirapuram Habitat Centre as the confirmation and offer of possession of the Club Suite by the corporate debtor. RP in the reply, which was submitted on 30.07.2024, in Comp. App. (AT) (Ins.) No. 130/2024 has now taken stand that appellant submitted a cancellation surrender letter dated 12.12.2016. Appellant has never surrendered his Club Suite nor were refunded the consideration paid by the appellant. Without refund of consideration paid by the appellant, there can be no question of cancellation of Club Suite. Additional reply which has been filed by the RP now sought to introduce new facts which were never filed before the adjudicating authority. It is submitted that no proof having been brought by the RP on refund of any amount to the appellant, the theory of cancellation/surrender of the Club Suite by the appellant is wholly incorrect and without any basis. It is submitted that there being allotment by corporate debtor of the Club Suites in favour of the appellant, they were entitled to be recognised as allottee. 6. Learned counsel for the RP refuting....
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.... B. Expunge the names of other third party(ies) which has been shown as Allottee(s) allegedly on the basis of the CRM data of the Corporate Debtor with regard to the subject Units 1109 and 1407, Club Suites, Indirapuram Habitat Centre already allotted in favour of the Appellant herein along with cancellation of all Allotment Letters, Allotment Agreements etc. issued or executed by the Corporate Debtor in their favor. C. That the Respondent RP may be directed by this Hon'ble Tribunal to proceed with the execution as well as registration of the Sale Deed(s) for the Unit 1109 and 1407, Club Suites, Indirapuram Habitat Centre in favour of the Appellant herein; D. Till the fulfillment of the aforementioned prayer(s) (A.) to (C.), direct the RP to recognize the Appellant as a Financial Creditor for an amount of Rs. 65,68,800/- qua each Units along with an interest calculated @ 24% per annum as a Financial Creditor (Allottee) of the Corporate Debtor herein. E. Pass any such order as this Hon'ble Tribunal may deem fit in the facts and circumstances of the case." 10. In Comp. App. (AT) (Ins.) No.131/2024, Veena Khattar has made following prayers:....
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....orm CA dated 06.09.2019; B. Expunge the names of other third party(ies) which has been shown as a Allottee(s) allegedly on the basis of the CRM data of the Corporate Debtor with regard to the subject Unit 907, Club Suites, Indirapuram Habitat Centre already allotted in favour of the applicant herein along with cancellation of all Allotment Letters, Allotment Agreements etc. issued or executed by the Corporate Debtor in their favor. C. That the Respondent RP may be directed by this Hon'ble Tribunal to proceed with the execution as well as registration of the Sale Deed(s) for the Unit 907, Club Suites, Indirapuram Habitat Centre in favour of the Applicant herein; D. Till the fulfillment of the aforementioned prayer(s) (A.) to (C.), direct the RP to recognize the applicant as a Financial Creditor for an amount of Ra. Ra. 65,68,800/- along with an interest calculated @ 24% per annum as a Financial Creditor (Allottee) of the Corporate Debtor herein. E. Pass any such order as this Hon'ble Tribunal may deem fit in the facts and circumstances of the case." 12. In Comp. App. (AT) (Ins.) No.133/2024, Subhash Khattar has made following prayers: ....
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....ppellant herein along with cancellation of all Allotment Letters, Allotment Agreements etc. issued or executed by the Corporate Debtor in their favor. g. That the Respondent RP may be directed by this Hon'ble Tribunal to proceed with the execution as well as registration of the Sale Deed(s) for the Unit 911, 9th Floor, Club Suites, Indirapuram Habitat Centre in favour of the Appellant herein; h. Till the fulfillment of the aforementioned prayer(s) (A.) to (C.) direct the RP to recognize the Appellant as a Financial Creditor for an amount of Rs. Rs. 65,68,800/- along with a interest calculated @ 24% per annum as a Financial Creditor (Allottee) of the Corporate Debtor herein. i. Pass any such order as this Hon'ble Tribunal may deem fit in the facts and circumstances of the case. 13. We have already noticed the part of the impugned order by which IAs filed by Vinod Khattar I.A.1377/2023 and other IAs have been rejected. Before we proceed further, we need to notice the relevant pleadings of the appellant, Vinod Khattar in I.A. 1377/2023. Other appellants have also filed separate IAs as noted above with identical prayers. It shall be sufficient to n....
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....ssional be directed to consider the claim of the Applicant in its true & correct perspective and accordingly admit the Claim of the Applicant in the "List of Allottees" with respect to the Unit No. 1109 and 1407, Indirapuram Habitat Centre for the sum of Rs. 65,68,800/- each (inclusive of (1) principal amount, (2) assured return - which is admitted since assured returns were paid for some time, TDS was also deducted on the same, (3) short deposit of TDS on assured return; (4) interest which is the time value of money) which has already been submitted to the RP vide Forms CA dated 06.09.2019; B. Expunge the names of other third party(ies) which has been shown as a Allottee(s) allegedly on the basis of the CRM data of the Corporate Debtor with regard to the subject Unit 1109 and 1407, Club Suites, Indirapuram Habitat Centre already allotted in favour of the applicant herein along with cancellation of all Allotment Letters, Allotment Agreements etc. issued or executed by the Corporate Debtor in their favor. C. That the Respondent RP may be directed by this Hon'ble Tribunal to proceed with the execution as well as registration of the Sale Deed(s) for the Unit 1109....
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.... of surrender or cancellation of the unit was set up. The fact that RP is now pleading that appellant, Vinod Khattar got unit cancelled/surrendered pre-supposes allotment of the units. We have noticed above that the impugned order rejecting the IA filed by Vinod Khatter and other appellants does not consider IAs separately, nor has adverted to the individual facts given by the appellants in their respective applications and the materials to support their case including Builder Buyer Agreement and receipt of payment by corporate debtor. The reliance for rejecting all the applications filed by the appellant reliance is placed on the order passed in I.A.5177/2022. It is useful to extract the entire order passed in I.A.5177/2022, which is as follows: "IA-5177/2022: The salient contention espoused on behalf of the Applicant is that instead of treating the Applicant as a Home Buyer/Allottee/FC as a class, the IRP could treat him as unsecured FC. The prayer made in the application reads thus: A. "Direct the Resolution Professional to categorize the claim of the Applicant as an allottee of the Corporate Debtor. B. Direct the Resolution Applicant to consider and d....
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....le any document to draw conclusion that applicant could be treated as financial creditor in a class. In the present case, insofar as the payments by the appellants are concerned, RP has not denied that payments are reflected in the records of the corporate debtor. Submission of the RP has also been noticed that many claimants approach RP with forged manufactured documents. Hence, he was left with no option but to re-verify the CRM data and the books of account of corporate debtor. 18. RP in the case of the appellant is not denying the payments received by the corporate debtor towards the units. Builder Buyer Agreement were brought by the appellant. No case has been set up that for allotment of units any other format of allotment letter was issued by the corporate debtor. There are no allotment letter by which the Club Suites are sought to be allotted to third parties have been referred to except the mention the date of agreement. 19. In the facts of the present case, we are of the view that adjudicating authority was required to consider the applications filed by the appellant individually. Appellants application being based on individual facts of each case. In any event, at ....