TaxTMI 
TaxTMI 
TaxTMI 
2025 (10) TMI 115
X X X X Extracts X X X X
X X X X Extracts X X X X
....r. Ashim Sood, Mr. Varun Kalra and Mr. Prateek Kundu, Advocates for R-4 (ABCL). ORDER ASHOK BHUSHAN, J. We have heard learned counsel for the parties in I.A. No. 4215/2025 & I.A. No. 7682/2024 on 16.09.2025. 2. I.A. No. 4215/2025 has been filed by Mr. Vinod Agarwal, Interim Resolution Professional (IRP) of Sequel Buildcon Pvt. Ltd. praying for following reliefs: "(a) Allow the present application in the interest of justice and permit the Applicant to proceed with sale/ monetization of current assets (unsold inventory like units/flats) in the sole real estate project of the Corporate Debtor namely "The Belvedere", details of which are specified in Annexure A-10 to the present Application; (b) Such further order or orders be passed and/or direction or directions be given as this Hon'ble Tribunal may deem fit and proper." 3. I.A. No. 7682/2024 has been filed by Mr. Neerav Bhatnagar, authorized representative for homebuyers, where following prayers have been made: "a. Direct Respondent No. 1 to retract its email dated 25.09.2024 and not to cancel any units of any of the homebuyers on the pretext of non-withdrawal of EoW complaint; b. Direct Respondent No. 3 not to act ....
X X X X Extracts X X X X
X X X X Extracts X X X X
....out as per MoU and Status Report be submitted in the Court after eight weeks. ii. The Appellant shall cooperate with the Interim Resolution Professional and arrange to disburse the interim finance amount of Rs. 75 Crore through available interim fund proposer 'M/s. Eka Life Services or in the absence of them through their own sources over a period of 6 to 9 months as stated in Clause 3 of Terms Sheet and subsequently re-iterated in Clause 3A of the MoU to ensure that the project is completed within the time frame agreed in the aforesaid MoU. iii. It is further agreed that a sum of Rs. 20 Crore will be deposited by the Interim Fund Proposer or the Appellant in the RERA approved Escrow account of the Corporate Debtor within 30 days from the order of this Hon'ble Appellate Tribunal. iv. Further, the disbursement of interim fund and funds generated from dues of the Allottees (Financial Creditors) during the Corporate Insolvency Resolution shall be paid in a timely manner as agreed under the MoU and will be deposited in the RERA account of the Company (Corporate Debtor) to keep the Company as a going concern. The amount will be utilized only for the purposes of completion of the '....
X X X X Extracts X X X X
X X X X Extracts X X X X
.... modification and IRP to take assistance of promoter to take step for renewal of registration of project and obtain all necessary steps to start the construction. In paragraph 25 of the judgment, following was directed: "25. We, having taken into consideration the facts of the present case as noted above, are of the view that the commencement of the project is needed to serve the interest of homebuyers as well as creditors. In continuation of the order dated 25.07.2023 as noted above, we issue following further directions:- (i) IA No.4103 of 2023 is disposed of impleading 'Aditya Birla Finance Limited' as Respondent No.4 (EKA Life having already impleaded as Respondent No.3). (ii) Order dated 25.07.2023 does not need any modification (3% interest reduction to be borne by promoter). (iii) All concerned to take steps to act in pursuance of our order dated 25.07.2023. IRP with the assistance of promoter to take steps for renewal of registration of the project and obtain all other necessary permission to start the construction which may be completed within 30 days from today. The construction of the project may commence immediately thereafter. (iv) The IRP and the promoter ma....
X X X X Extracts X X X X
X X X X Extracts X X X X
....mmittee. 3. Learned Counsel appearing for Aditya Birla submits that they may also be made part of the committee. We are of the view that as far as construction and monitoring of the project, Aditya Birla Finance may not be necessary part of the said committee. 4. Learned Counsel for the Appellant submits that Appellant has also made an offer to the Aditya Birla regarding the way forward with regard to finance, response to which is awaited. 5. IRP may submit the next status report by 18th March, 2024. List this Appeal on 18th March, 2024." vii. This Tribunal on 18.03.2024 observed that concerned authorities may take expeditious steps. In paragraph 4 of the order dated 18.03.2024, following was directed: "4. Be that as it may, the restoration of the registration of the project with the RERA and sanction of the NOIDA are necessary conditions for starting any construction in the project. Matter being pending before the relevant authorities i.e. NOIDA, RERA and State Government, we are of the view that the concerned authorities may take expeditious steps. We permit the IRP to file further Status Report bringing subsequent development on record." viii. An application I.A. N....
X X X X Extracts X X X X
X X X X Extracts X X X X
....to the criminal proceedings, the respondent authorities may proceed in pursuance of the impugned judgment. However, no coercive action shall be taken. We make it clear that we are not staying any other proceedings." xi. In the above background, the IRP has prayed for permission to proceed with sale/ monetization of current assets (unsold inventory like units/flats) in the real estate project of the corporate debtor namely the Belvedere. In the application, reply has been filed by the NOIDA as well as by Aditya Birla Finance Limited. NOIDA in its reply has pleaded that NOIDA has dues of Rs. 34,34,88,805/- as upto 31.07.2025. In paragraph 20 of the reply, NOIDA stated that it has no objection to sell the unsold inventories subject to condition that corporate debtor pays that dues of the NOIDA at the time of selling of the unsold inventory. In paragraph 20 of the reply of R-1 to the application, following has been pleaded: "20. The contents of para 31 to 39 are facts of the case and thus need no reply. However, it is submitted that the Respondent No. 1 has no objection to sell the unsold inventories of the Corporate Debtor subject to conditions that the Applicant/ Corporate Debt....
X X X X Extracts X X X X
X X X X Extracts X X X X
.... Aditya Birla and learned counsel Mr. Bharat Bhushan Sethi appearing in I.A. No. 7682/2024. We have also heard learned Sr. counsel Mr. Abhijeet Sinha appearing for the appellant and learned counsel Mr. Rachit Mittal appearing for the NOIDA. 6. Learned sr. counsel Mr. Jayant Mehta appearing for the IRP submits that IRP has already communicated to the NOIDA that it is ready to clear the amount claimed by the NOIDA. Mr. Mehta submitted that the amount which is to be received from sale of unsold units shall be utilised only for construction, 70% of the construction and 30% for meeting dues of NOIDA and Aditya Birla and other expenses. It is submitted that fund infused by EKA Life shall also be utilised as per the MoU. It is submitted that to the mechanism, NOIDA, homebuyers and interim financier has already given their in principal approval and only objection has been raised by Aditya Birla. It is submitted that mechanism is also adopted for outstanding dues of Aditya Birla. It is submitted that till time the NODIA dues are being paid by the corporate debtor simultaneously payment from ESCROW account equivalent to 10% amount of all collection from fresh sales shall be made to Aditya B....
X X X X Extracts X X X X
X X X X Extracts X X X X
....nbsp;By order dated 25.07.2023, we have directed construction to be carried out as per MoU dated 12.07.2023 entered with homebuyers and M/s. EKA Life Services the strategic financiers. RP was directed to keep the corporate debtor as a going concern. The direction provided for completion of Phase I of the project as well as Phase II of the project which was to be completed by January 2025 and January 2026. Directions (vii) & (viii) of the order dated 25.07.2023 is reproduced for ready reference: "vii. The moratorium will continue to operate on the corporate debtor during the present process and the IRP will continue to keep the CD as a going enterprise and submit his report on the project progress with the Adjudicating Authority on a quarterly basis. viii. In case of any breach of the MoU by the Appellant/Promoter, the IRP and/or the Homebuyers/Respondent Association will be at liberty to file appropriate application before this Hon'ble Appellate Tribunal for terminating the 'Reverse Corporate Insolvency Resolution Process' and continuing with the CIRP process in accordance with the provisions of the IBC." 11. Detailed directions were again issued on 16.10.2023 for obtaining ne....
X X X X Extracts X X X X
X X X X Extracts X X X X
....espondent no.2 issues approvals in respect Application for Revalidation of map/building plans submitted by the petitioner in respect of the Subject Plot; and IV. Issue a writ order or direction in the nature of mandamus directing the respondent no.2 to grant an extension of time with regard to the time period stipulated in the Lease Deed for completion of the project commencing from the period commencing from 25.06.2021 i.e. date on which the Board of respondent no.2 has suspended the approval/sanction/revalidation of map/building plans and other approvals in respect of the sports city plots in Noida till the date on which the respondent no.2 issues approvals in respect of Application for Revision of Building Plans submitted by the petitioner in respect of the Subject Plot; and V. Issue a writ, order or direction in the nature of mandamus directing the respondent no.2 to not issue any demand notice or any further or subsequent default notices till the time the Application of the Petitioner for revalidation of map/building plans in respect of Subject Plot is not approved by the respondent no.2; and VI. Issue a writ, order or direction to award compensation to the petitioner fo....