2025 (11) TMI 1343

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....te for R-1. Ms. Ekta Choudhay, Ms. Rushali, Mr. Ayush Kumar, Mr. Rajat Singh, Advocates for R-2 (PNB). Mr. Sumant Batra, M Mr. Sarthak Bhandari, Ms. Riya Kaur Arora, Mr. Saurav Rajpal, Mr. Shiv Mangal Sharma, Mr. Abhishek Sharma, Advocates for R-3. Mr. Sandeep Bhuraria, Ms. Vaishnavi Prakash, Advocates for Applicant in I.A. Nos.5449, 5450 of 2025 (SRA). ORDER Application I.A. No.3206 of 2025 has been filed by the Punjab and Sind Bank in Company Appeal (AT) (Ins.) No.791 of 2023 which was decided by our judgment and order dated 16.02.2024 as subsequently corrected on 22.07.2024 and clarified on 02.05.2025. The Corporate Debtor - Sidhartha Buildhome Pvt. Ltd. was put into CIRP by order of the Adjudicating Authority dated 04.03.....

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....ore issuing Form G with regard to Estella Project shall constitute the CoC for the Project Estella and proceed further as per decision of the CoC so constituted." 2. In the judgment dated 16.02.2024, this Tribunal noticing the submissions of the parties including those of Promoters in Paras 36, 37 and 38 observed following: "36. From the facts which have been brought on the record, it is clear that after the order dated 24.05.2023 was passed by the Adjudicating Authority allowing 12A proposal, the Respondent No.4 proceeded as per the proposal under 12A and has carried out certain works as detailed in Additional Affidavit. It has further been submitted that all units pertaining to Project NCR Green shall be ready and shall be han....

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....was revived and was confined to project Estella. By subsequent correction on 22.07.2024, in the Estella project Financial Creditor - Punjab National Bank was held to be part of the CoC and Punjab and Sind Bank was not part of the CoC. 4. Company Appeal (AT) (Ins.) No.1041 of 2025 was filed by the Punjab and Sind Bank challenging the order dated 22.05.2022 passed by the Adjudicating Authority in Section 7 application being C.P. (IB) 647/ND/2024. The Adjudicating Authority disposed of the Section 7 application noticing the CIRP against the Corporate Debtor has already commenced, against which order the appeals have been decided by this Tribunal, as noted above. Aggrieved by the order refusing to admit Section 7 application appeal has been ....

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....tor. We, thus, do not find any error in the order warranting any interference in the order of the Adjudicating on appeal filed by the Punjab and Sind Bank. However, we are of the view that Applicant is entitled to seek directions as prayed in I.A. No.3206 of 2025. 9. The project-wise CIRP with respect to a real estate company has already been noticed by this Tribunal in Para 38 of the judgment dated 16.02.2024, as noted above. The CIRP Regulations, 2016 as amended also envisages project-wise resolution in a real estate company. As per earlier order, we have directed resolution of one project Estella. Project NRC Green in which Punjab and Sind Bank claims to be Financial Creditor is still unfinished. We, thus are of the view that Resoluti....