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2025 (11) TMI 1449
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....r. Abhishek Anand, Nipun Gautam, Karan Kohli, Adv. for RP ORDER Per: Justice Rakesh Kumar Jain: (Oral) This order shall dispose of two appeals bearing CA (AT) (Ins) No. 1491 of 2022 (herein after referred to as the first appeal) which has arisen from the dismissal of the application bearing I.A No. 4514 of 2021 filed in CP (IB) No. 1059(ND) of 2018 and CA (AT) (Ins) No. 1490 of 2022 is against the order dated 12.09.2022 by which I.A No. 1496 of 2020 filed by the Appellant has been dismissed. 2. The brief facts of this case are that M/s Shubhkamna Buildtech Pvt. Ltd. (CD) was pushed into CIRP vide order dated 26.11.2018 on an application filed under Section 9 of the Code bearing CP (IB) No. 1059 of 2018 by M/s Concord Infrastruct....
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....ass an order in favour of the Applicant and against the Respondent directing the Respondent to classify the applicant as a secured financial creditor (2) put the resolution plan again in terms of change in the status of the applicant as a secured financial creditor as prayed for. This application was ultimately dismissed by the Tribunal on 01.07.2021 with the following observations:- "18. Heard submissions and perused the documents. We find force in the contentions of the RP. Considering the fact that the loan was disbursed to the CD by the applicant but the said is not supported with any documentary evidence to show the creation security interest as mentioned in IBBI (Liquidation Process) Regulation, 2016. Hence, the arguments tha....
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.... of the present application, reject the Resolution Plan filed vide I.A. No. 485 of 2019." 8. At the same time, the Appellant filed application I.A No. 1496 of 2020 in which the following prayers were made:- "a) 'reject the resolution plan in relation to M/s. Shubhkamna Buildtech Private Limited filed vide C.A./485/2019 seeking approval of the resolution plan by the Adjudicating Authority and/or b) direct the resolution applicant to pay to the tune of 100% by way of delivery of flats at parity to UCO Bank and co-operative Bank. c) direct the IBBI to initiate appropriate disciplinary proceedings against the resolution professional by taking deliberate breach of duties under the Code and Regulations therein. ....
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....secured creditor in I.A No. 510 of 2019 and cannot be equated with an allottee. 11. The Appellant has vehemently argued that the appeal deserves to be allowed and impugned orders deserves to be set aside, inter alia, on the ground that the Tribunal in I.A No. 510 of 2019 had observed that the Appellant has to be treated as unsecured financial creditor at par with financial creditor in class of creditors being home buyers, therefore, the application has been filed to include the applicant as an allotee i.e. creditor in class for the allotment made to him and for consequential reliefs of remanding the resolution plan which has been approved in I.A No. 485 of 2019, to the CoC and to pass appropriate orders. He has however, submitted that th....
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....l creditor but remained unsuccessful. He has also submitted that the appeal filed against this order was also withdrawn. It is further submitted that the Appellant after losing the application I.A No. 510 of 2019 has filed this application for a declaration that he may be treated as an allottee i.e. creditor in class for the allotment made to him on the premise that in the order passed in I.A No. 510 of 2019 observations have been made by the Tribunal that he may be treated at par with the homebuyers. It is submitted that treating at par with homebuyers is to treat as unsecured financial creditor but it does not mean that he has to be treated as an allottee. 13. As far as the other application no. 1496 of 2020 is concerned, it is submitt....