TaxTMI 
TaxTMI 
TaxTMI 
2025 (12) TMI 1673
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.... Zaid Hashmat, Adv., Ms. Shruti Sakshi, Adv., Mr. Prateek Badhwar, Adv., Ms. Shaguftha Hameed, Adv., Mr. Ajit Kumar Sinha, Sr. Adv., Mr. K Parameswar, Sr. Adv., Mr. Omanakuttan K. K., AOR, Ms. Rambha Singh, Adv., Mr. Akhilesh Kumar Mishra, Adv., Mr. Vaishak Omanakuttan, Adv., Ms. Laiba Arif, Adv., Mr. Ankur Kumar, Adv., Mr. Ritwik Parikh, AOR, Mr. S Niranjan Reddy, Sr. Adv., Mr. Ajay Bhargava, Adv., Ms. Wamika Trehan, Adv., Mr. Siddhant Kumar, Adv., Mr. Varun Chopra, Adv., M/S. Khaitan & Co., AOR, Ms. Radhika Narula, Sr. Adv., Ms. Anushna Satpathy, Adv., Ms. Chitrangada Singh, Adv., Ms. Radhika Jalan, Adv., Ms. Widaphi Lyngdoh, Adv., Mr. Yashas J, Adv., Ms. Maira Sharma, Adv., Mr. Vaibhav Yadav, Adv., Mr. Paras Mohan Sharma, Adv., Mr. Mande....
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....s, asserting an interest in the subject matter of the lis, have also sought to be impleaded in the present proceedings. 2. The issues at hand present a mosaic of competing claims and interests involving multiple stakeholders, including the Interim Resolution Professional, the Supernova Apartment Owners Association, various financial institutions, several home buyers, NOIDA, and the suspended Director of the Corporate Debtor (the Appellant). Having regard to the complexity of the issues and the need to balance these divergent interests, this Court, vide Order dated 29.08.2025, had appointed Shri Rajiv Jain, Advocate, as amicus curiae to assist the Court. 3. In deference to the orders passed by this Court from time to time, the learned ....
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....rcise due prudence and actively monitor financial discipline and management of the Corporate Debtor. The material on record indicates that, despite long-standing exposure to the Corporate Debtor, the lenders failed to intervene or undertake timely restructuring even when early signs of financial distress were apparent. Such inaction has substantially contributed to the present state of insolvency, and in this backdrop, the claim of primacy now asserted by the financial creditors over the interests of home buyers appears considerably weakened. 7. In this backdrop, and having regard to the peculiar facts and circumstances of the case, the recommendations of the learned amicus curiae, and the need to balance the competing interests while sa....
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....all appoint a suitable person to implement the approved project scheme and supervise its functioning. All operational decisions regarding the implementation of the approved plan shall be taken by the Committee in discharge of its functions as the Board of Directors. The role of the Appellant or his associates shall be limited to providing technical co-operation to the Committee. The discharged IRP is also directed to render her assistance to the Committee, as and when required. (vi) The Committee should appoint a new developer after inviting proposals and due vetting, keeping in mind the timebound proposal, track record, experience and financial viability of such a new developer. We make it clear that any developer associated with ....
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....sfaction of the dues of the financial lenders and the NOIDA Authority. (x) We also direct the Committee to appoint a reputed and experienced entity to conduct a forensic audit of the accounts of the Corporate Debtor and its parent company. (xi) It goes without saying that all the stakeholders shall be duty-bound to render complete assistance to the Committee to ensure the timely completion of the resolution process. (xii) The Committee is at liberty to seek appropriate directions from this Hon'ble Court, as also the assistance of the Ld. Amicus Curiae, as and when required. 8. Additionally, keeping in mind the responsibilities and duties that would be shouldered by the Committee, we deem it appropriate to clari....