TaxTMI 
TaxTMI 
2026 (2) TMI 736
X X X X Extracts X X X X
X X X X Extracts X X X X
....Advocates, Mr. Arup Sinha, Ms. Arham Tanvir, Mr. Uday Arora, Mr. Shivam Srivastava, Mr. Dhairya Verenkar, Advocates For the Respondents: Mr. Rishi Singh, Ms. Reema Advocates for R-1 (IRP). ORDER This Appeal has been filed by the Suspended Director of the Corporate Debtor - M/s Concept Horizon Infra Pvt. Ltd. dated 14.10.2022 by which order NCLT, New Delhi Bench (Court-II) has admitted Section 7 application filed by Meena Porwal and 65 others claiming to be allottees of the Corporate Debtor where their case was that they had advanced term loans of varying amounts to the Corporate Debtor under identical Buyback Agreements and assured returns, however, default had been committed by the Corporate Debtor. The Adjudicating Authority afte....
X X X X Extracts X X X X
X X X X Extracts X X X X
....ubmits that Developers are ready to fund the construction as well as other steps required to be taken for start of construction. 4. Let IRP take appropriate steps to enable the construction to go on. The project being the Real Estate Project, completion of construction shall be beneficial to all. Let appeal be listed after six weeks. The IRP may file the status Report by the next date. List this appeal on 28.08.2023. Stay on the constitution of CoC shall continue." 4. The IRP has filed Status Report, last being Status Report dated 24.02.2025. The Appellant has filed an Affidavit on 14.05.2025, where necessary reports including NOC from Airport Authority, Fire Department, Environment Department has been....
X X X X Extracts X X X X
X X X X Extracts X X X X
....led as in CP (IB) No. 1915 of 2019, titled as "Smt. Meena Porwal & Ors. Vis. M/s. Concept Horizon Infra Private Limited"; c. Dismiss the application filed by the Respondent Nos. 2 to 66 under Section 7 of the Code being CP(IB)- 1915/2019 for not complying with the second proviso to Section 7; d. Pass any other order that this Tribunal may deem fit." 7. Thus, the Welfare Society of homebuyers is also aggrieved by the order initiating CIRP. The learned counsel appearing for the Appellant in Company Appeal (AT) (Ins.) No.1364 of 2022 submits that the members of the Society wants that their units be handed over to them and they also support the construction to be carried out in accordance with law after obtaining renewal of....
X X X X Extracts X X X X
X X X X Extracts X X X X
....on under Section 7 was initiated by 66 allottees only some of which have already joined the Association. It is submitted that the Welfare Association which has filed Company Appeal (AT) (Ins.) No.1364 of 2022 is opposing the CIRP and prayed for setting aside CIRP since the Welfare Association support the construction so that units be completed and handed over to the allottees. 11. Learned counsel for the IRP submits that under the orders of this Court, IRP has taken steps for commencement of construction. It is submitted that necessary approvals and test reports have been obtained and Promoter have also entered into agreement with the new developer who has to carry out construction work. It is submitted that RERA registration has lapsed,....
X X X X Extracts X X X X
X X X X Extracts X X X X
....he Respondent No. 1 issued a Memorandum of Understanding (MOU) dated 15-07-2015. 2. I along with other persons who had booked a unit in the Project had filed a Petition under Section 7 of the Insolvency and Bankruptcy Code, 2016 ("IBC") bearing no. CP (IB)/1915/2019 against the Respondent No. I before the Ld. National Company Law Tribunal, Delhi. 3. That, during the pendency of aforesaid proceedings, several allottees of the Project formed an association and got it registered with a Registrar of Societies under the name "Orizzonte Social Welfare Society", ("Association") having registration no.: GBN/06315/2021-2022. It has come to my knowledge that the said association acting on behalf of all the Allottees / members, has e....