TaxTMI 
TaxTMI 
2026 (2) TMI 915
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....ohit Singh, Adv., Mr. Rajeev Singh, AOR, Mr. Amit Pawan, AOR, Mr. R. Chandrachud, AOR, Mr. K Parameshwar, Sr. Adv., Mr. Akash Chatterjee, AOR, Mr. Palash Singhai, AOR, M/S. Legal Options, AOR, Ms. Kanchan Yadav, Adv., Ms. Sonia Dube, Adv., Ms. Saumya Sharma, Adv., Mr. Tanishq Sharma, Adv., Mr. Narendra Hooda, Sr. Adv., Mr. Lokesh Malik, Adv., Ms. Atika Chaturvedi, Adv., Mr. Shubham Jain, AOR, Mr. Sanjay Kumar Yadav, Adv., Mr. Prithvi Pal, AOR, Mr. Bhupinder Yadav, Adv., Mr. Neeraj, Adv., Mr. Manoj Jain, Adv., Ms. Rupa Rani, Adv., Mr. Ritwik Parikh, AOR, Mr. Rajat K. Mittal, Adv., Ms. Heena Khatun, Adv., Ms. Kritika, Adv., Mr. Shashank Shekhar, AOR, Mr. Ranjit Kumar, Sr. Adv., Mr. Amar Gupta, Adv., Mr. Divyam Agarwal, AOR, Mr. Mohit Sharma, Adv., Mr. Anirudh Vats, Adv., Mr. Sanjeev Sagar, Sr. Adv., Mr. Rishabh Malik, Adv., Ms. Jaspreet Gogia, AOR, Ms. Iptisha, Adv., Mr. Tushar Mehta, Solicitor General, Mr. Sameer Jain, Adv., Mr. Suvigya Awasthy, Adv., Mr. Vivek Joshi, Adv., Mr. Deepesh Raj, Adv., Ms. Sanya Gagar, Adv., Mr. Yash More, Adv., Mr. Soayib Qureshi, AOR, Mr. Rudreshwar Singh, Sr. Adv.,Mr. Sumit Srivaastava, AOR, Mr. Karmveer, Adv., Mr. Kumar Abhishek, Adv., Mr. Neeraj Kish....
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....dv., Ms. Chitra Chanda, Adv., Mr. Kartik Jindal, Adv., Mr. Kartik Virmani, Adv., Mr. Ashwini Kumar Upadhyay, Adv., Mr. Nikhil Upadhyay, Adv., Mr. Sougat Sinha, AOR Ms. R. Gayathri Manasa, Adv., Mr. Navneet Kumar, Adv., Mr. Vishal Majumdar, Adv., Mr. R. Gopalakrishnan, AOR Mr. Nitin Mishra, AOR Mr. Raju Ramachandran, Sr. Adv., Mr. O. P. Gaggar, AOR Mr. Sachindra Karn, Adv., Mr. Mohammed Afeef, Adv., Ms. Shruti Narayan, Adv., Ms. Nida Khan Salim, Adv., Mr. Anish Agarwal, AOR Mr. R. Chandrachud, AOR Mr. Rohit Kumar Singh, AOR Mr. Lal Babu Singh, Adv., Mr. Rana Prashant, Adv., Mr. Akash Kumar, Adv., Mr. Mahender Rathour, Adv., Ms. Niharika Ahluwalia, AOR Mr. Nakul Dewan, Sr. Adv., Ms. Kanika Singhal, AOR Ms. Deepshikha, Adv., Mr. Satyender Saharan, Adv., Ms. Ananya Patwardhan, Adv., Mr. Bhakti Vardhan Singh, AOR Mr. Rajeev Kumar Dubey, Adv., Mr. Ashiwan Mishra, Adv., Ms. Aditi Mishra, Adv., Mr. Kamlendra Mishra, AOR Mr. Shaurya Sahay, AOR Mr. Aman Jaiswal, Adv., Mr. Tarun Gupta, AOR Mr. Sunil Kumar Sharma, AOR Mr. Navin Pahwa, Sr. Adv., Mr. Devansh Srivastava, AOR Mr. Ankit Banati, Adv., Mr. Saurabh Mishra, Sr. Adv., Mr. Mohit Arora, AOR Mr. Sunil Mathews, Adv., Ms. Charu Khandelwal, A....
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....an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (for short, the "IBC") filed by the Union Bank of India against the corporate debtor, namely, M/s. Supertech Limited. 4. To briefly set out the factual backdrop of these appeals, the corporate debtor, M/s. Supertech Limited, is a real estate company engaged in the construction of various housing and certain commercial projects in Noida, Greater Noida, Yamuna Expressway and Gurugram, among others. The projects were launched in different years, mostly between 2010 and 2012. As the projects could not be completed, the commitment to various financial creditors was also not honoured, and one of the financial creditors, namely the Union Bank of India, initiated Section 7 proceedings under the IBC. The insolvency application having been admitted, the order of admission was challenged in an appeal before the NCLAT. 5. For the limited purpose of disposal of these matters, it may be noted that the controversy revolves around non-completion of the following 16 projects by M/s. Supertech Limited: (i) Sports Village, Greater Noida. (ii) Hilltown, Gurugram. (iii) Romano, Noida. (i....
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....of building plan and other necessary sanctions, registration/renewal of Projects state, consider and communicate their decisions within 30 days of IRP making requisite applications. (3) The NBCC (I) Ltd. cannot be allowed exemption from complying statutory requirements under different statutes regulating building regulations and RERA Act 2016. (4) The Homebuyers/commercial unit holders, who have already been allotted units by the Corporate Debtor, which allotments are subsisting, shall not be subjected to any escalation of cost, except the dues which are required to be paid by them as per Builder Buyers Agreements. (5) The purpose of NBCC for distribution of surplus as contained in Paragraph a(x) of TOR is not approved. Repayment of land Authorities, Banks and Financial Institutions shall simultaneously begin as per the date and manner decided by Apex Court Committee. The balance amount in a Project apart from 70% amount which is to be used for construction, may be used for repayment. The payment for land cost can also be debited from 70% amount as per Section 4(2)(D) of RERA Act and as per the decision of the Apex Court Committee. Any proposal for repaym....
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....s fee of 8% as PMC Fee, we are of the view that marketing fee of 1% as suggested shall be included in 8% fee and no separate marketing fee shall be chargeable. (13) Directions sought for by IRP as suggested under Heading "C. Directions to various stakeholders, Lenders, Land Authorities, Promoters" are approved insofar as "C.1, С.2, C.3, C.4" are concerned (As noted in paragraphs 80, 81 and 82 of this order). (14) The TOR as contained in IA No.6557 of 2024 (NBCC (I) Ltd. Application) as modified by revised proposal dated 11.11.2024 stand approved, subject to directions and modifications as contained in this order." 8. As per the material on record, after these directions were issued, some operational creditors sought a modification of the above-stated order to include their claims as well. The NCLAT, vide an order dated 18.03.2025, declined to pass any order on the merits of the operational creditors' claim, in light of the fact that this Court had meanwhile stayed the operation of the judgment dated 12.12.2024. This is how certain appeals in this batch are directed against a subsequent order dated 18.03.2025. 9. We have heard Mr. Shyam Divan, learned s....
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....On the other hand, Mr. Ranjit Kumar, learned senior counsel appearing for Yamuna Expressway Industrial Development Authority, submits that since the lease of the allotment and lease in respect of the land meant for commercial and institutional projects has been cancelled, the said authority is entitled for return of the land earmarked for these projects and undertakes to develop those projects on its own. 14. We have considered the rival submissions and perused the relevant record with the able assistance of the learned senior counsel/counsel for the respective parties. 15. The primary consideration before the NCLAT and this Court is to protect the interests of home buyers and ensure they can secure a modicum of shelter comprising the residential unit for which they have been eagerly waiting for more than two decades. Their hardearned money has been emptied into the coffers of M/s. Supertech Limited, a substantial part of which appears to have unfortunately been misutilised. If that is the central consideration, it goes without saying that the other competing claims of secured creditors, operational creditors or the land owners, including Noida, Greater Noida, and Yamuna Expr....
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....ompletion of the housing projects, it is directed that no Tribunal or Court, including the High Court, shall pass any interim order or directions stopping any project from being commenced by NBCC. If there is any grievance by any entity, they shall, however, be at liberty to approach this Court for appropriate direction. 20. In order for smooth compliance of the directions issued by the NCLAT along with those directions issued hereinabove and with a view to assist the Tribunal besides monitoring/supervision of the ongoing projects, we have requested Mr. Rajiv Jain, learned senior counsel along with Mr. Amarendra Kumar, learned counsel (Mob.-8797870797) to assist the Tribunal as Amicus Curiae and submit their valuable recommendations/opinions to the Apex Committee or the Tribunal, as the case may be. In the event any other impediment arises in compliance with the directions, the learned Amicus Curiae shall be at liberty to seek further clarification from this Court. 21. The honorarium payable to the learned Amicus Curiae shall be in terms of the order dated 02.12.2025 passed in W.P. (Civil) No. 160 of 2024, and the fee payable to Mr. Amarendra Kumar, learned assisting counsel,....