TaxTMI 
TaxTMI 
2026 (3) TMI 1647
X X X X Extracts X X X X
X X X X Extracts X X X X
....Dhawan, Mr. Kartik Nayar and Mr. Divyansh Rai, Advocates for Intervener. JUDGMENT ASHOK BHUSHAN, J. This appeal has been filed by a suspended director of the corporate debtor, Vatika Limited challenging the order dated 03.02.2026 passed by the adjudicating authority (National Company Law Tribunal, Chandigarh Bench, Court I, Chandigarh) admitting a Section 7 application filed by the IDBI Trusteeship Services Limited, respondent No. 1 herein. Aggrieved by the order of the adjudicating authority initiating Corporate Insolvency Resolution Process (CIRP) against the corporate debtor appointing an Interim Resolution Professional (IRP) and imposing moratorium, this appeal has been filed. 2. Brief background facts of the case necessary to be noticed for deciding the appeal are: i. The corporate debtor, Vatika Limited is a company engaged in the business of Real Estate Development. The corporate debtor is developing multiple residential and commercial projects across the state of Haryana and National Capital Territory Region. ii. On 30.06.2017, corporate debtor entered into Debenture Trust Deed (DTD) with IDBI Trusteeship Limited (Debenture Trustee) acting as a....
X X X X Extracts X X X X
X X X X Extracts X X X X
....e in Section 7 application is denied which amount is not due. x. It was pleaded that proceedings initiated by IDBI Trusteeship is a recovery proceeding. xi. Adjudicating authority heard the parties and by impugned order dated 03.02.2026 has admitted Section 7 application. xii. Adjudicating authority in the impugned order held that default has been committed by the corporate debtor. Non-issuance of NoC by financial creditor cannot dilute or extinguish the statutory consequences flowing from the default. It was held that failure to pay interest due from 15.06.2022 onwards constitute a contractually recognised event of default under Clause 19 of the Trust Deed and extension of final maturity date for the principal does not ipso facto grant a moratorium on accrued and future interest obligations. xiii. The pleas raised by the corporate debtor to confine the CIRP project- wise was rejected, holding that Insolvency & Bankruptcy Code recognises insolvency of the corporate debtor and not of an individual project. It was held that Code provides for project-wise resolution and not for project-wise insolvency. Adjudicating authority admitted Section 7 appli....
X X X X Extracts X X X X
X X X X Extracts X X X X
....from the Debenture Trustee were required. Under DTD, the Debenture Holder had right to appoint the Project Management Consultant as well as an internal auditor. Various clauses of DTD clearly provided that amount disbursed was in relation to the project and the property. In event CIRP, if initiated ought to have been confined to the project in question, which project was subsequently registered with RERA as aspirations in 2022. At the time when amount was raised by debentures, property was specified, project was neither registered nor named which project came to be registered as aspirations, all details of registration project, issuance of license by Department of Town and Country Planning (DTCP) of Haryana were shared with the financial creditor. Financial creditor has issued NoC for sale of units in 'Project Aspirations' thus was also well aware it is of 'Project Aspirations' which is subject matter of the debentures. Adjudicating authority committed error in holding that IBC does not contemplate project-wise insolvency. Judgement of the Hon'ble Supreme Court in 'Mansi Brar Fernandes' Vs. 'Shubha Sharma & Anr.' reported in [2025 SCC OnLine SC 1972], and 2 judgements of this Tribu....
X X X X Extracts X X X X
X X X X Extracts X X X X
....rores. It is submitted that this Tribunal may exercise its jurisdiction under Rule 11 of the NCLAT Rules, 2016 and close the CIRP in the facts of the present case and permit the appellant to liquidate the entire amount in fazed manner as suggested by the appellant. 5. Learned counsel for the respondent refuting the submissions of the counsel for the appellant submits that in the present case, debt and default has been fully proved. With effect from 15.03.2022, the corporate debtor has failed to make quarterly payments of coupon interest. Notice dated 29.12.2023 was issued demanding the payment of Rs. 29,72,29,959/- towards interest payment within 15 days. Amount having not been paid an event of default has been committed under Clause 19 of the DTD, which lead the financial creditor to file Section 7 application on 24.01.2024. The submission of the appellant that amount of Rs. 274,13,45,241/- was not due is incorrect. By virtue of Clause 19.2(b) of the DTD, the entire amount under the debenture becomes due, hence financial creditor has rightly claimed the amount in default as Rs. 274,13,45,241/-. The submission of the appellant that by payment of Rs. 37.2 crore during pendency of....
X X X X Extracts X X X X
X X X X Extracts X X X X
....plication for seeking a declaration that Section 7 proceedings have been initiated fraudulently and with malicious intent, which application has been rejected, which is separately challenged. An I.A. No.1162/2026 has been filed by M/s. Omkara Asset Reconstruction Private Ltd. praying for impleadment and dismissal of company petition, applicant is also creditor of the corporate debtor vide Assignment Agreement dated 28.12.2024. I.A. No.1134/2026 has been filed by Scaler Ventures Business Solutions Private Limited praying for intervention in the appeal. Appellant claimed to be financial creditor in a class, corporate debtor entered into an Agreement to Sell dated 17.01.2024, for sale of 165 plots situated in Project Vatika Limited next to. 7. From the submissions of counsel for the parties and materials on the record, following are the questions which arise for consideration: I. Whether the default by the corporate debtor was for the amount of Rs. 29,72,29,959/- as claimed in notice dated 29.12.2023 or financial creditor was entitled to claim the entire amount, including principal amount of debentures in Part IV i.e., of Rs. 274 crore? II. Whether financial credi....
X X X X Extracts X X X X
X X X X Extracts X X X X
....27.06.2023 issued by R-1 under which the principal amount of debenture of Rs. 146 crore was payable on 30.06.2024. Letter dated 27.06.2023 issued by R-1 to the corporate debtor, which letter was part of Section 7 application filed as Annexure A-20 to the Section 7 application. Thus, the principal amount was payable only on 30.06.2024. Letter dated 27.06.2023, issued by R-1 is as follows: "Date: June 27, 2023 To, IDBI Trusteeship Services Ltd. Asian Building GF 17 Kamani Marg. Ballard Estate, Mumbai 400001. Dear Sir, Subject; Non-convertible debentures aggregating to Rs. 146,00,00,000/- (Rupees One Hundred Forty Six Crore only) issued by Vatika Limited ("Company") We refer to Non-convertible debentures aggregating to Rs. 146,00,00,000/- (Rupees One Hundred Forty Six Crore only) issued by Vatika Limited ("Company") issued by Vatika Limited and subscribed aggregating to Rs. 146,00,00,000/- (Rupees One Hundred Forty Six Crore only) by India bulls High Yield Fund and lndiabulls India Opportunities Fund. In connection to the request received from the Company Vide letter dated 26th June, 2023 and various disc....
X X X X Extracts X X X X
X X X X Extracts X X X X
.... For lndiabulls Investment Management Limited" 11. The corporate debtor was, however obliged to make the payment of interest as per DTD. On 01.09.2023, notice was issued by the Debenture Trustee calling for payment of Rs. 24,26,61,821/- within 15 days. The Debenture Trustee issued another notice dated 29.12.2023, demanding payment of Rs. 29,72,29,959/- within 15 days from receipt of notice, which notice was basis for Section 7 application. The notice dated 29.12.2023 referred to outstanding interest and the notice directed the corporate debtor to pay the amount within 15 days from the date of receipt of the notice. The notice reads as follows: "COURIER/E-MAIL Ref. No.: 61453/ITSL/OPR/2023-24 Date: December 29, 2023 1. VATIKA LIMITED VATIKA TRIANGLE, 4TH FLOOR SUSHANT LOK, PHASE-1, BLOCK-A MG ROAD, GURUGRAM-122002, HARYANA 2. APLIN DEVELOPERS PVT. LTD. FLAT NO. 621-A, 6TH FLOOR, DEVIKA TOWERS 6, NEHRU PLACE, NEW DELHI-110019 3. MR. ANIL BHALLA FARM NO 4 HYDE PARK SULTANPUR FARM MEHRAULI, NEW DELHI-110030 4. MR. GAUTAM BHALLA FARM NO 4 HYDE PARK SULTANPUR FARM ME....
X X X X Extracts X X X X
X X X X Extracts X X X X
....,72,29,959/- (Rupees Twenty Nine Crores Seventy Two Lakhs Twenty Nine Thousand Nine Hundred Fifty Nine). In addition to the said amount, you are also liable to pay additional coupon @ 5.00% per annum on a monthly basis over and above documented interest rate, penalty charges and all applicable charges in terms of the Debenture Trust Deed, computed on the entire outstanding secured obligations with effect from respective dates of default (alongwith further interest till date of payment) within 15 days from the date of receipt of this notice failing which the Debenture Trustee shall be constrained to inter alia enforce the securities (or any part thereof) that have been created to secure the Debentures and enforce all such rights that are available to them under applicable laws. Please note that this notice is without prejudice to and/or without impairing/affecting any of our rights as a Debenture Trustee and/or rights of the Debenture Holder under the Debenture Trust Deed, the Transaction Documents or otherwise. Any capitalized terms used and not defined herein shall have the same meaning as ascribed to such terms under the Trust Deed and the other Transaction Docu....
X X X X Extracts X X X X
X X X X Extracts X X X X
....FROM WHICH SUCH DEBT FELL DUE ............. u) Subsequently, owing to the continuous failure of the Corporate Debtor, Corporate Guarantor and Personal Guarantors to pay outstanding amounts, the Applicant issued another Demand notice dated December 29, 2023 demanding payment of Rs. 29,72,29,959/- (Rupees Twenty Nine Crores Seventy Two Lakhs Twenty Nine Thousand Nine Hundred and Fifty Nine only) along with. additional coupon@ 5% per annum on a monthly basis over and above documented interest rate, penalty charges and all applicable charges in terms of the Trust Deed, within 15 days from the date of receipt of this notice. However, yet again the Corporate Debtor along with the Corporate Guarantor and Personal Guarantors failed to pay the outstanding amounts. True Copy of the Demand Notice dated December 29, 2023, is annexed herewith and marked as Annexure - A/22. 14. Part IV, Item No. 2, which gives a detail of amount claim to be in default is as follows: "Part - IV PARTICULARS OF FINANCIAL DEBT 2. AMOUNT CLAIMED TO BE IN DEFAULT AND THE DATE ON WHICH THE DEFAULT OCCURRED (ATTACH THE WORKINGS FOR COMPUTATION OF AMOUNT AND DAYS OF DEFAULT IN TABULAR FORM) Amount....
X X X X Extracts X X X X
X X X X Extracts X X X X
.... that: (A) The Debenture Director shall not be liable for any default or failure of the Company or the Land Owning Companies in complying with the provisions of any applicable Law, Including but not limited to, defaults under the Companies Act, taxation and labour Laws of India; (B) The Debenture Director shall not be identified as an officer in default of the Company or the Land Owning Companies, or occupiers of any premises used by the Company or the Land Owning Companies or employers under applicable Law; and (C) The Articles of Association of the Company and the Land Owning Companies shall provide for indemnification of the all Directors including the Debenture Director. up to the extent permitted under Law. All Directors shall be indemnified, out of the Assets and capital of the Company or the Land Owning Companies against any liability Incurred by the Directors in defending any proceedings, whether civil or criminal, against the Company or the Land Owning Companies. (e) Exercise their rights under any of the Definitive Agreements including in relation to enforcement of security created under the Definitive Agreements; (f) Direct th....
X X X X Extracts X X X X
X X X X Extracts X X X X
....t notice and their sole discretion and option exercised through the Debenture Trustee any or all of the combination of all the remedies set out in clause 19.2. Clause 19.3 is as follows: "19.3 Upon the occurrence of an Event of Default which is not capable of being cured, the Debenture Holders may cause the Debenture Trustee to immediately Issue the Default Notice and at their sole discretion and option, exercise through the Debenture Trustee, any or all of or a combination of, the remedies set out at Clause 19.2, notwithstanding the other rights of the Debenture Holders under this Deed." 17. The above clauses thus require cure notice to be issued by Debenture Trustee to company on event of default. In the present case notice dated 29.12.2020 which gives 15 days period for making the period is as per Clause 19.2 and is a notice providing cure period of 15 days for payment of amount of Rs. 29, 72, 29, 959/-. We have already extracted the relevant part of the notice dated 29.12.2023. The notice is clearly called upon the corporate debtor to pay amount aggregating to Rs. 29,72,29,959/- along with the additional coupon @ 5% per annum on monthly basis over and above document....
X X X X Extracts X X X X
X X X X Extracts X X X X
.... The Articles of Association of the Company and the Land Owning Companies shall provide for indemnification of the all Directors including the Debenture Director. up to the extent permitted under Law. All Directors shall be indemnified, out of the Assets and capital of the Company or the Land Owning Companies against any liability Incurred by the Directors in defending any proceedings, whether civil or criminal, against the Company or the Land Owning Companies." 18. Admittedly, the payment was not made in pursuance of the cure notice 29.12.2023, hence the default of payment of Rs. 29,72,29,959/- is fully established, but there is no further action taken by the Debenture Holders or Debenture Trustee nor any notice issued after 29.12.2023 requiring the company to redeem all the outstanding debentures within 10 days of expiry of the cure period. As noted above Debenture Trustee having already extended the period for payment of principal amount of Rs. 146 crore till 30.06.2020 probably due to the above reason, no notice was even issued for requiring the payment of Rs. 146 crore by the company. 19. We, thus find substance in the submission of the appellant that the financial credi....
X X X X Extracts X X X X
X X X X Extracts X X X X
....f principal payment of debentures of Rs. 146 crore which was due only on 30.06.2024, and there was no action taken by trustee after the notice dated 29.12.2023, even requiring the payment of principal amount of debenture. II. The financial creditor in Section 7 application has fully proved the debt and default on the part of the corporate debtor, the corporate debtor having not paid the amount due payment of quarterly interest amount from 15.03.2022, default was thus clearly established. III. By payment of Rs. 37.2 crore during pendency of Section 7 application by the company to the financial creditor, it cannot be held that default by the company has been liquidated and the default stood cured. Question No. (IV): 22. Before the adjudicating authority, the corporate debtor has raised the plea of project-wise insolvency. It was further pleaded that present debt of company of the financial creditor is project specific in nature, hence the insolvency ought to be initiated only on the project-wise basis and not against the corporate debtor as a whole, which has been noticed in paragraph 16 of the judgement, which is as follows: "Project-wise Insolvency:....
X X X X Extracts X X X X
X X X X Extracts X X X X
....estate project, the interim resolution professional or the resolution professional, as the case may be, shall operate a separate bank account for each real estate project." Further, Regulation 36A, of the Regulations, 2016 provides as follows: "36A. Invitation for expression of interest. (1) The resolution professional shall publish brief particulars of the invitation for expression of interest in Form G of the Schedule I at the earliest, not later than sixtieth day from the insolvency commencement date, from interested and eligible prospective resolution applicants to submit resolution plans. [Clarification: The resolution professional after the approval of the committee may invite a resolution plan for each real estate project or group of projects of the corporate debtor.]" A conjoint reading of the aforesaid provisions makes it abundantly clear that the statutory scheme under the Code and the Regulations provides only for project wise resolution after admission of the application, subject to approval of the Committee of Creditors, and does not contemplate initiation of insolvency proceedings on a project wise basis. The role of the Resolution ....
X X X X Extracts X X X X
X X X X Extracts X X X X
.... stakeholders. Reliance is placed on Mansi Brar Fernandez v. Shubha Sharma, 2025 SCC OnLine SC 1972, Flat Buyers Association Winter Hills 77 v. Umang Realtech Pvt. Ltd., 2020 SCC OnLine NCLAT 1199 and Amit Jain v. IDBI Trusteeship Services Ltd., 2025 SCC OnLine NCLAT 1753." 26. In the above plea of the corporate debtor as noticed by the adjudicating authority itself, reliance was placed on three judgements. First judgement relied was judgement of the Hon'ble Supreme Court in 'Mansi Brar Fernandes' (supra), and second judgement relied was judgment of this Tribunal in 'Flat Buyers Association Winter Hills - 77, Gurgaon' (supra), and third judgment relied was judgment of this Tribunal in 'Amit Jain (Suspended Directors of Mahagun (India) Pvt. Ltd.)' (supra). 27. Learned counsel for the appellant has also relied on the recent judgement of this Tribunal in 'Gagan Tandon & Ors.' (supra). It shall be sufficient to notice the judgement of this Tribunal in 'Gagan Tandon & Ors.' (supra), where this Tribunal has noted earlier judgements on the subject. This Tribunal in the above judgement has first noted the judgement of the Hon'ble Supreme Court in 'Mansi Brar Fernandes' (supra) and re....
X X X X Extracts X X X X
X X X X Extracts X X X X
....oject are complete." 29. This Tribunal in 'Gagan Tandon & Ors.' (supra) has noticed the judgement of Hon'ble Supreme Court in paragraphs 77 to 80 and in paragraph 81, this Tribunal in 'Gagan Tandon & Ors.' (supra) held as follows: "81. What Hon'ble Supreme Court has held in the above case is that resolution of real estate insolvency should, as a rule, proceed on a project specific basis rather than the entire CD, unless circumstances justify otherwise. This would protect solvent projects and genuine homebuyers from collateral prejudice." 30. In 'Gagan Tandon & Ors.' (supra), this Tribunal has noted relevant provisions of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 (for short the 'CIRP Regulations, 2016'), which has also been noticed by the adjudicating authority. In paragraphs 82, 83 and 84, following was observed: "82. We also need to notice certain provisions of Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 ("CIRP Regulations"), which deals with the process for resolution of a CD, with respect to resolution of a re....
X X X X Extracts X X X X
X X X X Extracts X X X X
....of the Real Estate (Regulation and Development) Act, 2016 (16 of 2016) related to such project to attend such meeting(s) of the committee, as the committee may decide, without voting rights, for providing inputs on matters associated with the development of such project." 31. This Tribunal, even after noticing the above Regulations as amended had observed that the said amendments throw very little lights over the complexities and difficulties which arise in the resolution of Real Estate Project. This Tribunal in 'Gagan Tandon & Ors.' (supra), has relied on earlier judgement of 'Flat Buyers Association Winter Hills - 77, Gurgaon' (supra), and has quoted the relevant paragraph. Paragraph 85 of the judgement of this Tribunal in 'Gagan Tandon & Ors.' (supra) reads as follows: "85. The above Regulations, even after amendments as noted above, throw very little light over the complexities and difficulties, which arise in the resolution of the real estate project, undertaken by a real estate Company. There have been several precedence of this Tribunal, where this Tribunal had occasion to consider the resolution of a real estate project. The judgment of this Tribunal in Company ....
X X X X Extracts X X X X
X X X X Extracts X X X X
....an(s) are approved by different authorities, land and its owner may be different and mainly the allottees (financial creditors), financial institutions (financial creditors, operational creditors are different for such separate project. Therefore, all the asset of the company (Corporate Debtor) are not to be maximized. The asset of the company (Corporate Debtor - real estate) of that particular project is to be maximized for balancing the creditors such as allottees, financial institutions and operational creditors of that particular project. Corporate Insolvency Resolution Process should be project basis, as per approved plan by the Competent Authority. Any other allottees (financial creditors) or financial institutions/banks (other financial creditors) or operational creditors of other project cannot file a claim before the Interim Resolution Professional of other project and such claim cannot be entertained. So, we hold that Corporate Insolvency Resolution Process against a real estate company (Corporate Debtor) is limited to a project as per approved plan by the Competent Authority and not other projects which are separate at other places for which separate plans appro....
X X X X Extracts X X X X
X X X X Extracts X X X X
.... adjudicating authority that insolvency cannot be project-wise in case of Real Estate Company and only resolution can be project-wise, is not in accordance with law laid down by this Tribunal and the Hon'ble Supreme Court. Question Nos. (V) & (VI): 37. We need to notice the DTD dated 30.06.2017, which is a document under which debentures were issued to the company amounting to Rs. 146 crore. The DTD under Clause C indicated that the landowning company and the promoters are desirous of developing the project (as hereinafter defined) on the property (as hereinafter defined). Thus, Clauses C & D are as follows: "(C) The Company, the Land Owning Companies and the Promoters are desirous of developing the Project (as hereinafter defined) on the Property (as hereinafter defined). (D) The Company has availed a rupee term loan from Indiabulls Housing Finance Limited ("Lender) (such loan referred to as "Loan"), A loan agreement has been executed among, Inter alia, the Company and the Lender (the "Loan Agreement"). In terms of the Loan Agreement, the Company has mortgaged the Properly (as defined hereafter) in favour of the Lender, created a first charge on the Receiva....
X X X X Extracts X X X X
X X X X Extracts X X X X
....n, credited to or required to be deposited in or credited to or lying to die credit of the Escrow Accounts of the Land Owning Companies and the Company or liable to be credited to such accounts including, without limitation due to any actions taken or right exercised by the Company and the Land Owning Companies, and all the moneys lying to the credit of such accounts or liable to be credited to such accounts, including any interest accruing in respect thereof; (c) developed undeveloped portion of the Project along with proportionate share of the Property, including any current & future FSI and any additional development rights on the Property: (d) All cash flow in relation to the Project and Receivables of the Company and the Land Owning Companies from the Project and Property Including any fixed deposits created out of such monies from time to time together with all and any Interest accruing in respect thereof: and (e) all present and future book debts, outstandings, moneys receivable, claims and bills which are now due and owing or which may at any time during the continuance of the Debenture Security become due and owing to the Company/Land Owning Comp....
X X X X Extracts X X X X
X X X X Extracts X X X X
....Clause 15.1. Clause 15.3, which dealt with debt financing which permit construction finance upto Rs. 50 crore. Clause 15.3.1 is as follows: "15.3.1 The Promoters shall ensure that each of the Company and the Land Owning Companies do not, the Company shall ensure that the Land Owning Companies do not, and each of the Company and the Land Owning Company undertake not to incur any Financial Indebtedness or any other liability except for an aggregate construction finance upto Rs. 50,00,00,000/- (Rupees Fifty Crores Only) for the sole purposes of the development of Project. Such construction licence shall rank pari-passu with Debentures. It is clarified that the restriction on the Company and the Land Owning Company under this Clause 15.3 is limited to Financial Indebtedness or other liability relating to the Project." 45. Clause 15.4 provides for appointment of Project Management Consultant, which was to be appointed by the Debenture Holders. Clause 15.4 is as follows: "15.4 Appointment of Project Management Consultant The Debenture Holders shall have the right to appoint a project management consultant at any time to review the Business Plan and the Cast ....
X X X X Extracts X X X X
X X X X Extracts X X X X
....consideration of the Debenture Holders subscribing to the Debentures In terms hereof and for the purpose of securing the payment of the Secured Obligations and the due discharge of the Secured Obligations by the Obligors under the Definitive Agreements, the Obligors hereby agree to create the requisite Security Interest specified in column (2) of the table below (collectively the Debentures Security, which Security Interest is more fully described in the corresponding document, where applicable) within the timelines specified in column (4) of the table below by taking all requisite actions in this regard including providing/executing the corresponding document (including payment of requisite stamp duty and registration. if required) specified in column (3) of the table below: (1) (2) (3) (4) S. No. Debenture Security Debenture Security Documents Timeline for Creation of Debenture Security 1. Equitable mortgage by deposit of title deeds on the Project and the Property on a first charge basis to favour of the Debenture Trustee Memorandum of Entry, Directors' Declarations and Tripartite Letter Within 7 (Seven) days from the Closi....
X X X X Extracts X X X X
X X X X Extracts X X X X
....icate that debentures were obtained by the company and the various provisions indicate that the findings by debenture was for the purposes of the project on the project property that is land bearing 12.212 acres situated in Sector 88 B was contemplated. 52. At this juncture, we may notice one submission of the respondent. Respondent submits that the project has been registered by the company in the year 2022, hence there was no contemplation at the relevant time regarding the 'Project Aspirations', hence the funding cannot be said to the 'Project Aspirations' which was got registered in the year 2022. In the appeal, certain documents regarding registration of the HARERA and the license issued by DTCP, license have been brought on record. It is relevant to notice the license issued by DTCP as well as the RERA registration to consider the submission. License No.13/2022 from DTCP has been brought on record. The License No.13/2022, clearly mentions that license is granted for area admeasuring 12.212 acres for setting of group housing colony in the revenue state of Haryana, Harsaru, Sector 88 B, District Gurgaon: "FORM LC-V (See Rule 12) HARYANA GOVERNMENT TOWN AND COUNTR....
X X X X Extracts X X X X
X X X X Extracts X X X X
....y the Director General, Town & Country Planning, Haryana. ... 6. The licence is valid up to 28/9/2027 Dated: 29/9/2022. Place: (T. L. Satyaprakash, IAS) Director General, Town & Country Planning Haryana, Chandigarh Endst. No. LC-4560-B/JE (SB)/2022/29597 Dated: 29-09-2022 A copy along with a copy of schedule of land is forwarded to the following for information and necessary action:- (Narender Kumar) District Town Planner (HQ) For: Director General, Town & Country Planning Haryana Chandigarh" 54. When we look into the RERA registration relied by the appellant being Registration Certificate, No.130/2022, the said registration is with respect to Sector 88B, Gurgaon, area 19.70 acres, which refers to License No.13/2022 and License No.152/2022. It is useful to notice following part of the Registration Certificate: "REGISTRATION NO. 130 OF 2022 FORM REP-III [See rule 5(1)] HARYANA REAL ESTATE REGULATORY AUTHORITY GURUGRAM HARERA GURUGRAM REGISTRATION NO. 130 of 2022 RC/REP/HARERA/GGM/655/387/2022/130 Date: 23.12.2022 UNIQUE NO. GENERATED....
X X X X Extracts X X X X
X X X X Extracts X X X X
.... Trusteeship seeking no objection. In response to the request from the company, no objection certificates were issued by the respondent with respect to different units in the Project "Aspirations". Various letters dated 30.10.2023 with respect to different units of project has brought on the record in the appeal. It is useful to notice one of the letters issued by the R-1 dated 30.10.2023 to the company the corporate debtor, which is as follows: "IDBI Trusteeship Services Ltd. CIN: U65991MH2001GO1131154 Ref: 59330/ITSL/2023-24 Date: 30-Oct-2023 Vatika Limited ("Vatika") Unit No. A-002, INXT City Centre, Ground Floor, Block A, Sector 83, Vatika India Next, Gurugram 122012, Haryana Subject: No Objection to the sale of Plot No. 16, A4, Aspiration, Gurgaon-122505 in favour of Anil Kumar Sehrawat Dear Sir/Ma'am, This is in relation to 1260 and 1200 number of [fully secured, unlisted, unrated, redeemable, optionally convertible debentures aggregating to INR 1,26,00,00,000/- (Indian Rupees One Hundred Twenty Six Crores only) and INR 20,00,00,000/- (Indian Rupees Twenty crores only) issued to Indiabulls Hi....
X X X X Extracts X X X X
X X X X Extracts X X X X
.... Yours sincerely, For IDBI Trusteeship Services Limited Authorised Signatory" 57. The above letter clearly mentions that no objection is being issued with regard to unit in the Project "Aspirations" Gurgaon. Thus, the party clearly understood that the charge of the Debenture Trustee is on the 'Project Aspirations'. 58. We may also notice submission of learned counsel for the respondent relying on certain clauses of the DTD. Reliance has been placed on Clause 8.3 under the heading "Usage of Funds". Clause 8.3 provides as follows: "8.3 The Promoters shall cause the Company to and the Company shall utilize the Subscription Amount to meet the Company's on-going requirement of funds for business activities and general corporate purposes." 59. Learned counsel for the respondent submits that the usage of funds requires a company on going requirement of funds for business activities and general corporate purposes. He submits that the said is a very wide terms, hence the funding cannot be said to be only for the project. We have already noticed the other relevant clauses of the DTD, which clearly indicate that the project was charged with Debenture Ho....