TaxTMI 
TaxTMI 
2026 (5) TMI 516
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....ok Bhushan, J. This application (I.A. No. 919 of 2026) has been filed by Sidharth Chauhan, Director (Powers Suspended) of Corporate Debtor- Sidhartha Buildhome Private Limited, the promoter of the Corporate Debtor consequent to the order passed by the Hon'ble Supreme Court dated 02.12.2025 in Civil Appeal No.12980 of 2025- "Ravindra Kumar Singh & Ors. vs. Punjab & Sind Bank & Ors." making following prayers:- "a) Grant hearing on the Applicant's Proposal dated 30.10.2025 and 30.11.2025 (Annexure A-5 & Annexure A-7) at the earliest possible date in compliance with the directions passed by the Hon'ble Supreme Court vide order dated 02.12.2025, and/or; b) Take the Applicant's Proposal dated 30.10.2025 and Revised Proposal dated 30.11.2025 on record and consider the same in accordance with the directions issued by the Hon'ble Supreme Court vide order dated 02.12.2025, and/or; c) Permit the Applicant to file a Detailed Resolution Plan/Proposal in the interest of all the stakeholder, if so directed, and/or; d) Pass such other or further orders as this Hon'ble Appellate Tribunal may deem fit in the interest of justice and in the in....
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....th the CIRP of Project NCR Greens and issue Information Memorandum and Form G and proceed further in accordance with the I&B Code and CIRP Regulations 2016'. Aggrieved by the order dated 09.09.2025 passed by this Tribunal in IA No.3206 of 2025. Appeal was filed before the Hon'ble Supreme Court by homebuyers of NCR Greens being Civil Appeal No.12980 of 2025. The Hon'ble Supreme Court in the above appeal passed an order on 17.10.2025 which is to the following effect:- "1. Heard Mr. S. Niranjan Reddy, the learned Senior counsel appearing for the appellants and Mr. Navin Pahwa, the learned Senior counsel, who is on caveat, appearing for the Respondent No.4 Promoter. 2. Application seeking permission to file the Appeal is granted. 3. Exemption Application is allowed. 4. Issue notice, returnable on 30-10-2025 on top of the Board. 5. Let status-quo be maintained. 6. By the next date of hearing, we want the Promoter to put forward a concrete proposal before us as to in what manner they would like to discharge their liabilities both towards the home buyers as well as the Bank." 2.2. The promoter in pursuance of the direction issued by....
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....ll the stakeholders involved in this litigation, take an appropriate call in the matter. 20. In such circumstances, referred to above, let the Appellate Tribunal look into the revised proposal of the promoter within a period of three months from today and take an appropriate call. While keeping the impugned order in abeyance, the earlier order of status-quo shall continue. 21. Post this matter in the month of March, 2026. 22. We leave it to the better discretion of the Appellate Tribunal in so far as the plan of Estella is concerned." 2.3. As noted above, in consequence of the order passed by the Hon'ble Supreme Court dated 02.12.2025 promoter has filed IA No.919 of 2026 making prayers as noticed above. The application which was filed by promoter IA No.919 of 2026 came for consideration before this Tribunal on 05.02.2026. The order dated 05.02.2026 passed by this Tribunal is as follows:- "05.02.2026 :- Ld. Counsel for the Appellant seeks liberty to file amended memo in I.A. No. 919 of 2026 for impleading the SRA to the Estella Project as well as Homebuyers of 'Sidhartha Buildhome Pvt. Ltd.' who had filed an Appeal before the Hon'bl....
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....RA- Alpha Corp has filed its objections and Affidavit. The Authorised Representative of the homebuyers of the Corporate Debtor has also filed its objection. Another group of Homebuyers of Estella Project have filed their objection. Homebuyers of NCR Greens have also filed their objections. Certain Operational Creditors have also filed their applications and objections. 2.5. I.A. No.1210 of 2026 has been filed by Chief Executive Officer of Dhir and Dhir Associates praying for setting aside the decision of the CoC taken in the 22nd Meeting of the CoC held on 03.06.2022 and other meetings of the CoC as regards rejection / non-ratification of the professional fees of the Applicant. 2.6. I.A. No.1663 of 2026 has been filed by the RR Infrastructures praying for setting aside the decision of the CoC taken in the 27th meeting of the CoC held on 10.01.2023 wherein the CoC rejected the outstanding dues of the Applicant. 2.7. I.A. No.1825 of 2026 has been filed by Sharda praying for setting aside the decision of the CoC taken in the 27th meeting of the CoC held on 10.01.2023 wherein the CoC rejected the outstanding dues of the Applicant. 3. We have heard Learned Counsel appearing ....
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....within a period of 90 days from the date of issuance of Form G. Resolution Professional before issuing Form G with regard to Estella Project shall constitute the CoC for the Project Estella and proceed further as per decision of the CoC so constituted." 6. The order dated 06.02.2024 of this Tribunal was also challenged before the Hon'ble Supreme Court which Appeal has also been dismissed. With respect to Estella Project, the Resolution Professional proceeded with the CIRP and in the CIRP, Resolution Plan submitted by Alpha Corp came for consideration which was approved by the CoC in 35th CoC meeting held on 10.09.2024. The plan was approved with vote share of the CoC of 79.96% and the application for approval of the Resolution Plan is pending before the NCLT. Learned Counsel for the Appellant has contended that the revised proposal submitted by the Appellant is comprehensive proposal for both the Projects Estella and NCR Greens. In the order of the Hon'ble Supreme Court dated 02.12.2025, the Hon'ble Supreme Court has noticed such a detail with regard to both the projects Estella and NCR Greens in paragraphs 5 and 6 which is as follows:- "5. So far as NCR Greens is conce....
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....l as well as the SRA. 8. Ms. Maneka Guruswamy, Learned Senior Counsel appearing for the Authorised Representative of the Homebuyers of the Estella Project submits that the proposal submitted by Promoters under Section 12A has been rejected by the CoC time and again. The CoC has rejected the withdrawal proposal by promoter in the meeting dated 06.08.2021, 15.02.2022 and again on 01.10.2023. It is submitted that even after the order of the Hon'ble Supreme Court passed on 02.12.2025, the Authorised Representative of the homebuyers again convened a meeting on 17.02.2026 in which meeting majority of 95.35% has voted against consideration of promoters' proposal. It is submitted that the promoter is absconding and even after direction of the Hon'ble Supreme Court vide order dated 06.01.2026 in SLP Criminal No.37 of 2026 has not surrendered. It is submitted that several criminal proceedings are going on against the promoter. ED has attached the properties of the promoters. SFIO investigation. Promoter obtained further time from Hon'ble Supreme Court for surrender and in SLP (Criminal) No.36 of 2026, Hon'ble Supreme Court granted further time to promoter to surrender which has not yet ha....
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....e Court cannot be relied for completion of the Project Estella. Resolution Professional has proceeded with the CIRP as per the order of this Tribunal and the CoC with 79.96% vote share has already approved the Resolution Plan of Alpha Corp which is pending consideration before the NCLT. It is submitted that the promoter has been declared wilful defaulter and ineligible to submit any Resolution Plan under Section 29A. Civil Appeal No.12980 of 2025 was filed by the homebuyers of NCR Greens aggrieved by the order dated 09.09.2025 of this Tribunal in which proceeding no issue pertaining to Project Estella were involved. Promoters found an opportunity to submit settlement proposal for both the projects. Enforcement Directorate had issued a Press Release on 31.05.2025 informing attachment of the properties relating to the promoters/ Directors of Corporate Debtor. Investigation reveals that the promoters have collected Rs. 2520 Crores from more than 950 homebuyers for its project in Gurgaon which funds were diverted to group companies. Settlement proposal submitted by promoters is nothing but an eye wash to wriggle out of attachment proceeding. Corporate Debtor has no finance or funding. ....
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....ubmitted that the Punjab National Bank has already filed an objection before the NCLT questioning the approval of the plan by CoC. It is submitted that the SRA is not eligible under Section 29A(c) and (j) of the IBC. Subsidiary of SRA has been classified as NPA. Promoter has proposed a settlement of Rs. 48.50 Crores to the Punjab National Bank which is under consideration and the proposal under the Resolution Plan is only Rs. 5 Crores as against claim of Rs. 110 Crores. 14. Counsel appearing for the Punjab & Sind Bank submitted that the Punjab & Sind Bank has been removed from CoC w.e.f. 27.07.2024. Copy of Resolution Plan has not been provided to Punjab & Sind Bank and Punjab & Sind Bank has also filed an objection before NCLT for rejecting Resolution Plan. Claim of Rs. 63,49,66,269/- of Punjab & Sind Bank has been admitted. The Punjab & Sind Bank has sought current valuation of NCR Greens. The Punjab & Sind Bank being Public Sector Bank needs time to consider the proposal of Appellant in terms of the current valuation. Punjab & Sind Bank has appointed its own valuer to value the Project NCR. 15. Learned Counsel for the Promoter in rejoinder submission repeated its revised s....
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....ould be delivered within 42 months from the approval date. Composition of tower will be subject to revised layout Proposal Would be applied at the material time B 73 C 73 D 62 E 58 F 24 G 24 H 118 Shops 10 Total 505 18. As noted above, the SRA has also proposed demolition of the existing structure of Estella Project. The construction of Estella Project thus, as per the SRA as well as the Promoter is to be demolished. 19. The CIRP of the Estella Project was revived on 16.02.2024 and is proceeding thereafter. In the CIRP, with respect to Estella Project, Resolution Plan has already been submitted and approved by 79.91% vote share of the CoC which plan is pending consideration before the NCLT. In the objections/ Affidavit filed both by Resolution Professional and Authorised Representative of the homebuyers of the Estella Project, it is pleaded that the promoters' proposal for settlement were considered by the CoC and rejected thrice. Learned Counsel appearing for the Authorised Representative of the Estella Project submitted that even after order of the Hon'ble Supreme Court dated 02.12.2025, the Author....
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....by BCD nor it can be said that there is any binding agreement entered and any liability has been taken by BCD to complete the project. Agreement itself pre-supposes availability of funds. We further notice that with respect to Estella Project, Resolution Plan has already been approved by majority of homebuyers 79.96% vote share which is pending consideration for approval. Both the banks have filed their objections and the NCLT is yet to take a decision. Taking into overall facts and circumstances in the present case and submissions of the parties, we are of the view that the settlement proposal submitted by the promoter with respect to Project Estella cannot be accepted. In view of the foregoing discussion, in our opinion the revised settlement proposal submitted by promoter cannot be accepted with respect to Project Estella. Project NCR Greens 23. The Project NCR Greens was another project which was launched by the Corporate Debtor. In the revised proposal submitted by promoters with respect to brief overview of NCR Greens Project is as follows:- "NCR Project - Brief Overview Tower Total No. of units Construction Status Status of OC A 68 Complet....
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....hat 10 towers are complete and with respect to five towers, OC has also been obtained and with respect to four other towers, OC has also been applied. With respect to tower 'Executive', it is mentioned is under construction. The homebuyers of NCR Greens are on Appeal against the order dated 09.09.2025 passed by this Tribunal in which the order was passed by the Hon'ble Supreme Court on 02.12.2025. Homebuyers of Project NCR Greens also appeared and have submitted that the project is substantially complete. Out of 633 flats across 10 towers possession has already been handed over to 430 units and only 203 units remain. Balance work is limited in nature and pertains primarily to reaching ancillary aspects such as basement repair and lift functioning, water supply, enhancement of electricity, repairing and development of common entities. Resolution Professional has also filed an Affidavit bringing on record certain objections received from few of the homebuyers of NCR Greens. Consolidated proposal submitted by promoter has been supported by homebuyers of the NCR Greens. 26. The Promoter who has launched its project and has made a statement before this Tribunal on 16.02.2024 that it ....