TaxTMI 
TaxTMI 
2026 (5) TMI 1381
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.... Shekhar Pandey, Mr. Ritesh Dhyani, Advocates for R-4. ORDER ASHOK BHUSHAN, J. This application has been filed by M/s. Ametek Buildtech India Pvt. Ltd. and M/s. EBI Projects and Development LLP, the co-developer of Project "Doon Square" situated in District Dehradun at Uttarakhand. 2. We have heard learned counsel for the applicant, learned counsel for the appellant, learned counsel for the homebuyers of "Doon Square" Project as well as Amicus Curiae Mr. Rajiv Jain. 3. Brief background facts and earlier order passed by this Tribunal in the appeal need to be noticed for appreciating the prayers made in the application: i. The Corporate Insolvency Resolution Process ("CIRP") against the corporate debtor Supertech Ltd. commenced vide order dated 25.03.2022. ii. In this appeal the order was passed by this Tribunal on 10.06.2022 directing for constitution of the Committee of Creditors ("CoC") with regard to one project of corporate debtor namely Eco Village - II and other projects were directed to be kept as on-going project. iii. Against the order dated 10.06.2022, Union Bank of India the financial creditor filed an appeal on 05.04.2022. The Ho....
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....onal (IRP) submits that there can be no objection in proceeding to resolve the Project Doon Square in which there are no issues of lenders or the Homebuyers. Bank has already accepted the OTS Proposal and is aggregable to resolve as per the terms and conditions in the OTS Letter. 8. Learned Counsel for the Appellant submits that for staring the Project, an Agreement is to be entered between the Promoters/Banks as well as the IRP, representing the Corporate Debtor and the EBI Projects containing the details of Projects including the timelines for completion payments to Lenders, and other all necessary issues." vii. This Tribunal noticed the Agreement entered with applicant. In paragraph 10, we issued following directions: "10. We have already passed an Order for project wise Resolution of different Projects and which are in process including the consideration of the Application of the NBCC who has expressed interest in taking over the Projects, however, taking to the fact that in the Project Doon Square, there are no issues between the Parties and Project can be proceeded and completed within the timeline. We are of the view that Agreement between the Prom....
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....pplicant's case is that the request was made to IRP to give no objection. IRP subsequently also agreed for issuing no objection. The above application has ben filed on 20.02.2026. 4. We have heard learned counsel for the applicant who during his submission has pressed for issuing direction with regard to registration of documents in the project, which is fully complete with Occupancy Certificate received from Competent Authority. 5. Learned counsel for the applicant has submitted that the IRP has subsequently consented for giving no objection for registration, but IRP stand suspended by the order of the IBBI dated 30.03.2026. Learned counsel for the applicant submitted that in view of the Master Agreement dated 08.10.2024 entered between the financial creditor, co-developers and company, all rights and responsibilities have been given to the co-developers including the execution of all deeds, hence co-developers are entitled to execute all documents. 6. Learned Amicus Curiae has also submitted that there is no objection with regard to registration of documents in favour of the homebuyers/allottees. 7. We have heard the counsel for the parties and perused the averments m....
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.... 6557/2024 was seemingly argued at length with a view to explore the mechanism for completion of 16 subject projects (except Doon Square)." 11. Thus, as per the application and materials brought on record, it is clear that Project "Doon Square" has been completed, Occupancy Certificate has been obtained from statutory authorities, OTS of the lenders have been honoured and No-Dues Certificate has been issued by BoB. The issue as noted above is raised in the application regarding registration of the units. 12. Learned counsel for the applicant has referred to the MA dated 08.10.2024 which is filed as Annexure A-2 to the application. Clause 6, 6(a) & 6(b) of the MA provides as follows: "6. ROLES. RIGHTS, RESPONSIBILTIES AND OBLIGATION OF CO-DEVELOPERS: a) The Co-Developers through any of its representatives or any person authorized by the Co- Developers in this regard for the purposes hereinafter expressed that is to say: i. to sign, seal, execute, deliver, perfect and do all the deeds, instruments, acts, things which may be required or which the Co-Developer shall think proper or expedient for carrying out and perform all its rights and obligations an....