TaxTMI 
TaxTMI 
2026 (9) TMI 13
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....ge, Ananthu V. Lal, Smt. Sherin Varghese, Brahma R.K. and Antony Thomas Mohan, Advs. JUDGMENT The petitioner is stated to be a home buyers' association of a project floated by a private limited company. The petitioner states that the members of the association have entered into a tripartite agreement with the builder, as well as the land owner, somewhere earlier to 2011. The petitioner states that, overlooking the tripartite agreement, the land owner sold an extent of 87 cents of property in the name of the builder, who obtained certain credit facilities from the 3rd respondent Bank by mortgaging the afore extent of property. It may, straight away, be noticed that as regards the contention raised by the petitioner that the tripart....
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....sion of the Liquidator in variance with the advice of the Stakeholders Consultation Committee, to sell 87 cents of land in Re-Survey No.233/1 in Karakulam Village, Nedumangadu Taluk, Trivandrum District, along with incomplete building belonging to the Corporate Debtor; and ii. Pass such other orders as this Hon'ble Tribunal may deem fit and thus render justice. Liquidator, Ms.Annie Abraham, appears through virtual mode and referred to the order passed by this adjudicating Authority in IA(IBC)/415/KOB/2023 in IBA/11/KOB/2020. The liquidator is directed to place on record the said order." 2. It is seeking to challenge the order/proceedings at Ext.P2 that the petitioner has filed the captioned writ petition, also ....
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....dator. Therefore, it is his submission that the petitioner was also a necessary party and their version also ought to have been taken in to account by the NCLT. He would further state that 11 other home buyers, who were not part of the petitioner association, have independently filed IA(IBC) No.415/KOB/2023, before the NCLT, Kochi, pointing out that proceedings are being initiated without noticing the charge with respect to the property question, in their favour, seeking exclusion of their individual apartments from the proposal submitted by the Official Liquidator. However, the afore application being rejected, a further appeal has also been preferred by the 11 persons before the NCLAT. 6. Sri. Kevin Thomas, learned counsel for the 2nd ....
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....I am of the opinion that, strictly speaking, the petitioner herein may not be entitled to seek intervention in the proceedings before the NCLT. 9. At the same time, this Court notices that the provisions of the IBC Code have been subjected to amendment by the IBC Code (Amendment Act), 2026, with effect from 06.04.2026, seeking to amend the provisions of Section 21 of the principal Act, as under:- "(11) Where the liquidation process of the corporate debtor is initiated under Chapter III, the committee of creditors constituted under this section shall also supervise the conduct of the liquidation process by the liquidator, and the provisions of this section and section 24 shall apply to such liquidation process under Chapter III a....