TaxTMI 
TaxTMI 
2026 (9) TMI 1932
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....wardhan Aggarwal, Mr. Ali Abbas Masoodi, Advocates in IA No. 6852 & 6853 of 2026. Mr. Sanjeev Sahay, Mr. Archit Rajput, Mr. Karan Deep Singh, Ms. Nupur Singh, Advocates for R-1 to 8. ORDER IA No. 6766 of 2026- Instant application has been moved by the appellant with the following prayers: "(a) Allow the present application and take the additional documents, namely Document 1 (C.M. No. 18413-CII of 2026 in C.R. No. 7749 of 2025 titled M/s Rivierkrishna Developers LLP v. M/s Iceberg Developers Pvt. Ltd. & Ors.), Document 2 (Letter dated received from Halka Patwari for cancelling mutation in the name of Applicant) on record; (b) Direct status quo be maintained between the parties regarding the right, title and intere....
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....ted that an application under Section 9 of the Insolvency and Bankruptcy Code, 2016 (Code) was filed by the Sai Enterprises, which was admitted by order dated 20th April 2022, and the CIRP was initiated by order dated 31/08/2023. The liquidation proceedings were later on initiated, and the liquidator conducted an e-auction on 20/10/2023 for selling the assets/actionable claims of the CD and in the process, a letter of intent was issued to the auction purchaser/applicant and the applicant emerged as the highest bidder in the e-auction. Thereafter, a sale certificate was issued to the appellant on 5th April 2024. 6. It is further submitted that the Appellant was declared the successful bidder for Block 4 property at a bid amount of Rs. 36 ....
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....the Appellant, who has spent a huge amount by depositing the consideration of the auction sale and their intention is to sell the subject property, therefore, if the status quo is not granted by the appellate tribunal with regard to possession and title of the subject land, the Appellant would sustain irreparable loss. 10. Shri J Rajesh, who has filed an impleadment application on behalf of M/s Arora Realtech Private Limited, submits that the Arora Realtech Private Limited has an interest in the subject property and no order should be passed in the instant application without impleading Arora Realty Private Limited as Respondent and without providing it an opportunity to file the reply and of being heard. 11. Learned Counsel for the l....
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....uld be passed by this Appellate Tribunal. 17. Having heard Ld. Counsel for the parties and having perused the record, it is evident that by passing the impugned order the Ld. Adjudicating Authority cancelled the e-auction sale held on 16.11.2023 and the sale certificate dated 05.04.2024 issued in favour of the appellant for the reasons given in the impugned order. 18. The Ld. Adjudicating Authority was of the view that the collaboration agreement was executed to grant development rights to the CD while the ownership rights remained with the landowners and that agreement to sell does not confer a valid title or vest ownership in the appellant and also that in the terms and condition of the e-auction the collaboration rights were sold b....