Praveen Arya & Ors. Vs Anju Aggarwal (NCLAT Delhi)
NCLAT Delhi held that units allotted to commercial space buyers cannot be excluded from resolution plan during CIRP of Corporate Debtor as Corporate Debtor continues to own the assets.
Facts- These three Appeal(s) arise of Corporate Insolvency Resolution Process of the same Corporate Debtor – M/s IP Construction Pvt. Ltd. The Appellant(s) in these Appeal(s) are commercial space buyer, who were allotted commercial spaces in a Project ‘Coral Brio’. The Appellant – Nupur Garg has prayed for direction to exclude commercial space SF-05 from the Resolution Plan and seeking a direction for execution and registration of Sale Deed in favour of the Applicant in respect of commercial space/ office No.SF-05.
By the impugned order dated 30.10.2023, the IA was disposed of by the Adjudicating Authority noticing that Applicant being a dissenting Financial Creditor, is entitled to the minimum liquidation value. Successful Resolution Applicant (“SRA”) is willing to provide 100% of the principal amount or alternative option as stated in the Resolution Plan for all the commercial space buyers.
Conclusion- Held the Appellant(s) cannot claim to have become owners of the commercial spaces. The CD continues to own the assets and the plea of the Appellant(s) that assets be excluded from CIRP of the CD, or the Appellant(s) are owners of the commercial space/ units allotted to them, cannot be accepted. Thus, the prayer of the Appellant to exclude the commercial space from the Resolution Plan, could not have been accepted, nor any direction could have been issued for registration of Sale Deed.
