Satish Chander Verma Vs Grand Reality Pvt. Ltd. & Ors (NCLAT Delhi)
NCLAT Delhi closes the Corporate Insolvency Resolution Process [CIRP] of corporate debtor since construction of flats is completed and possession is handed over to all the claimant homebuyers and there is no claimant left.
Facts- This appeal is filed against an impugned order dated 14.02.2023 passed by the Ld. NCLT, New Delhi Bench IV in CP(IB) No. 223 of 2022 titled as “Kaushal Deshmukh & Ors. vs. Grand Reality Pvt. Ltd.” filed under Section 7 of the IBC, 2016.
Vide order dated 26.09.2023, this Tribunal while allowing Intervention Application sought to resolve the issue and permitted Respondent No. 44 to proceed with the construction of the project in terms of the Development Agreement dated 18.11.2011 thus initiating a “Court monitored CIRP”/ “reverse CIRP” so that possessions could be handed over to the flat owners.
Conclusion- Held that the construction is complete in pursuance of our order dated 26.09.2023 and possession being handed over to all the claimant homebuyers and there is no claimant left, hence, we see no impediment in closing of the CIRP and hence we direct the CIRP of the Corporate Debtor stands closed. Accordingly, the Resolution Professional is discharged. The impugned order is thus set aside. Thus, the appeal is disposed of. All pending application(s), if any, are closed.
