Anoop Kumar Srivastava Vs Neerav Bhatnagar & Ors. (NCLAT Delhi)
NCLAT Delhi held that monetisation by sale of units is impermissible since building plan of the project has not been revalidated. Accordingly, permission for monetisation not granted due to absence of revalidation of the map.
Facts- An application u/s. 7 of the Insolvency and Bankruptcy Code, 2016 was filed by R-1, authorised representative for class of creditors (homebuyers) against the corporate debtor M/s. Sequel Buildcon Private Limited. NCLT by an order dated 16.06.2023 admitted Section 7 application, which was filed by Mr. Neerav Bhatnagar and 79 other financial creditors in a class u/s. 7.
An application has been filed by Mr. Anoop Kumar Srivastava, director (power suspended) of the corporate debtor challenging the order dated 16.06.2023. An interim order was passed on 07.07.2023, appeal was heard thereafter on 25.07.2023, an affidavit was filed by the appellant bringing on record the MoU dated 12.07.2023 entered with the homebuyers and M/s. EKA Life Services, the strategic financer detailing to the terms and conditions under which construction shall be carried out by the IRP with the cooperation of suspended director and their officers and employees.
Later, an application was filed by the IRP seeking permission to monetise unsold inventory. It was pleaded that money collected from monetisation of unsold units shall be used completion of project with payment of NOIDA dues and repayment of financial creditors and interim financiers.
