Amit Nehra And Anr vs Pawan Kumar Garg And Ors

NATIONAL COMPANY LAW APPELLATE TRIBUNAL, PRINCIPAL BENCH, NEW DELHI Company Appeal (AT) (Insolvency) No.1365 of 2023 (Arising out of Order dated 26.07.2023 passed by the Adjudicating Authority (National Company Law Tribunal), New Delhi, Principal bench in IA No.5579 of 2021 in (IB)-934(PB)/2018)

IN THE MATTER OF: Amit Nehra & Anr. ...Appellants

Versus

Pawan Kumar Garg Resolution Professional Puma Realtors Pvt. Ltd. & Ors. ...Respondents

Present:

For Appellants : Present but appearance not marked.

For Respondents : Mr. Rishabh Nangia, Advocates for SRA. Ms. Anuja Pethia and Mr. Rishabh Govila, Advocates for ERP.

JUDGMENT

ASHOK BHUSHAN, J.

This Appeal has been filed challenging the order dated 26.07.2023

passed by National Company Law Tribunal, New Delhi, Principal Bench

in IA No.5579 of 2021. IA No.5579 of 2021 was filed by the Appellant

seeking direction to Successful Resolution Applicant ("SRA") to decide the

claim Form dated 11.01.2019 submitted by the Appellant for getting the

Conveyance Deed of the Apartment GBD-00-001 (Block D) in "IREO RISE"

(Gardenia Block) executed. The Adjudicating Authority by the impugned

order has rejected the Application. Aggrieved by which order, this Appeal

has been filed.

Company Appeal (AT) (Ins.) No.1365 of 2023 1 2. Brief facts of the case necessary to be noticed for deciding the

Appeal are:

(i) The Appellant booked an Apartment and a Plot with M/s.

Puma Realtors Pvt. Ltd. in the year 2010 in its Project IREO

Rise (Gardenia), Mohali, Punjab and the IREO Hamlet Project

respectively. The Apartment Buyers Agreement was executed

on 27.05.2011. The Appellant paid a sum of Rs.57,56,684/-

against the total sale consideration of Rs.60,06,368/-. The

possession of the apartment was to be handed over by 2013.

(ii) In the year 2018, the Appellant approached the State

Consumer Disputes Redressal Commission by a Complaint

Case No.27 of 2018 against the Corporate Debtor ("CD").

(iii) On 17.10.2018, an order was passed by Adjudicating

Authority admitting the CD - Puma Realtors Pvt. Ltd. in

Corporate Insolvency Resolution Process ("CIRP") in CP(IB)-

934(PB)/2018 filed by one of the allottees. On 22.10.2018,

Interim Resolution Professional ("IRP") issued a public

announcement asking the creditors to submit their claims.

(iv) On 29.10.2018, the Appellants submitted their claim Form

regarding their Plot in IREO Hamlet Project. No claim was

submitted with regard to Apartment. Consumer Complaint

filed by the Appellant was pending before the Consumer

Commission. On 13.12.2018, Consumer Complaint was

disposed of by the Consumer Commission on account of

Company Appeal (AT) (Ins.) No.1365 of 2023 2 imposition of moratorium after initiation of CIRP against CD

vide order dated 17.10.2018.

(v) The Appellants' claim that on 11.01.2019, Col. K.K. Verma,

father of Appellant No.2 physically submitted the claim Form

on behalf of the Appellant for the Apartment, IREO Rise

(Gardenia) Project Office at IREO Rise, Sector-99, Mohali.

(vi) On 23.08.2019, Resolution Plan submitted by Consortium of

One City Infrastructure Pvt. Ltd. and APM Infrastructure Pvt.

Ltd. was approved. On 01.10.2019, the Resolution

Professional ("RP") moved an application under Section 30,

sub-section (6) of the Insolvency and Bankruptcy Code, 2016

(hereinafter referred to as the "IBC") seeking approval of the

Resolution Plan before the Adjudicating Authority. On

31.10.2020, RP issued an email, intimating that those

allottees, who are yet to file their claims, do so, within six

months from the date of approval of the Plan by the NCLT.

On 07.02.2020, the Appellant submitted their claim Form in

Form-CA in respect of apartment by email. On 30.04.2020,

IRP issued List of Financial Creditors of the apartment at

IREO Rise (Gardenia), in which name of the Appellant

featured at Sr. No.636.

(vii) On 01.06.2021, the Adjudicating Authority approved the

Resolution Plan. On 20.06.2021, the Appellant received an

email from RP, informing that Resolution Plan has been

approved.

Company Appeal (AT) (Ins.) No.1365 of 2023 3

(viii) Col. K.K. Verma, father of Appellant No.2 wrote to the SRA on

07.10.2021, 09.10.2021 and 10.10.2021 for delivery of the

possession of the property in which Appellant has already

paid the amount of Rs.57,56,684/-. On 08.11.2021, the

Appellant issued a Legal Notice to SRA asking them to deliver

possession of the apartment and execute the Conveyance

Deed.

(ix) On 29.11.2021, Appellant filed an Application being IA

No.5579 of 2021 praying for certain directions. The RP filed

reply to the IA, pleading that no claim was filed by the

Appellant as claimed on 11.01.2019. The claim was

submitted by the Appellant only on 07.02.2020. The List of

Creditors was issued on 30.04.2020 where name of the

Appellant was reflected.

(x) The SRA also filed reply to IA, pleading that as per approved

Resolution Plan Clause 18.4 (xi) and 18.4(xix), the Appellant

is entitled to refund of the 50% of the principal amount.

(xi) The Adjudicating Authority heard the parties and by

impugned order disposed of IA No.5579 of 2021 observing

that the Plan having been approved and attained finality the

parties are governed by the terms of the approved Plan, such

claims has to be dealt with in accordance with the terms and

conditions of the Plan.

(xii) Aggrieved by the order impugned, this Appeal has been filed.

Company Appeal (AT) (Ins.) No.1365 of 2023 4

3. We have heard learned Counsel for the Appellant, learned Counsel

for the RP as well as learned Counsel for the SRA.

4. Learned Counsel for the Appellant submits that the case of the

Appellant is not covered by Clauses 18.4 (xi) and (xix). The Appellants'

claim was admitted and SRA was informed, which is reflected by List of

Creditors issued on 30.04.2020. It is submitted that Clause 18.4 (xi) is

attracted when allottee has not filed his claim with the RP or if filed, is not

verified by the RP, or if verified, has not been informed to the Resolution

Applicant. In the present case, the claim has been filed by the Appellants,

which has been verified and admitted and SRA has also been informed.

Hence, the Appellants' case are not covered by Clause 18.4(xi). It is

submitted that contention that Appellants are entitled to only 50% of the

total amount, as per Clause 18.4 (xi) is belied by the entry at S.No.636 in

the List of Creditors, which admitted the Appellant's claim for full amount

of consideration. Referring to Clause 18.4 (xv), it is submitted that units,

which have not received claim on the Plan Effective Date, i.e., the date on

which the Plan is approved by the Adjudicating Authority, would be

available to the SRA for sale. The unit claimed by the Appellant is not

available for SRA to sale, since the claim has already been submitted and

accepted. The Appellant has also referred to judgment of this Tribunal in

Puneet Kaur vs. KV Developers P. Ltd. - Company Appeal (AT) (Ins.)

No.390 of 2022 decided on 01.06.2022, to support his contention that

those Homebuyers, who have made payment and their names are

reflected in the list of creditors, are to be appropriately dealt with.

Company Appeal (AT) (Ins.) No.1365 of 2023 5

5. Learned Counsel appearing for the RP refuting the submission of

the Appellants, contends that the Appellants' case is fully covered by

Clause 18.4 (xi) and (xix). The Appellant for the first time has filed its

claim only on 07.02.2020, whereas the Resolution Plan was approved by

the Committee of Creditors ("CoC") on 23.08.2019. The case of the

Appellant that claim was submitted on 11.01.2019, is incorrect. There is

no proof of submission of claim on 11.01.2019.

6. Learned Counsel for the SRA refuting the submission of the

Appellants submits that the Resolution Plan as approved by the CoC was

approved by the Adjudicating Authority on 01.06.2021, all stakeholders

including the Appellants, when the Plan is approved by the CoC, it is

binding on all stakeholders. The Appellants filed their claim only on

07.02.2020. The approved Resolution Plan provides treatment to claims,

which have been belatedly filed as per Clause 18.4 (xi) and (xix). It is

submitted that this Tribunal in Company Appeal (AT) (Ins.) No.1895 of

2024 - Jitender Poriya & Ors. vs. Anil Matta, RP Primrose Infratech

Pvt. Ltd. & Anr. has held Resolution Plan contemplated, those who have

not filed/ filed belatedly, subject to verification shall be considered by

SRA. The learned Counsel for the Appellants also referred to judgment in

Company Appeal (AT) (Ins.) No.1544 of 2024 - Savita Dagar Solanki

vs. One City Infrastructure Pvt. Ltd. & Ors. decided on 04.09.2024,

where the Appellants were also, who had filed their claims after the cut-off

date, was held to be covered by the Resolution Plan approved. It is

submitted that the judgment of this Tribunal in Savita Dagar Solanki

Company Appeal (AT) (Ins.) No.1365 of 2023 6 arises of the same CIRP and in which an Application filed by the

Appellant, seeking similar reliefs has been rejected by the Adjudicating

Authority, which order was upheld and this Tribunal directed the claims

to be considered in accordance with Clause 18.4(v).

7. We have considered the submissions of learned Counsel for the

parties and have perused the records.

8. The present is a case where CIRP commenced on 17.10.2018 and

IRP made public announcement on 22.10.2018. In pursuance of the

public announcement, although the Appellants have filed their claim on

29.10.2018 with regard to their Plot in Hamlet Project, but they did not

file any claim with regard to Apartment, which is now being sought to be

claimed. The Appellants' case before the Adjudicating Authority as well as

before this Tribunal is that claim was submitted on 11.01.2019, whereas

the case of Respondent is that claim for the first time was filed by the

Appellants on 07.02.2020. The first question, which needs to be

considered is as to what is the date, on which the Appellants can be said

to have filed their claims. For answering the above question, we need to

notice the averments made by the Appellant in the IA No.5579 of 2021,

which was filed by the Appellants before the Adjudicating Authority. The

copy of the IA has been brought on record as Annexure A-11. We need to

first notice the prayers made in IA, which prayers are as follows:

"It is therefore, respectfully prayed that the present applica- tion may kindly be allowed by way of issuance of directions to the RP/present chairman of monitoring committee Mr. Pawan Garg and to the directors of One City Infrastructure

Company Appeal (AT) (Ins.) No.1365 of 2023 7 Private limited and APM Infrastructure Private Limited i.e. Respondent No. 1 to 3 respectively to decide the Claim Form dated 11.01.2019 submitted by the applicants and for getting the conveyance deed of the apartment GBD-00-001 (Block D) in "IREO RISE" (Gardenia Block) executed and al- so by way of handing over its physical possession.

And further to grant stay of sale/transfer/alienation of the apartment GBD-00-001 (Block D) in "IREO RISE" (Gardenia Block) to any third party by the respondents during the pendency of the present application before this Hon'ble Tri-

bunal

Or to pass any other order or direction which may deem fit in view of the peculiar facts and circumstances in the inter- est of justice."

9. In the Application itself they have pleaded that they filed the claim

only with regard to Plot in CA Form on 29.10.2018 and they did not file

the claim with regard to apartment. In pleadings in the Application in

paragraph 2 (v) and (vi), following was pleaded:

"(v) That after commencement of insolvency resolution pro-

cess on 17.10.2018 by this Hon'ble Tribunal, the appointed IRP i.e. respondent no. 1 vide public announcement dated 22.10.2018 called upon the creditors of Puma Realtors Pri- vate Limited to submit their claims with proof on or before November 1,2018.

(vi) That earlier the applicants were under the impression that since the matter regarding the apartment was pending adjudication before the Consumer Court, therefore, they need not to file CA form regarding the said apartment. Hence, the applicants did not submit the CA form regarding the said apartment though they had submitted the CA form dated 29.10.2018 regarding their plot in IREO Hamlet Pro- ject before the IRP."

Company Appeal (AT) (Ins.) No.1365 of 2023 8

10. The further case setup by the Appellants was that father of

Appellant No.2 has submitted CA Form to the concerned staff of the IRP

at their official address, i.e. Project Office, IREO Rise, Sector-99, Mohali

on 11.01.2019, which as pleaded in paragraph 2 (vii), is as follows:

"2(vii) That as the applicants were posted at Bangalore therefore, they authorised Col. K.K. Verma, the father of application no.2 i.e. Anuradha Nehra for taking all the re- quired/ necessary actions regarding their claim towards the said properties. Taking action accordingly, immediately, af- ter the disposal of abovementioned complaint on 13.12.2018, the father of the applicant no.2 personally handed over the claim form i.e. CA form to the concerned staff of the IRP at their official address i.e. project office, IREO Rise, Sector-99, Mohali in the 11.01.2019. A true copy of the claim form alongwith the requisite declaration is being attached alongwith the present application as Annex- ure A-3."

11. The RP has filed a reply to the Application, where the RP has

categorically stated that no claim was received by the RP and for the first

time, the claim was filed on 07.02.2020. The reply filed by the RP to the

IA No.5579 of 2021 has been brought on record as Annexure-A12, where

it is alleged that the claim was never submitted on 11.01.2019 and the

claim was filed on 07.02.2020. Paragraph 7, 8 and 9 of the reply of the

RP are as follows:

"7. Thereafter, the SRA took control over the management of the Corporate Debtor and started implementing the Resolution Plan duly approved by this Tribunal. After the approval of the Resolution Plan the Applicants herein filed an application on 29.11.2021 before this

Company Appeal (AT) (Ins.) No.1365 of 2023 9 Hon'ble Tribunal praying for admission of the claim filed by the Applicants herein on 11.01.2019 wherein it was alleged that they had submitted their claim with the answering Respondent on 11.01.2019 at the official address i.e. project office, Ireo Rise, Sector 99, Mohali. However, it is pertinent to note here that neither the answering Respondent nor his staff members were op- erating from the office in Mohali.

8. Further, it is submitted that Form A published under Regulation 6 of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, categorically mentioned that the financial creditors were required to submit their claims along with the proofs with the answering respondent only through electronic means. The Public Announcement nowhere mentions the official address for submission of claims with the answering Respond- ent. Hence, the alleged claim dated 11.01.2019 was never submitted by the Applicants herein to the an- swering Respondent. Copy of the Form A dated 23.10.2018 published under Regulation 6 of the Insol- vency and Bankruptcy Board of India (Insolvency Reso- lution Process for Corporate Persons) Regulations, 2016 has been annexed herewith and marked as Annexure R1.

9. In the instant case, the Applicants had filed their claim with the answering Respondent vide email dated 07.02.2020, ie., approximately after five (5) months from the date of approval of the Resolution Plan by the CoC. In terms of the provisions of the Resolution Plan, the claim of the Applicant was compiled and informed by the answering Respondent to the SRA, after the ap- proval of the Resolution Plan by this Hon'ble Tribunal.

Company Appeal (AT) (Ins.) No.1365 of 2023 10 12. The copy of the public announcement made in Form-A was annexed

by the RP as Annexure-A to the reply. Public announcement in Form-A is

as follows:-

"FORM A PUBLIC ANNOUNCEMENT (Under Regulation 6 of the Insolvency and Bankruptcy Board of In- dia (Insolvency Resolution Process for Corporate Persons) Regula-

tions 2016) FOR THE ATTENTION OF THE CREDITORS OF PUMA REAL-

TORS PRIVATE LIMITED

RELEVANT PARTICULARS

1. Name of the corporate Puma Realtors Private Limited debtor

2. Date of incorporation of 03/10/2005 corporate debtor

3. Authority under which ROC-DELHI corporate debtor is incor-

porated/ registered

4. Corporate Identity No./ U70101DL2005PTC141373 Limited Liability Identifi-

cation No. of corporate debtor

5. Address of the registered Registered Office office and principal office C-4, 1st floor Malviya Nagar (if any) of corporate debtor New Delhi South Delhi-110017 Address other than registered office where books of account and papers are maintained:

S.C.O. 6-8, Sector-9/D, 1st/2nd floor, Madhya Marg Chandigarh-160009

6. Insolvency commence- October 17, 2018 ment date in respect of corporate debtor

7. Estimated date of closure April 15, 2019 of insolvency resolution process

8. Name and registration Mr. Pawan Kumar Garg number of the insolvency IP Registration No.: IBBI/IPA-00 professional acting as in- 1/IP-P00608/2017-

terim Resolution profes- 2018/11069 sional

9. Address and e-mail of the 25-A, J-Pocket, Sheikh Sasrai-

interim resolution profes- 2, New Delhi - 110017. sional, as registered with E-mailid:

the Board ca.pawangarg@gmail.com

Company Appeal (AT) (Ins.) No.1365 of 2023 11 10. Address and e-mail to be 25-A, J-Pocket, Sheikh Sasrai- used for correspondence 2, New Delhi - 110017. with the interim resolu- E-mailid: pumareal- tion professional tors.pawan@gmail.com 11. Last date for submission November 1, 2018 (14 days of claims from receipt of NCLT order i.e. October 18, 2018 via email in evening) 12. Classes of creditors, if Home Buyers (Financial Credi- any, under clause (b) tors) of sub-section (6A) of sec- tion 21, ascertained , by the interim resolution professional 13. Names of Insolvency Profes- Mr. G. Jaishankar

sionals identified to act as Au- (IBBI/IPA-001/IP-P00953/2017-20!8/ thorised Representative of 11573) creditors in a class (Three 2. Ms. Anjali Sharma names for each class) (IBBI/IPA-002/IP-N00400/201 7-2018/l1278)

3. Mr. Atul Mittal (IBBI/IPA-001/IP-

P00439/2017-18/10762)

14. (a) Relevant Forms and Weblink:

(b) Details of authorized repre- https://ibbi.gov.in/downloadform.html sentative are available at: Physical Address: 25-A, J-Pocket, Sheikh Sarai-2, New Delhi-110017.

Notice is hereby given that the National Company Law Tribunal has ordered the commencement of a corporate insolvency resolution process of the Puma Realtors Private Limited on October 17, 2018. The creditors of Puma Realtors Private Limited, are hereby called upon to submit their claims with proof on or before November 1, 2018 to the interim resolution professional at the address men- tioned against entry No. 10."

13. When we look into the address and email of the IRP at Item Sl.

No.9, address is "25-A, J-Pocket, Sheikh Sasrai-2, New Delhi", along with

email address, which is mentioned at Sl. No.9. The Form-A in the bottom

mentions "The creditors of Puma Realtors Private Limited, are hereby called

upon to submit their claims with proof on or before November 1, 2018 to the

interim resolution professional at the address mentioned against entry

No.10". As noted above, in the public announcement the address of the

RP was of New Delhi and email were mentioned. The case of the

Company Appeal (AT) (Ins.) No.1365 of 2023 12 Appellants themselves as setup in the Application was that the father of

the Appellant No.2 has handed over the Form-CA on 11.01.2019 to the

staff of IRP at his Project Office at Mohali, which pleadings have been

made in paragraph-2 (vii) of the Application filed by the Appellant as

extracted above. From the pleadings of the Appellants itself, it is clear

that filing of the claim was not in accordance with public announcement.

The claim was required to be filed at the address and email given at Item

Sl. No.10 of the public announcement at the New Delhi address. It is

further relevant to notice that Appellants itself has submitted that it has

filed its claim on 29.10.2018 with regard to claim of Plot, which was well

within time by email. Thus, the Appellants were well aware that claim

has to be filed by email at the email address or at New Delhi address,

mentioned above. Thus, the pleadings made by the Appellant itself prove

that there was no claim filed as per public announcement. Hence, the

plea of the RP has to be accepted that claim for the first time was filed on

07.02.2020. The Appellants' case also is that on 07.02.2020 they have

submitted their claim, after receiving the email from the RP. We, thus,

hold that Appellant never filed any claim on 11.01.2019 and the claim for

the first time was filed on 07.02.2020.

14. There is no dispute between the parties that Resolution Plan was

approved by the CoC on 23.08.2019. Copy of the Resolution Plan has

been brought on the record by the Appellant as Annexure A-4. The

relevant clauses, which has been relied by the Respondent as well as

noted by the Adjudicating Authority, of the Resolution Plan is Clause

Company Appeal (AT) (Ins.) No.1365 of 2023 13 18.4, which dealt with unsecured Financial Creditors and allottees.

Clause 18.4 (xi) and (xix) are as follows:

"18.4 xi. It is clarified that any person claiming to be Allottee of the Corporate Debtor, who has not filed their claim with the Resolution Professional, or if filed, has not been verified by the Resolution Profes- sional, or if verified, has not been informed to the Resolution Applicant shall not stand extinguished for a period of six months from the date of the approval of the Plan by NCLT and for this period they shall be dealt at the sole discretion of the Resolution Appli- cant according to the merits of the case, and by way of proper verification of the documents held by the Allottees. Upon determination of the genuineness of such claim, only 50% of the principle amount shall be refunded in Qtr 13. Any claims for compensation by the Allottees received in this period will be written off in full and shall be deemed to be permanently ex- tinguished by virtue of the order of the NCLT approv- ing this Resolution Plan and the Company or the Ap- plicant or shall at no point of time be, directly or in- directly, held responsible or liable in relation thereto.

xix It is clarified that any person claiming to be Allottee of the Corporate Debtor, who has filed their claim with the Resolution Professional, and the Resolution Professional has admitted their claim, in the period between submission of this plan, and prior to ap- proval of this Plan by NCLT shall be dealt in the manner as elucidated above and relevant to their case."

15. The submission of the Appellant is that Appellants' case is not

covered by Clause 18.4 (xi), since his claim was filed and accepted.

Reliance has been placed on the List of Creditors issued by RP, which has

Company Appeal (AT) (Ins.) No.1365 of 2023 14 been brought on record as Annexure A-6. The List of Creditors Annexure

A-6 is List of Creditors (List of Financial Creditors as on 30.04.2020), in

which list, the name of Appellant is mentioned at Sl. No.636 with

admitted claim of Rs.5,756,684/-. The said list contains the admitted

claim of the Appellant on the basis of claim filed on 07.02.2020. Clause

18.4 (xi) provided that any person claiming to be Allottee of the CD, who

has not filed their claim with the RP or if filed, has not been verified by

the RP, or if verified, has not been informed to the Resolution Applicant

shall not stand extinguished for a period of six months from the date of

approval of the Plan by NCLT and for this period they shall be dealt at the

sole discretion of the Resolution Applicant according to the merits of the

case. The Resolution Plan, which is brought on the record as Annexure

A-4, is dated 24.08.2019, which was finally approved on 04.09.2019.

Thus, the Clause 18.4 (xi) has to be read with reference to the date when

the Plan was approved. On the date, when Plan was approved, the

Appellant has not filed the claim, admittedly. Their case of submitting

claim on 11.01.2019 has not been accepted as noted above. The purpose

and object of Clause 18.4 (xi) is to even protect those allottees, who have

not filed the claim, so as to consider their claims on merits and the

claims, which were not filed, were not extinguished for the purpose to

mitigate the hardship of those, who have not filed their claims within the

time. The Resolution Plan having been approved, all stakeholders,

including allottees are clearly bound by the same.

Company Appeal (AT) (Ins.) No.1365 of 2023 15

16. We, thus, are of the view that claim, which was filed by the

Appellant on 07.02.2020 was covered by Clause 18.4 (xi) and the

Adjudicating Authority has rightly disposed of the Application. When we

look into the prayers made in IA, as extracted above, the Appellant has

prayed for direction to consider his claim to decide the claim Form dated

11.01.2019, submitted by the Appellant and sought direction to stay of

sale/ transfer/ alienation of the apartment, handover physical possession

and execution of Conveyance Deed of the apartment GBD-00-001, Ireo

Rise (Gardenia). We have already held that the assertion of the Appellant

of filing a claim on 11.01.2019, cannot be accepted and claim was only

filed on 07.02.2020. Thus, the very basis of the prayers made in the

Application by the Appellant is knocked out and the Appellant's claim,

which was submitted subsequently to the approval of Resolution Plan of

the CoC having been acknowledged by the RP in the list of creditors

issued on 30.04.2020, the claim is entitled to be dealt as per Clause 18.4

(xi) and the Appellant is clearly entitled for refund of only 50% of the

principal amount.

17. The judgment relied by the learned Counsel for Respondent in

Company Appeal (AT) (Ins.) No.1544 of 2024 - Savita Dagar Solanki

vs. One City Infrastructure Pvt. Ltd. & Ors. delivered on 04.09.2024,

fully supports the submission of the Respondent as the said judgment

also dealt with similar Application filed by another claimant towards

seeking a direction to grant possession of the residential unit. The facts

have been noticed in the said case in paragraphs 2.1 and 2.2 of the

Company Appeal (AT) (Ins.) No.1365 of 2023 16 judgment. This Tribunal after considering the submission of the parties

in paragraph 4, 5 and 6 held as follows:

"4. When we look into the aforesaid clause, it is clear that those claims which were filed after the cut-off date (which includes the claims filed by the Appellants) were kept alive for period of six months even after approval of the plan by the Adjudicating Authority and they were to be dealt with by SRA. Admittedly, after the approval of the plan, SRA called for the claims from the Applicants who have again submitted their claims which according to the Appellant has not been verified.

5. From the order of the Adjudicating Authority, it is clear that the claims were filed by the Appellants after the cut-off date. We, thus, have no doubt that SRA has to take care of the claims as per Clause 18.4 (v) of the Resolution Plan and whatever amount is entitled to the Appellant to be paid as per Clause 18.4(v) shall be considered and paid by the SRA because the Resolution Plan binds all concerned including the SRA, Appellants and all stakeholders.

6. In view of the aforesaid, we do not find any error in the order of the Adjudicating Authority rejecting the application. However, as noticed above, the Adjudicating Authority itself has observed that the claims have to be dealt with in accordance with Clause 18.4 (v) of the Resolution Plan as noted above."

18. In the above judgment of this Tribunal, which dealt with the same

CIRP, where the Application was filed in the year in 2022, i.e., after

approval of the Plan has rightly been held to be covered by Clause 18.4 of

the Resolution Plan. The above judgment, hence, fully supports the

submission of the Respondent.

Company Appeal (AT) (Ins.) No.1365 of 2023 17

19. The Applicant has filed IA No.5579 of 2021 on 29.11.2021, i.e. after

approval of the Resolution Plan by the Adjudicating Authority on

01.06.2021. We, thus, are of the view that no error has been committed

by the Adjudicating Authority in disposing of the IA No.5579 of 2021. We

hold that Appellant's case is fully covered by Clause 18.4 (xi) of the

Resolution Plan and they are entitled for refund of amount of

Rs.28,78,342/-, i.e. 50% of the principal amount as held by the

Adjudicating Authority. The Appeal is disposed of accordingly. There

shall be no order as to costs.

[Justice Ashok Bhushan] Chairperson

[Barun Mitra] Member (Technical)

[Arun Baroka] Member (Technical)

NEW DELHI

10th January, 2025

Ashwani

Company Appeal (AT) (Ins.) No.1365 of 2023 18