Arun Kapoor Resolution Professional Of ... vs Prakash Matlani & Anr

1

NATIONAL COMPANY LAW APPELLATE TRIBUNAL, Principal Bench, New Delhi Comp. App. (AT) (Ins) No. 240 of 2023

IN THE MATTER OF: Arun Kapoor ...Appellant Resolution Professional of Monarch Brookfields LLP Vs. Prakash Matlani & Anr. ....Respondents Present: For Appellant: Mr. Amit Assiwala, Ms. Meghna Rao Advocates

For Respondent: None

ORDER

28.02.2023: Heard learned counsel for the Appellant.

2. This appeal has been filed against an order dated 13.01.2023 by which

the order an application filed by the Respondent being IA No.1128 of 2022, has

been allowed.

3. The case of the Applicant before the Adjudicating Authority was that

their claim was previously approved by the erstwhile Resolution Professional

and which has now been rejected by the RP. The application was filed for

seeking a direction to accept their claim. The Applicant had paid an amount of

Rs.75 Lakh to Monarch Imperial, execution of registered agreement for sale for

three flats was also undertaken. Due to delay in completion of project, the

partners of Monarch Imperial transferred the amount, paid by the Applicant to

their real estate project being developed by the Corporate Debtor. The

Adjudicating Authority by impugned order, has allowed their application,

aggrieved by the said order, the RP has come up in this appeal.

Comp. App. (AT) (Ins) No. 240 of 2023 2

4. Ld. Counsel for the Appellant submits that no amount was disbursed to

the Corporate Debtor. Hence, the same could not have been admitted.

5. We have heard Ld. Counsel for the Appellant and perused the record.

The Adjudicating Authority has considered the submissions and has relied on

the receipt which were issued on behalf of the Corporate Debtor by

Partners/Builders where the receipt of the amount of Rs. 75 lakh was

acknowledged on behalf of the Corporate Debtor and it was also mentioned

that the said investment have been transferred and utilized for the Corporate

Debtor. On the said finding, the Adjudicating Authority held that the claim of

the homebuyers has to be admitted. We do not find any error in the impugned

order passed by the Adjudicating Authority accepting the claim when the

promoters of the project which was being developed earlier where the amount

was received, have been transferred and utilized in the project which is run by

the Corporate Debtor, their claim has rightly been accepted and we see no

reason to interfere with the order of the Adjudicating Authority. Hence, the

appeal is dismissed.

[Justice Ashok Bhushan] Chairperson

[Mr. Barun Mitra] Member (Technical)

Raushan/NN

Comp. App. (AT) (Ins) No. 240 of 2023