Asgi Properties Private Limited vs Rajesh Ramnani& Anr

IN THE MATTER OF: ASGI Properties Pvt. Ltd. ...Appellant Versus Rajesh Ramani & Anr. ...Respondents

Present: For Appellant : Mr. P. Nagesh, Sr. Advocate with Mr. Akshay Sharma, Advocates.

For Respondents : Mr. Shivanshu Kumar and Mr. Rajesh Ramani, Advocates for RP.

Ms. Anuja Pethia, Ms. Noor Shergill and Mr. Rishabh Govila, Advocates for SRA.

ORDER

(Hybrid Mode)

11.12.2024 : This Appeal has been filed challenging the Order dated

07.08.2024, by which I.A. filed by the Appellant being I.A. 6586/2023 has

been rejected.

2. In the IA, Appellant has made prayers, which has been quoted by the

Adjudicating Authority in Para 1 of the Impugned Order. Para 1 of the

Impugned Order is as follows:

"i. To allow the present application. ii. To direct the Respondent to take steps to renew the expired map approval of the "Sushant Aquapolis"

Project of Corporate Debtor;

iii. To direct the Respondent to complete the external infrastructure work of the Tower S2A & S2B OR iv. Alternatively, to allow the Applicant to complete the external infrastructure work of the Tower S2A & S2B under supervision of RP subject to adjustment of cost against the pending dues.

v. Pass any other direction/order which this Hon'ble Tribunal may deem fit in the larger interest of justice."

3. The prayers which has been made by the Appellant itself indicates that

the approval of the map has already expired and the renewal is sought.

4. Counsel for the Resolution Professional (RP) submits that the

proceedings before the Ghaziabad Development Authority (GDA) in pursuance

of the Order 22.04.2024 passed by this Tribunal are still pending

consideration and map has not yet been renewed.

5. We are of the view that no error has been committed by the Adjudicating

Authority in rejecting the Application in the facts and situation. Adjudicating

Authority has also noted that Resolution Plan submitted by SRA has been

approved and it is pending consideration before the Adjudicating Authority.

We only observe that in event, the Plans are renewed by the GDA or

revalidated, Appellant shall be at liberty to take such remedy as available in

law.

With these observations, we dismiss the Appeal.

Learned Counsel for the RP submits that Appellants are bound by the

terms of the Memorandum of Understanding (MoU).

[Justice Ashok Bhushan] Chairperson

[Barun Mitra] Member (Technical)

[Arun Baroka] Member (Technical) himanshu/nn

Comp. App. (AT) (Ins.) No. 1921 of 2024 & I.A. No. 7107 of 2024 2 of 2