Devendra Singh vs Homebuyers Of Sidhartha Buildhome Pvt. ...

Devendra Singh ...Appellant

Versus

Homebuyers of Sidhartha Buildhome Pvt. Ltd. & ...Respondents Ors.

Present: For Appellant: Mr. Sumant Batra, Mr. Abhishek Sharma, Mr. Sarthak Bhandari and Ms. Riya, Raj S., Advocates for IA 919 of 2026. Mr. Kabir Chhilwar, Animesh Sin, Adv. for I.A No. 1663, 1825 of 2026 Mr. Ankit Anandraj Shah, Adv. for NCR Greens Homebuyers For Respondents: Ms. Ekta Choudhary, Priya Rathi, Adv. for R3 Mr. Sandeep Bhuraria, Vaishnavi Prakash, Adv. for SRA/14 Mr. Abhinav Aggarwal, Shivam Sengupta, Adv for Homebuyers Ms. Maneka Guruswamy, Sr. Adv. with Sandeep Bajaj, Vipul Jai, Charmi Khurana, Adv. for AR of Project Estella Ms. Meenakshi Arora, Sr. Adv. with Parmatma Singh, Nishita Jagetia, Janmesh Singh, Balraj Singh, Nanakay, Kalra, Adv. for R2

JUDGMENT

(05th May, 2026)

Ashok Bhushan, J.

This application (I.A. No. 919 of 2026) has been filed by Sidharth

Chauhan, Director (Powers Suspended) of Corporate Debtor- Sidhartha

Buildhome Private Limited, the promoter of the Corporate Debtor 2

consequent to the order passed by the Hon'ble Supreme Court dated

02.12.2025 in Civil Appeal No.12980 of 2025- "Ravindra Kumar Singh &

Ors. vs. Punjab & Sind Bank & Ors." making following prayers:-

"a) Grant hearing on the Applicant's Proposal dated 30.10.2025 and 30.11.2025 (Annexure A-5 & Annexure A-7) at the earliest possible date in compliance with the directions passed by the Hon'ble Supreme Court vide order dated 02.12.2025, and/or;

b) Take the Applicant's Proposal dated 30.10.2025 and Revised Proposal dated 30.11.2025 on record and consider the same in accordance with the directions issued by the Hon'ble Supreme Court vide order dated 02.12.2025, and/or;

c) Permit the Applicant to file a Detailed Resolution Plan/Proposal in the interest of all the stakeholder, if so directed, and/or;

d) Pass such other or further orders as this Hon'ble Appellate Tribunal may deem fit in the interest of justice and in the interest of Banks, homebuyers and all stakeholders."

2. We need to notice certain background facts of the case to consider the

prayers made in the application.

2.1. On an application filed by Punjab National Bank under Section 7 of

the IBC, CIRP against the Corporate Debtor- M/s. Sidhartha Buildhome

Private Limited commenced on 04.03.2021 in CP (IB) No.717/ND/2019. The

promoter of the Corporate Debtor submitted a proposal under Section 12A

of the withdrawal of the CIRP which was rejected by the CoC on 06.08.2021.

Under order of the Adjudicating Authority, withdrawal proposal under

I.A. No. 919, 1210, 1663, 1825 of 2026 in Comp App. (AT) (Ins.) No. 791 of 2023 3

Section 12A was again considered and rejected by the CoC on 15.02.2022.

2nd withdrawal proposal was not approved by the CoC in meeting dated

10.01.2023 which was challenged by promoter by IA No.753 of 2023 which

was allowed by the NCLT on 24.05.2023 permitting withdrawal of the CIRP

under Section 12A. The said order was challenged before this Tribunal in

Company Appeal (AT) (Insolvency) No.791 of 2023 which Appeal was allowed

by this Tribunal by judgment dated 16.02.2024. This Tribunal set aside the

order allowing withdrawal and directed for CIRP to revive and confine to

Project Estella. Project NCR Greens was kept out of CIRP on submission of

the promoter that Project NCR Greens is complete. Order dated 16.02.2024

was challenged in the Supreme Court by homebuyers which also came to be

dismissed by the Hon'ble Supreme Court. In the CIRP of the Corporate

Debtor, a Resolution Plan was submitted by Alpha Corp on 26.06.2024. The

Resolution Plan submitted by Alpha Corp was came for consideration in 35th

CoC meeting held on 10.09.2024 which Resolution Plan was approved by

79.96% of the vote share of the CoC. An IA No.57 of 2024 was filed by the

Resolution Professional for approval of the Resolution Plan before NCLT

which is pending consideration. Punjab & Sind Bank had filed an

application before NCLT for initiating CIRP against the Corporate Debtor

which was rejected against which Punjab & Sind Bank filed an appeal before

this Tribunal, which came to be dismissed. An IA No.3206 of 2025 was filed

in Company Appeal (AT) (Insolvency) No.791 of 2023 seeking clarification of

the order dated 16.02.2024. By the order dated 09.09.2025 passed by this

Tribunal in IA No.3206 of 2025 filed by the Punjab & Sind Bank, this

Tribunal clarified that the 'Resolution Professional is free to proceed with the I.A. No. 919, 1210, 1663, 1825 of 2026 in Comp App. (AT) (Ins.) No. 791 of 2023 4

CIRP of Project NCR Greens and issue Information Memorandum and Form

G and proceed further in accordance with the I&B Code and CIRP

Regulations 2016'. Aggrieved by the order dated 09.09.2025 passed by this

Tribunal in IA No.3206 of 2025. Appeal was filed before the Hon'ble

Supreme Court by homebuyers of NCR Greens being Civil Appeal No.12980

of 2025. The Hon'ble Supreme Court in the above appeal passed an order on

17.10.2025 which is to the following effect:-

"1. Heard Mr.S. Niranjan Reddy, the learned Senior counsel appearing for the appellants and Mr. Navin Pahwa, the learned Senior counsel, who is on caveat, appearing for the Respondent No.4 Promoter.

2. Application seeking permission to file the Appeal is granted.

3 Exemption Application is allowed.

4. Board. Issue notice, returnable on 30-10-2025 on top of the

5. Let status-quo be maintained.

6. By the next date of hearing, we want the Promoter to put forward a concrete proposal before us as to in what manner they would like to discharge their liabilities both towards the home buyers as well as the Bank."

2.2. The promoter in pursuance of the direction issued by the Hon'ble

Supreme Court on 17.10.2025 had submitted a proposal dated 30.10.2025

and revised proposal dated 30.11.2025 before the Hon'ble Supreme Court.

The revised proposal submitted by the promoter was with respect to both

the projects Estella and NCR Greens of the Corporate Debtor, the Hon'ble

Supreme Court noticed the proposal submitted by the promoter. The

I.A. No. 919, 1210, 1663, 1825 of 2026 in Comp App. (AT) (Ins.) No. 791 of 2023 5

homebuyers of Estella project has also appeared and made their submission

including the Counsel for Punjab National Bank and Punjab & Sind Bank.

The Hon'ble Supreme Court after hearing the parties made following

observations in paragraphs 14 to 22 of the order dated 02.12.2025 which is

as follows:-

"14. Manifold contentions have been raised on either side. Mr. Pahwa, the learned Senior counsel appearing for the promoter all throughout his course of submissions tried to persuade us to take the view that his offer in the form of a revised proposal is far far economically viable and much better than the plan of the SRA in so far as the Estella Project is concerned. According to Dr. Maneka also, the plan put forward by ALFA Core (SRA) should be accepted.

15. In so far as the two Banks are concerned, according to the learned counsel appearing for the Punjab and Sind Bank, the total dues payable by the promoter comes to around Rs.127 Crore as on 30-10- 2025. He further brought to our notice that the offer of the promoter is Rs.35 Crore plus interest. He also brought to our notice that cheque for an amount of Rs.5.25 Crore has been handed over to the Bank. However, the learned counsel made himself clear that this proposal is now pending with the higher authorities. Ultimately, if the higher authorities approve it, Bank may proceed accordingly.

16. In so far as the Punjab National Bank is concerned, the learned counsel brought to our notice that the plan of the SRA namely Alfa Core (SRA) in so far as Estella is concerned has been opposed.

I.A. No. 919, 1210, 1663, 1825 of 2026 in Comp App. (AT) (Ins.) No. 791 of 2023 6

17. At this stage, it was further clarified that the Punjab and Sind Bank has also opposed the plan of the SRA.

18. We are of the view that we should request the National Company Law Appellate Tribunal to look into the entire revised proposal which has been put forward by the promoter before us.

19. We would appreciate if the Appellate Tribunal looks into the entire revised proposal, understands it and after hearing all the stakeholders involved in this litigation, take an appropriate call in the matter.

20. In such circumstances, referred to above, let the Appellate Tribunal look into the revised proposal of the promoter within a period of three months from today and take an appropriate call. While keeping the impugned order in abeyance, the earlier order of status-quo shall continue.

21. Post this matter in the month of March, 2026.

22. We leave it to the better discretion of the Appellate Tribunal in so far as the plan of Estella is concerned."

2.3. As noted above, in consequence of the order passed by the Hon'ble

Supreme Court dated 02.12.2025 promoter has filed IA No.919 of 2026

making prayers as noticed above. The application which was filed by

promoter IA No.919 of 2026 came for consideration before this Tribunal on

05.02.2026. The order dated 05.02.2026 passed by this Tribunal is as

follows:-

"05.02.2026 :- Ld. Counsel for the Appellant seeks liberty to file amended memo in I.A. No. 919 of 2026 for impleading the SRA to the Estella Project as well as Homebuyers of 'Sidhartha Buildhome Pvt.

I.A. No. 919, 1210, 1663, 1825 of 2026 in Comp App. (AT) (Ins.) No. 791 of 2023 7

Ltd.' who had filed an Appeal before the Hon'ble Supreme Court being Civil Appeal No. 1298 of 2025, where the Hon'ble Supreme Court has issued direction on 02.12.2025. The applicant to take steps to serve the newly impleaded homebuyers personally within a week. We notice that although the order was passed by the Hon'ble Supreme Court on 02.12.2025 and this I.A. No. 919 of 2026 was filed on 11.12.2025 but the application was kept in defect and has been listed first time today.

Ld. Counsel for the Promoters submitted that promoters were facing various difficulties during the period including SIFO investigation and they could obtain interim order from the Hon'ble Supreme Court only on 02.02.2026, thereafter steps are being taken. Be as it may. The Hon'ble Supreme Court in its order dated 02.12.2025 has noted the proposals given by promoters with respect to both the projects 'Estella' and 'NCR'.

Ld. Counsel for the Punjab National Bank and Punjab & Sind Bank appear and accept notice of the application.

It is submitted by Ld. Counsel for the Promoters that proposals have been submitted before the Hon'ble Supreme Court and also given to both the Banks. We are of the view that proposals which are submitted by the Appellant with regard to both the projects Estella' and 'NCR' to be put on the website of the Corporate Debtor so that they can be accessed by all the Homebuyers. The promoters to put their proposals on the website and communicate to the AR of both the projects so that it should come in the notice of all the Homebuyers.

I.A. No. 919, 1210, 1663, 1825 of 2026 in Comp App. (AT) (Ins.) No. 791 of 2023 8

We permit the AR of the Homebuyers of both projects to file objections. We also permit both the Banks as well as SRA to file their objections to the proposals. We allow all the parties to file their objections within two weeks from today.

Ld. Counsel for the RP is also given liberty to file objection to both the proposals. The proposals shall be handed over to the RP, who shall put them on the website within three days from today.

Shri Palash S. Singhai, Ld. Counsel seeks liberty to file objection within two weeks from today. List this Application/Appeal on 25.02.2026."

2.4. In pursuance of the order passed by this Tribunal dated 05.02.2026,

Punjab National Bank as well as Punjab & Sind Bank has filed their

objections. Resolution Professional has also filed its objections. SRA- Alpha

Corp has filed its objections and Affidavit. The Authorised Representative of

the homebuyers of the Corporate Debtor has also filed its objection.

Another group of Homebuyers of Estella Project have filed their objection.

Homebuyers of NCR Greens have also filed their objections. Certain

Operational Creditors have also filed their applications and objections.

2.5. I.A. No.1210 of 2026 has been filed by Chief Executive Officer of Dhir

and Dhir Associates praying for setting aside the decision of the CoC taken

in the 22nd Meeting of the CoC held on 03.06.2022 and other meetings of the

CoC as regards rejection / non-ratification of the professional fees of the

Applicant.

2.6. I.A. No.1663 of 2026 has been filed by the RR Infrastructures praying

for setting aside the decision of the CoC taken in the 27th meeting of the CoC I.A. No. 919, 1210, 1663, 1825 of 2026 in Comp App. (AT) (Ins.) No. 791 of 2023 9

held on 10.01.2023 wherein the CoC rejected the outstanding dues of the

Applicant.

2.7. I.A. No.1825 of 2026 has been filed by Sharda praying for setting

aside the decision of the CoC taken in the 27th meeting of the CoC held on

10.01.2023 wherein the CoC rejected the outstanding dues of the Applicant.

3. We have heard Learned Counsel appearing for the

Applicant/Promoter, Learned Counsel for the Resolution Professional,

Learned Counsel for the authorised representative of homebuyers of Estella

Project, Learned Counsel for the Punjab National Bank and Punjab & Sind

Bank, Learned Counsel appearing for SRA- Alpha Corp and various Learned

Counsel appearing for homebuyers of Estella Project as well as Learned

Counsel appearing for homebuyers of NCR Greens Project.

4. Appellant has also filed a revised proposal by IA No.1782 of 2026 in IA

No.919 of 2026 referred as consolidated revised proposal on behalf of the

promoter. There being two separate projects of the Corporate Debtor, Project

Estella and Project NCR Greens, we proceed to consider the submission of

the parties with respect to both the projects separately.

Project Estella

5. As noted above, with respect to Project Estella under Order dated

16.02.2024 passed by this Tribunal in Company Appeal (AT) (Insolvency)

No.791 of 2023, the Resolution Professional proceeded with the CIRP of

Estella. We need to notice the operative portion of the order dated

I.A. No. 919, 1210, 1663, 1825 of 2026 in Comp App. (AT) (Ins.) No. 791 of 2023 10

16.02.2024 passed by this Tribunal in Company Appeal (AT) (Insolvency)

No.791 of 2023 and other Appeals decided together. In paragraph 40 of the

judgment, we issue following directions:-

"40. In view of the foregoing discussions and our conclusion, we decide all these appeals in following manner:-

(i) Company Appeal (AT) (Insolvency) Nos. 791 and 982 of 2023 are allowed. The order dated 24.05.2023 passed by the Adjudicating Authority in IA No. 753 of 2023 is set aside. I.A. No.753 of 2023 is dismissed.

(ii) CIRP of the Corporate Debtor- Sidhartha Buildhome Pvt. Ltd. is revived which proceeding shall confine to Project Estella.

(iii) The Project NCR Green be kept out of the CIRP which henceforth commences. The promoter/director is solely responsible to complete and handover all units of the Project NCR Green to the unit holders and in event there is any failure on the part of the Respondent No.4 to handover the units to all unit holders, it shall be open for the Financial Creditors in class to make an application before the Adjudicating Authority for appropriate relief including relief of revival of CIRP with regard to NCR Green Project also.

(iv) The Resolution Professional shall issue fresh Form G with regard to Estella Project and complete the CIRP within a period of 90 days from the date of issuance of Form G. Resolution Professional before issuing Form G with regard to Estella Project shall constitute the CoC for the Project Estella and

I.A. No. 919, 1210, 1663, 1825 of 2026 in Comp App. (AT) (Ins.) No. 791 of 2023 11

proceed further as per decision of the CoC so constituted."

6. The order dated 06.02.2024 of this Tribunal was also challenged

before the Hon'ble Supreme Court which Appeal has also been dismissed.

With respect to Estella Project, the Resolution Professional proceeded with

the CIRP and in the CIRP, Resolution Plan submitted by Alpha Corp came

for consideration which was approved by the CoC in 35th CoC meeting held

on 10.09.2024. The plan was approved with vote share of the CoC of 79.96%

and the application for approval of the Resolution Plan is pending before the

NCLT. Learned Counsel for the Appellant has contended that the revised

proposal submitted by the Appellant is comprehensive proposal for both the

Projects Estella and NCR Greens. In the order of the Hon'ble Supreme Court

dated 02.12.2025, the Hon'ble Supreme Court has noticed such a detail

with regard to both the projects Estella and NCR Greens in paragraphs 5

and 6 which is as follows:-

"5. So far as NCR Greens is concerned, 10 towers have come up. There are 633 flats. According to Mr. Pahwa, the learned Senior counsel appearing for the promoter, 430 flats have now been occupied. In other words, possession has been take over by the home buyers. 203 flats remain vacant.

6. In so far as the Estella Project is concerned, 8 towers have come up but these towers are in a dilapidated condition. In accordance with the project, 495 flats are to come up in 8 towers. Estella Project is in CIRP."

I.A. No. 919, 1210, 1663, 1825 of 2026 in Comp App. (AT) (Ins.) No. 791 of 2023 12

7. The Punjab National Bank is the member of the CoC of the Estella

Project whereas Punjab & Sind Bank has given finance to NCR Greens

Project. Learned Counsel for the promoter submits that the comprehensive

proposal submitted by promoter takes care of dues of both the Financial

Creditors. The dues of Punjab National Bank are Rs.103,13,61,05/- with

respect to which the promoter is proposing Rs.67.60 Crores to the Punjab

National Bank within a period of 12 months along with interest and is

proposing Rs.35 Crores to Punjab & Sind Bank within a period of 12 months

from the effective date with interest. Learned Counsel for the Appellant

submitted that as compared to the Resolution Plan submitted by Alpha

Corp, the proposal submitted by Appellant is far better. Alpha Corp is

proposing only Rs.10 Crores to the Punjab National Bank and no payment

at all to Punjab and Sind Bank. Punjab & Sind Bank is not part of the CoC

of the Estella Project. Learned Counsel for the Appellant submitted that in

the revised proposal, the Appellant is proposing to deliver the unit to the

homebuyers of the Estella project without any extra cost and in lesser time

period. The SRA is proposing additional pay-out from the homebuyers of the

Estella Project whereas no additional liability on homebuyers is proposed by

the Appellant. SRA proposed to obtain additional FAR for carrying out the

project. Appellant is also proposing to pay Operational Creditors, employees

and workmen whose details are already contained in the revised plan dated

09.02.2026. The Counsel for the promoter submits that NCR Greens is

substantially complete and only minor finishing work is to be undertaken.

Promoters proposed to complete the same within 6 months. Proposal

submitted by promoters with respect to Estella Project is vehemently I.A. No. 919, 1210, 1663, 1825 of 2026 in Comp App. (AT) (Ins.) No. 791 of 2023 13

opposed by Authorised Representative of the homebuyers of the Estella

Project, Resolution Professional as well as the SRA.

8. Ms. Maneka Guruswamy, Learned Senior Counsel appearing for the

Authorised Representative of the Homebuyers of the Estella Project submits

that the proposal submitted by Promoters under Section 12A has been

rejected by the CoC time and again. The CoC has rejected the withdrawal

proposal by promoter in the meeting dated 06.08.2021, 15.02.2022 and

again on 01.10.2023. It is submitted that even after the order of the Hon'ble

Supreme Court passed on 02.12.2025, the Authorised Representative of the

homebuyers again convened a meeting on 17.02.2026 in which meeting

majority of 95.35% has voted against consideration of promoters' proposal.

It is submitted that the promoter is absconding and even after direction of

the Hon'ble Supreme Court vide order dated 06.01.2026 in SLP Criminal

No.37 of 2026 has not surrendered. It is submitted that several criminal

proceedings are going on against the promoter. ED has attached the

properties of the promoters. SFIO investigation. Promoter obtained further

time from Hon'ble Supreme Court for surrender and in SLP (Criminal) No.36

of 2026, Hon'ble Supreme Court granted further time to promoter to

surrender which has not yet happended. The promoter has been declared

wilful defaulter by Punjab & Sind Bank and proclaimed offender. It is

submitted that the homebuyers have neither any confidence nor any trust

on the promoter. Promoter who has not been able to complete the project for

last more than a decade cannot be relied. It is submitted that the promoters

have no funds to carry out the project and proposal submitted that it will

I.A. No. 919, 1210, 1663, 1825 of 2026 in Comp App. (AT) (Ins.) No. 791 of 2023 14

pay to Punjab National Bank and Punjab and Sind Bank and complete the

project are all empty assurances. Promoters have brought on record an

agreement executed on 24.03.2026 with one BCD Mumbai Private Limited

which according to promoter is a lead developer. Learned Counsel submitted

that the agreement itself indicate that the BCD Mumbai is willing to act as a

lead developer subject to due-diligence and funding availability. It is

submitted that the said agreement cannot be relied nor promoter can be

permitted and the proposal submitted by promoter with regard to Estella

Project need to be out-rightly rejected. Learned Counsel further submitted

that Appeal before the Hon'ble Supreme Court being Civil Appeal No. 12980

of 2025 in which order dated 02.12.2025 has been passed was filed by

homebuyers of NCR Greens challenging the order of this Tribunal dated

09.09.2025 by which this Tribunal directed CIRP to proceed against NCR

Greens. The order dated 09.09.2025 was only confined to NCR Greens and

the promoters could not have submitted proposal for both the Projects

Estella and NCR Greens. It is submitted that in the Project Estella, the

Resolution Plan is already approved by the CoC which is pending

consideration before the Adjudicating Authority and there are no grounds

made out to accept any settlement proposal of the Appellant for Estella

Project.

9. Ms. Meenakshi Arora, Learned Senior Counsel for the Resolution

Professional submitted that the CoC on several occasions have considered

and rejected the settlement proposal of the promoter. Constructions of

Estella Project is required to be demolished which is already recommended

I.A. No. 919, 1210, 1663, 1825 of 2026 in Comp App. (AT) (Ins.) No. 791 of 2023 15

by Committee of Retired Justice R.S. Chauhan. The SRA has proposed

demolition of the entire structure of Estella Project and to re-build the same.

In the structure, poor quality of materials was used. The promoter who is

facing several criminal proceedings and has not even surrendered in spite of

the order passed by the Hon'ble Supreme Court cannot be relied for

completion of the Project Estella. Resolution Professional has proceeded with

the CIRP as per the order of this Tribunal and the CoC with 79.96% vote

share has already approved the Resolution Plan of Alpha Corp which is

pending consideration before the NCLT. It is submitted that the promoter

has been declared wilful defaulter and ineligible to submit any Resolution

Plan under Section 29A. Civil Appeal No.12980 of 2025 was filed by the

homebuyers of NCR Greens aggrieved by the order dated 09.09.2025 of this

Tribunal in which proceeding no issue pertaining to Project Estella were

involved. Promoters found an opportunity to submit settlement proposal for

both the projects. Enforcement Directorate had issued a Press Release on

31.05.2025 informing attachment of the properties relating to the

promoters/ Directors of Corporate Debtor. Investigation reveals that the

promoters have collected Rs.2520 Crores from more than 950 homebuyers

for its project in Gurgaon which funds were diverted to group companies.

Settlement proposal submitted by promoters is nothing but an eye wash to

wriggle out of attachment proceeding. Corporate Debtor has no finance or

funding.

10. The representatives of the Punjab National Bank were present in the

CoC meeting on 10.09.2024 but choose not to vote. During the period when

I.A. No. 919, 1210, 1663, 1825 of 2026 in Comp App. (AT) (Ins.) No. 791 of 2023 16

12A was allowed and promoter was in management, promoters have sold 37

units of the Estella to its sister concern. Resolution Professional has also

filed an application for avoidance of transaction which is pending.

11. Learned Counsel appearing for the SRA refuting the submission of the

Counsel for the Appellant submits that the CoC, majority of which consist of

creditors in class i.e. homebuyers have already approved the Resolution

Plan of the SRA- Alpha Corp. Refuting the submission of the Counsel for the

promoter that settlement proposal submitted by the promoter is better and

higher than the plan submitted by the SRA, learned Counsel for the SRA

has highlighted the key terms of the SRA Resolution Plan and submitted

that the SRA shall duly handover the completed units in three years + 6

months' grace period in phased manner. Punjab and Sind Bank being not

member of the CoC has not proposed any payment. There are PUFE

transactions of around Rs.400 Crores. SRA has stated in the plan that the

realisation from PUFE transaction would be distributed to secured creditor

to enhance recovery upto the admitted claim and balance amount shall be

appropriated in favour of the allottees to the extent of additional charge and

payment. SRA will infuse amount of Rs.15 Crores within 90 days. Objection

raised by the promoter that SRA is ineligible is untenable. It is submitted

that the CoC having shown confidence in the SRA, SRA should be allowed to

complete the project.

12. We have heard Shri Gaurav Mitra, Learned Counsel appearing for a

group of homebuyers of Estella Project who claim to support the promoters.

It is submitted that the homebuyers have also appeared and filed I.A. No. 919, 1210, 1663, 1825 of 2026 in Comp App. (AT) (Ins.) No. 791 of 2023 17

intervention in the Hon'ble Supreme Court. Plan proposed by Alpha is not

only time consuming but also imposes additional financial burden to the

homebuyers. It contemplated possession over a period of five years. The SRA

proposes to obtain additional FAR.

13. Learned Counsel for the Punjab National Bank submits that the

Punjab National Bank which has vote share of 20.04% could not participate

in the voting held by CoC for approval of the plan since the voting dates

were on holidays although its representatives were present on 10.09.2024. It

is submitted that the Punjab National Bank has already filed an objection

before the NCLT questioning the approval of the plan by CoC. It is submitted

that the SRA is not eligible under Section 29A(c) and (j) of the IBC.

Subsidiary of SRA has been classified as NPA. Promoter has proposed a

settlement of Rs.48.50 Crores to the Punjab National Bank which is under

consideration and the proposal under the Resolution Plan is only Rs.5

Crores as against claim of Rs.110 Crores.

14. Counsel appearing for the Punjab & Sind Bank submitted that the

Punjab & Sind Bank has been removed from CoC w.e.f. 27.07.2024. Copy of

Resolution Plan has not been provided to Punjab & Sind Bank and Punjab &

Sind Bank has also filed an objection before NCLT for rejecting Resolution

Plan. Claim of Rs.63,49,66,269/- of Punjab & Sind Bank has been admitted.

The Punjab & Sind Bank has sought current valuation of NCR Greens. The

Punjab & Sind Bank being Public Sector Bank needs time to consider the

proposal of Appellant in terms of the current valuation. Punjab & Sind Bank

has appointed its own valuer to value the Project NCR.

I.A. No. 919, 1210, 1663, 1825 of 2026 in Comp App. (AT) (Ins.) No. 791 of 2023 18

15. Learned Counsel for the Promoter in rejoinder submission repeated its

revised settlement proposal which according to Counsel for the Promoter

shall take care of both the projects and both the banks as well as the

interest of the homebuyers. It is submitted that the Appellant has sufficient

financial capacity to complete both the projects. The Hon'ble Supreme Court

looked into the issues for the benefit of all the stakeholders particularly the

banks, homebuyers and promoters. Learned Counsel again reiterated and

placed a comparative chart of SRA's plan and revised proposal. It is

submitted that the promoters' proposal is the only wholesome solution to

put quietus to the entire issue. The plan submitted by the SRA is not free

from objection, apart from eligibility of the SRA. Objections have been filed

by the Punjab National Bank and the Punjab & Sind Bank. For execution of

the project, promoters have already entered into agreement with BCD

Mumbai dated 24.02.2026. The SRA's plan is depended on additional floor

area ratio (FAR) whereas promoters shall proceed to complete the project

even if no additional FAR is allowed. Promoter has already incurred

expenses to the tune of Rs. 48.43 Crores during the period when 12A

proposal was enforced. Out of 505 flats only 237 homebuyers have voted in

Alpha's plan. Promoters during his submissions prayed that Appellant can

submit title deeds of the immovable assets to the Court to prove its financial

capacity. SFIO offence alleged amount Rs.40.70 Crores to which promoter is

willing to secure the amount offering attachment of the properties. Bail

order has been granted by the Delhi High Court with respect to EoW offence.

With respect to Enforcement Directorate attachments appeal has been filed

I.A. No. 919, 1210, 1663, 1825 of 2026 in Comp App. (AT) (Ins.) No. 791 of 2023 19

which is pending. Allegation that promoters have sold 37 units at

undervalued price is incorrect. The units were sold strictly in compliance of

all applicable legal requirements.

16. We have considered the submissions of the Counsel for the parties

and perused the record.

17. The total units in Estella Project of the Corporate Debtor were 505. In

the revised Resolution Plan, brief overview of Estella Project as given by the

Promoter itself is as follows:-

"Estella Project - Brief Overview

Tower Total units Construction Status Status of OC A 63 After demolition of the existing Would be applied B 73 structure, new construction at the material would commence after all time C 73 approvals and 8.50 Lakh Sq. Ft.

D 62 in first phase would be E 58 delivered within 42 months F 24 from the approval date. G 24 Composition of tower will be H 118 subject to revised layout Shops 10 Proposal Total 505

18. As noted above, the SRA has also proposed demolition of the existing

structure of Estella Project. The construction of Estella Project thus, as per

the SRA as well as the Promoter is to be demolished.

19. The CIRP of the Estella Project was revived on 16.02.2024 and is

proceeding thereafter. In the CIRP, with respect to Estella Project,

Resolution Plan has already been submitted and approved by 79.91% vote I.A. No. 919, 1210, 1663, 1825 of 2026 in Comp App. (AT) (Ins.) No. 791 of 2023 20

share of the CoC which plan is pending consideration before the NCLT. In

the objections/ Affidavit filed both by Resolution Professional and

Authorised Representative of the homebuyers of the Estella Project, it is

pleaded that the promoters' proposal for settlement were considered by the

CoC and rejected thrice. Learned Counsel appearing for the Authorised

Representative of the Estella Project submitted that even after order of the

Hon'ble Supreme Court dated 02.12.2025, the Authorised Representative of

the homebuyers called for meeting of the homebuyers of the Estella Project

which meeting was held on 17.02.2026 where majority of the homebuyers

i.e 95.35% have voted against consideration of the promoters' proposal. The

homebuyers who have substantially made payment to the promoter for

allotment of their units having been waiting for last more than decade for

the units to be handed over. In the CIRP process, promoters' repeated

settlement proposal were considered and not approved by the CoC. The

interest of homebuyers in a project have to be protected. Submission which

have been made by Counsel appearing for the Authorised Representative of

the homebuyers and the Resolution Professional gives reasons and grounds

on which there is no confidence in the promoter with respect to settlement

proposal. The promoters have relied on an agreement executed between the

promoter and one BCD Mumbai Pvt. Ltd. on 24.03.2026 which according to

promoter is a developer who shall complete the project. It is useful to notice

clause (h) of the agreement which is as follows:-

"H. BCD is willing to act as a Lead Developer, subject to due diligence, funding availability and the representations contained herein, and its final I.A. No. 919, 1210, 1663, 1825 of 2026 in Comp App. (AT) (Ins.) No. 791 of 2023 21

approval from the Hon'ble NCLAT and the Hon'ble Supreme Court."

20. Further Clause 2.1 makes the agreement non-binding in nature.

Clause 2.1 is as follows:-

"2.1 This Agreement is non-binding in nature, except for provisions relating to confidentiality, exclusivity (if agreed), and governing law."

21. Under the 'condition precedent', BCD has clearly provided that

availability of required funds which will be necessary for start and

completion of the project. Condition precedent Clause V(1) is as follows:-

"V. Condition Precedent BCD's participation shall be subject to:

1. Availability of required funds to immediately start and complete the project timely, as and when required shall be arranged by the parties post approvals from the Hon'ble NCLAT and the Hon'ble Supreme Court, from their own resources as per applicable business standards. Timely completion of the project shall be the essence of this contract"

22. The above agreement dated 24.03.2026 filed by the Appellant brought

on record with BCD Mumbai Pvt. Ltd. does not inspire any confidence nor

any kind of liability has been taken by BCD nor it can be said that there is

any binding agreement entered and any liability has been taken by BCD to

complete the project. Agreement itself pre-supposes availability of funds.

We further notice that with respect to Estella Project, Resolution Plan has

already been approved by majority of homebuyers 79.96% vote share which I.A. No. 919, 1210, 1663, 1825 of 2026 in Comp App. (AT) (Ins.) No. 791 of 2023 22

is pending consideration for approval. Both the banks have filed their

objections and the NCLT is yet to take a decision. Taking into overall facts

and circumstances in the present case and submissions of the parties, we

are of the view that the settlement proposal submitted by the promoter with

respect to Project Estella cannot be accepted. In view of the foregoing

discussion, in our opinion the revised settlement proposal submitted by

promoter cannot be accepted with respect to Project Estella.

Project NCR Greens

23. The Project NCR Greens was another project which was launched by

the Corporate Debtor. In the revised proposal submitted by promoters with

respect to brief overview of NCR Greens Project is as follows:-

"NCR Project - Brief Overview

Tower Total No. of Construction Status Status of OC units A 68 Completed Applied For B 68 Completed Applied For C 71 Completed Applied For D 71 Completed Applied For E 96 Completed Applied For F 26 Completed Obtained G 20 Completed Obtained H 34 Completed Obtained I 51 Completed Obtained J 32 Completed Obtained Executive 8 Under Construction To be obtained Shops 10 Under Construction To be obtained Basement - Completed Applied For Club House - Completed Applied For EWS - Completed Obtained Total 555 I.A. No. 919, 1210, 1663, 1825 of 2026 in Comp App. (AT) (Ins.) No. 791 of 2023 23

 Executive Floors are subject to revised Proposal and will be developed in a separate phase within the project.

24. The Hon'ble Supreme Court in its order passed on 02.12.2025 has

also noted that insofar as NCR Greens is concerned, 10 towers have come

up. There are 633 flats out of which 430 flats have been occupied and 203

flats remain vacant which have been noticed by the Hon'ble Supreme Court

in paragraph 5. In order dated 16.02.2024 passed by this Tribunal in

Company Appeal (AT) (Insolvency) No.791 of 2023 while reviving the CIRP of

the Corporate Debtor, the Project NCR Greens was kept out. The submission

was made before this Tribunal that all units pertaining to NCR Greens shall

be ready and shall be handover by end of February. On the above statement

of facts and brought by the promoter, this Tribunal in paragraph 36 made

following observations:-

"36. From the facts which have been brought on the record, it is clear that after the order dated 24.05.2023 was passed by the Adjudicating Authority allowing 12A proposal, the Respondent No.4 proceeded as per the proposal under 12A and has carried out certain works as detailed in Additional Affidavit. It has further been submitted that all units pertaining to Project NCR Green shall be ready and shall be handed over by end of February. We are of the view that the Project NCR Green being almost complete, the said project need to be kept out of CIRP. However, Respondent No.4 shall be entirely responsible for handing over units to each and every unit holder of NCR Green Project."

I.A. No. 919, 1210, 1663, 1825 of 2026 in Comp App. (AT) (Ins.) No. 791 of 2023 24

25. The NCR Greens was, thus, kept out of CIRP on the statement of

promoter that Project is almost complete. Brief overview of the project as

submitted by the Appellant itself indicates that 10 towers are complete and

with respect to five towers, OC has also been obtained and with respect to

four other towers, OC has also been applied. With respect to tower

'Executive', it is mentioned is under construction. The homebuyers of NCR

Greens are on Appeal against the order dated 09.09.2025 passed by this

Tribunal in which the order was passed by the Hon'ble Supreme Court on

02.12.2025. Homebuyers of Project NCR Greens also appeared and have

submitted that the project is substantially complete. Out of 633 flats across

10 towers possession has already been handed over to 430 units and only

203 units remain. Balance work is limited in nature and pertains primarily

to reaching ancillary aspects such as basement repair and lift functioning,

water supply, enhancement of electricity, repairing and development of

common entities. Resolution Professional has also filed an Affidavit bringing

on record certain objections received from few of the homebuyers of NCR

Greens. Consolidated proposal submitted by promoter has been supported

by homebuyers of the NCR Greens.

26. The Promoter who has launched its project and has made a statement

before this Tribunal on 16.02.2024 that it shall handover the units

immediately, was the reason for this Tribunal directing CIRP not to proceed

with NCR Greens. The Promoter is under obligation to complete the project

as per its statement recorded in our order dated 16.02.2024 in paragraph

36 as noted above. We, thus, are of the view that the promoters themselves

I.A. No. 919, 1210, 1663, 1825 of 2026 in Comp App. (AT) (Ins.) No. 791 of 2023 25

has in their revised proposal submitted that they shall complete the project

NCR Greens within a period of six months. The Promoters in their proposal

has also offered to make payment to the Punjab & Sind Bank who has

advanced its finance for Project NCR Greens. We, thus, are of the view that

the Promoter is obliged to complete the Project NCR Greens and has also to

take care of the interest of homebuyers as well as the Punjab & Sind Bank

who has extended finances for NCR Greens. We, thus, are of the view that

insofar as Project NCR Greens is concerned, Promoter be permitted to

complete the entire project, remove the deficiencies, handover the balance

units within 6 months as proposed by promoters themselves. Promoters

may be asked to submit a timeline for completion of the project NCR Greens

and the manner in which all stakeholders, including Financial Creditors in

Class and Punjab & Sind Bank shall be taken care of. However, opportunity

to complete the project NCR Greens, be granted to the promoters subject to

approval of majority of members of the Financial Creditors which also

include the Punjab & Sind Bank. Promoters themselves may submit their

plan of action to Financial Creditors in Class and Punjab & Sind Bank.

27. In view of the aforesaid discussions, we are of the view that the

promoters be permitted to complete the project NCR Greens within a period

of 6 months as proposed by promoters themselves subject to approval by

majority of the CoC which include the Punjab & Sind Bank. In event, no

approval is granted to the promoter for completion of Project NCR Greens,

appropriate direction also need to be issued for insolvency process of project

NCR Greens.

I.A. No. 919, 1210, 1663, 1825 of 2026 in Comp App. (AT) (Ins.) No. 791 of 2023 26

28. We permit both the parties to place this order before the Hon'ble

Supreme Court in Civil Appeal No.12980 of 2025.

29. I.A. Nos. 1210 of 2026, 1663 of 2026 and 1825 of 2026 need no

consideration in this proceeding. I.As are disposed of giving liberty to the

Applicants to seek such remedy as available in law.

[Justice Ashok Bhushan] Chairperson

[Barun Mitra] Member (Technical)

New Delhi Anjali

I.A. No. 919, 1210, 1663, 1825 of 2026 in Comp App. (AT) (Ins.) No. 791 of 2023