Gaurav Jindal vs Debashish Nanda Rp Bulland Buildtech ...

[Arising out of Order dated 10.06.2024 passed by the Adjudicating Authority (National Company Law Tribunal), New Delhi Bench (Court-II) in IA No.2413 of 2024]

IN THE MATTER OF:

Gaurav Jindal ...Appellant

Versus

Debashish Nanda, ...Respondents RP Bulland Buildtech Pvt. Ltd.

Present:

For Appellant: Mr. Rakesh K. Bajaj, Ms. Arohi Bhalla, Advocates.

For Respondents: Mr. Sumant Batra, Mr. Sarthak Bhandari, Advocates for RP. Ms. Anuja Pethia, Mr. Rishabh Govila, Advocates for SRA.

JUDGMENT

(19th March, 2025)

Ashok Bhushan, J.

This Appeal has been filed challenging the order dated 10.06.2024

passed by the Adjudicating Authority (National Company Law Tribunal) New

Delhi Bench (Court- II) by which application IA No.2413 of 2024 filed by the

Appellant has been rejected.

2. Brief facts necessary to be noticed for deciding the Appeal are:- 2

2.1. Appellant was allotted Flat No.C-103 on payment of Rs.29 lakhs on

04.06.2015. The entire payment of Rs.29 Lakhs was made by the UCO Bank

to the corporate debtor by loan taken by the Appellant for payment against

the flat. On 03.02.2018, Appellant requested the corporate debtor to cancel

the allotment and clear the bank loan amount. Bank has initiated

proceedings against the Appellant before the Debt Recovery Tribunal (DRT).

Appellant filed a complaint before the UP RERA on 02.03.2019. On

05.08.2019, the UP RERA issued decree against the corporate debtor for

payment of outstanding alongwith the interest. In the year 2020 before the

DRT, Appellant settled its dues with the bank. The bank after receiving the

entire payment of Rs.17 lakhs towards full and final settlement of dues has

directed the OA No.617 of 2018 filed by the bank to be withdrawn. By order

dated 22.03.2021, CIRP commenced against the Corporate Debtor. On

06.04.2021, Appellant filed its claim in Form CA along with the supporting

documents including the RERA order. On query to the Respondent,

Appellant filed its claim again in Form C. The Resolution Plan of SRA was

approved in the year 2021. Homebuyers have filed an appeal before the

Hon'ble Supreme Court in "Vishal Chelani & Ors. vs. Debashis Nanda-

Civil Appeal No.3806 of 2023" where homebuyers who had obtained

decree from UP RERA were not treated as homebuyers by the Resolution

Professional. Appeal was allowed by the Hon'ble Supreme Court on

06.10.2023 and Appellant of that case was declared as financial creditor

alongwith other homebuyers. Appellant- Gaurav Jindal, after the judgment

of the Hon'ble Supreme Court filed an IA No.2413 of 2024 seeking a

direction to the Respondent to accept the claim at par with other

Company Appeal (AT) (Insolvency) No. 2076 of 2024 3

homebuyers. Notice was issued in the application and by order dated

10.06.2024, the application has been rejected. An affidavit dated

28.02.2025 has also been filed by the Appellant bringing certain documents

on record.

3. We have heard Ms. Arohi Bhalla, Learned Counsel for the Appellant

and Shri Sumant Batra, Learned Counsel for the Resolution Professional as

well as Counsel for the SRA.

4. Counsel for the Appellant submits that the Appellant's claim has been

accepted as 'unsecured financial creditor' whereas Appellant was entitled to

be treated as homebuyer. It is submitted that the Appellant has not been

treated as allottee of Flat No.103, C- Block. It is submitted that the

Appellant is also entitled for the benefit of the judgment of the Hon'ble

Supreme Court in "Vishal Chelani & Ors. vs. Debashis Nanda- Civil

Appeal No.3806 of 2023".

5. Counsel for the Resolution Professional refuting the submission of the

Appellant submits that the Appellant's claim was rightly accepted as other

creditors since it was on the own request of the Appellant that the unit was

cancelled. Insofar as the amount paid by the Appellant to the bank, the said

fact was not brought into notice of the Resolution Professional and SRA. The

amount which has been paid by the Appellant to the bank that amount shall

be paid to the Appellant out of the amount reserved in the Resolution Plan

in the interest of justice.

Company Appeal (AT) (Insolvency) No. 2076 of 2024 4

6. Counsel for the SRA has also supported the impugned order passed

by the Adjudicating Authority.

7. We have considered the submissions of the counsel for the parties and

perused the record.

8. In IA No.2413 of 2023, following prayers were made:-

"IA-2413/2024: The prayer made in the application reads thus:

1) Allow this application and direct the Resolution Professional to admit the claim with change in category as per the order of Supreme court in the matter of other homebuyers of the same class.

2) To pass any other order as the Hon'ble tribunal may deem fit in this regard."

9. The Adjudicating Authority in the impugned order has noted that the

plan was approved on 24.04.2024 and the IA No.2413 of 2024 has been filed

in the year 2024. Paragraph 12 of the reply of the Resolution Professional

filed in IA No.2413 of 2024 has been noticed by the Adjudicating Authority.

In paragraph 12 of reply filed in IA No.2413 of 2024 following was stated:-

"12. The Applicant has filed its claim in respect of I unit. In Form CA dated 06.04.2021 filed by the Applicant, it has claimed to have been allotted the Unit No.103, C Block, detailed in Column Nos. 2 and 3 of the Table below. It is respectfully submitted that as per the records (software) of the Corporate Debtor,

Company Appeal (AT) (Insolvency) No. 2076 of 2024 5

the unit mentioned at the table below in Sr. No.1 is a vacant inventory as per the records of the Corporate Debtor. It is pertinent to mention since their name didn't appear in the records of the Corporate Debtor with respect to the unit for which they had filed their claim and is a vacant inventory as per the records of the Corporate Debtor, thus, in the absence of this, they cannot be treated as Homebuyers. Detail of the Unit as per record of Corporate Debtor is provided in the Table below:

Sr. No. Account No./ Name of the Property Status of Customer ID person to Details Claim whom the Unit has been allotted as per the Applicant 1 02340610005712 Gaurav Jindal Flat no -103, The records of the C Corporate Debtor block does not reflect this name as a unit holder of the said unit.

The said unit is reflected as hold unit i.e. Vacant inventory as per the records of the Corporate Debtor.

10. The present is a case where Appellant on his own request got his unit

cancelled and he has filed the claim with respect to the amount which was

paid to the corporate debtor towards allotment of the unit as noted above,

allotment was made on 04.06.2025 and the entire amount was paid by the

UCO Bank to the corporate debtor. No payment was made by the Appellant

to the Corporate Debtor. Appellant has brought on the record the order of

Company Appeal (AT) (Insolvency) No. 2076 of 2024 6

the DRAT dated 10.02.2021 filed as Annexure A3 of the Affidavit which is as

follows:-

"IA No.25/2021

1. This matter is taken up by this Tribunal through Video Conferencing.

2. This IA has been filed by the applicant bank seeking permission to withdraw the present OA submitted that during the pendency of present OA, matter has been amicably settled between the parties and in terms of settlement, the applicant bank has already received the entire payment of Rs.17 lacs towards full and final settlement of the dues of applicant bank. It has also been prayed to return the original documents.

3. In view of the submissions made by the Ld. counsel for applicant bank, this IA is hereby allowed and OA No.617/2018 is hereby dismissed as withdrawn. Original documents be returned to the applicant bank as per procedure. Pending application if any shall also be disposed off accordingly. File be consigned to records."

11. From the above, it is clear that the Appellant entered into settlement

with the Bank and paid Rs.17 lakhs towards full and final settlement of the

dues, hence, there are no bank dues with respect to the unit in question.

Adjudicating Authority in the order although has noticed the amount of

Rs.29 Lakhs is reflected as payable by the Corporate Debtor in its books of

Company Appeal (AT) (Insolvency) No. 2076 of 2024 7

accounts and the Resolution Professional shall intimate the bank about the

amount payable to them forthwith. We have noticed that the Appellant has

already paid the amount to the bank and all dues of the bank are settled

with the Appellant. We are of the view that the Resolution Professional shall

ensure that the amount of Rs.17 lakhs which was paid by the Appellant is

paid to the Appellant from the amount reserved in the Resolution Plan.

Counsel for the Resolution Professional submitted that the Appellant having

paid the amount, the said amount will be paid to the Appellant.

12. Considering the facts of the present case, we are of the view that the

ends of justice be served in disposing of the appeal directing the Respondent

to make payment of amount of Rs.17 lakhs which was paid by the Appellant

to the bank for arriving at settlement with the bank regarding amount paid

by the bank towards unit in question. No further order is required in the

facts of the present case. The said payment shall be paid to the Appellant

within period of 60 days from today. Appeal is disposed of.

[Justice Ashok Bhushan] Chairperson

[Barun Mitra] Member (Technical)

New Delhi Anjali

Company Appeal (AT) (Insolvency) No. 2076 of 2024