In the matter of Sandwoods Infratech Projects Pvt. Ltd.
- CitationIA-2540-2023 in IB-292(ND)-2021
Ratio decidendi
The rule this decision rests on
The application is dismissed as infructuous because the cause of action did not survive once the Adjudicating Authority had approved the Resolution Plan in an earlier order, so that the reliefs sought in the present application could no longer be granted.
Written by Miss Lucy from the judgment below, not taken from a headnote.
Judgment
As delivered
AND IN THE MATTER OF IA-2540/2023: Under Section 60(5) of the Insolvency and Bankruptcy Code, 2016. Sandwoods Kasauli Villa & Apartments Homebuyers Association Through its Treasurer, Col. D.S. Cheema. …… Applicant VERSUS Mr. Ravinder Kumar Goel & Ors 1. Mr. Ravinder Kumar Goel Resolution Professional of M/s. Sandwoods Infratech Projects Pvt. Ltd. R/o Flat No. 211, Platinum Tower, Peer Muchalla, Dhakoli, Sahibzada Ajit Singh Nagar, Punjab-160104. 2. Mr. D. Konda Successful Resolution Applicant R/o Village Gazipur, Zirakpur, Punjab-140603. 3. Mr. Vikas Aggarwal R/o SCO 21, Level 1, Sector 33-D, Chandigarh-160020. 4. Punjab National Bank Having Its Registered Office at: Circle Sastra, Second Floor SCO-43, Sector-54, Phase-II, SAS Nagar, Mohali-160055. 5. State Bank of India Having Its Registered Office at: IA-2540/2023 In IB-292(ND)/2021 Date of Order: 17.08.2023
Stressed Assets Management Branch, (SAMB), SCO 99-107, First Floor, Sector-8C, Chandigarh-160018. …… Respondents Order Pronounced On: 17.08.2023 CORAM: SHRI BACHU VENKAT BALARAM DAS, HON'BLE MEMBER (JUDICIAL) SHRI ATUL CHATURVEDI, HON'BLE MEMBER (TECHNICAL)
APPEARANCES: For the Applicant : For the Respondent :
ORDER PER: BACHU VENKAT BALARAM DAS, MEMBER (JUDICIAL)
1. This Application was filed by Sandwoods Kasauli Villa & Apartments Homebuyers Association through its Treasurer, Col. D.S. Cheema before this Adjudicating Authority under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, for seeking the following relief: a) “Pass an order restraining the Respondent No. 6, Mrs. Uma Bagolia, from carrying out any development on the plot of land purportedly acquired wherein construction under the name of Uma Bagolia Constructions and Sandwoods Jalshakti Pvt. Ltd. is being carried out. b) Pass an order directing the Respondent No.1, Ld. Resolution Professional not to alienate or create any third party rights or interests on the assets of the corporate debtor under CIRP. c) Pass an order directing the Respondent No.1; Resolution Professional to call for fresh letter of intent within time bound process by reconstituting committee of creditors after rejecting the resolution plan approved by CoC being contrary to information memorandum as well as contrary to provisions of IBC, 2016. IA-2540/2023 In IB-292(ND)/2021 Date of Order: 17.08.2023 d) Pass an order directing resolution professional to cause completion of the project, Uma's Euphoria by fixing the timeline out of contribution made by members of the applicant society as directed by this Hon'ble Tribunal vide order dt.20.04.22. e) Pass such other and further order(s) which this Hon'ble Tribunal may deem fit and proper in the facts and circumstances of the present case.” 2. In view of the order dated 10.08.2023 passed in IA-2414/2022 in IB- 292(ND)/2021 whereby this Adjudicating Authority approved the Resolution Plan, the cause of Action for filing this application does not survive. Hence, the present IA-2540/2023 dismissed as infructuous.
-SD- -SD- (ATUL CHATURVEDI) ( BACHU VENKAT BALARAM DAS) MEMBER (TECHNICAL) MEMBER (JUDICIAL)
IA-2540/2023 In IB-292(ND)/2021 Date of Order: 17.08.2023
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