Rakesh Verma vs Mr. Devendra Singh

IN THE MATTER OF: The Authorised Representative for ...Appellants Granite Gate Properties Pvt. Ltd. Versus Devendra Singh & Ors. ...Respondents

Present: For Appellant : Mr. Sumant Batra, Mr. Sanyam Saxena, Mr. Shivam Sharma, Mr. Nubair Alvi and Mr. Sarthak Bhandari, Advocates for RP. For Respondents : Mr. Rachit Mittal and Mr. Parish Mishra, Advocates for R4/ Noida. Mr. Ravinder Singh, Advocate for AR.

ORDER

(Hybrid Mode)

29.10.2025: I.A. No. 6371 of 2025

This application has been filed by Resolution Professional praying for

following reliefs:-

"Prayers:

In view of the above, the Applicant respectfully prays for the following directions:

(a) Allow extension of 30 days CIRP period beyond 90 days' period granted by judgment dated 17.07.2025 passed in the present appeal;

(b) Pass any other orders as deemed fit in the interest of justice."

The appeal was disposed of by our judgment dated 17.07.2025 in

paragraph- 40 & 41 we issued following orders:-

"40. The period during which the applications remained pending before the Adjudicating Authority and decided on 24.07.2024 and the period during which the Appeals against the said order remained pending before this Tribunal need to be excluded from the CIRP period, which is hereby excluded. Further extension of 90 days is granted for completion of entire process of the CIRP. Issue No. IV is answered accordingly.

41. In view of the foregoing discussion and conclusions, both the appeals are disposed of in following manner:

(i) Para 79(a) of the impugned order dated 24.07.2024 is modified to the following extent:

a) The Resolution Plan stands remitted back to the CoC. The CoC to direct the Resolution Professional to issue Request for Resolution Plan to the Resolution Applicants whose names were included in the final list of Resolution Applicants to submit the Resolution Plan, within a period of thirty (30) days. The CoC will proceed to consider the Resolution Plan and take final decision within period of 90 days from the date of this order.

(ii) Para 79(h) is modified to the following extent:

(h)(i) Two instalments of premium i.e. 19th and 20th instalments shall be payable by the Resolution Applicant as CIRP cost, in event the Hon'ble Supreme Court hold the lease premium as CIRP cost in Civil Appeal No.901 of 2023, as stipulated in order dated 17.02.2023. Request for Resolution Plan shall contain a stipulation requiring the Resolution Applicant to give above undertaking.

(ii) The water and sewer charges are treated as CIRP cost and all unpaid amount towards water and sewage charges shall be treated as CIRP cost.

2 of 3 I.A. No. 6371 of 2025 in Company Appeal (AT) (Ins) No. 1479 of 2024

(iii) The time extension charges with regard to both the lease deeds dated 30.12.2008 and 29.12.2009 are treated to be CIRP cost for the maximum period of three years after expiry of the period provided in the lease deed for completion of the project only, as CIRP Cost.

Both the Appeals are disposed of accordingly."

Ld. Counsel for the appellant submits that although the Committee of

Creditors has approved the resolution plan but the said approval took place

after 30 days time which was allowed hence the extension is prayed for

further 30 days. The time as granted earlier has expired on 15.10.2025 hence

the period 30 days time is sought for completing the entire process, as per

our earlier directions dated 17.07.2025. Counsel appearing for the authorised

representative submits that the authorised representative who represent the

CoC has also the same instructions and that time prayed be allowed.

In view of the aforesaid, we allow the application the extension of 30

days time is granted beyond 90 days period granted by judgment dated

17.07.2025. Application I.A. No. 6371 of 2025 is disposed of.

[Justice Ashok Bhushan] Chairperson

[Barun Mitra] Member (Technical) harleen/NN

3 of 3 I.A. No. 6371 of 2025 in Company Appeal (AT) (Ins) No. 1479 of 2024