Salman Akbar Jalauddin vs Sanyam Goel & Ors
- CitationCompany Appeal (AT) (Ins.) No. 493 of 2024
Ratio decidendi
The rule this decision rests on
The Tribunal's directions rest on the following reasoning. Where a Tribunal has, as a condition of staying an impugned order, required the appellant to deposit sums that are to be applied towards the claims of the operational creditors under that order, funds so deposited are held for the benefit of those claimants and are not to be released to the appellant merely because he has settled with some of them; release is confined to the portion of the deposit referable to claimants who have since been settled and whose claims are thereby discharged, and the balance is retained until the claims of the remaining claimants are settled or otherwise determined.
Written by Miss Lucy from the judgment below, not taken from a headnote.
Judgment
As delivered
Salman Akbar Jalauddin ...Appellant(s) (Suspended Management of
International Land Developers Pvt. Ltd)
Versus
Sanyam Goel, ...Respondent(s) IRP of International Land Developers Pvt. Ltd & Ors.
Present: For Appellant : Mr. Krishnendu Datta, Sr. Advocate with Mr. Kunal Godhwani, Ms. Kinjal Chadha, Advocates.
For Respondents : Mr. Ishan George, Mr. Archit Jain, Dr. Rukma George, Mr. Ashab Khan, Advocates for Respondent /Homebuyers. Mr. Karandeep Singh, Advocate.
ORDER
(Hybrid Mode)
11.03.2025: The today's proceedings are in connection of IA No. 1489 of
2025 wherein the Applicant- Salman Akbar Jalauddin, Suspended Director of
International Land Developers Private Limited ('Corporate Debtor') has sought
release of the funds amounting to Rs. 7,20,00,000/- deposited with the
Registrar of this Tribunal in pursuance of the order dated 07.03.2024 as per
following particulars:
Date Bank Name FD No. Amount In Favor Indian Overseas 244704000004551 1,00,00,000 Registrar, 13/03/2024 Bank- Sohna NCLAT New Road Gurugram Delhi 2
15/04/2024 Indian Overseas 244704000004639 1,00,00,000 Registrar, Bank- Sohna NCLAT New Road Gurugram Delhi 18/04/2024 Indian Overseas 244704000004647 10,000,000 Registrar, Bank- Sohna NCLAT New Road Gurugram Delhi 15/04/2024 Punjab National FDR PNB 2,50,00,000 Registrar, Bank, Large 461500GQ00000062 NCLAT New Corporate Delhi Branch, Sector 29 Gurugram 13/03/2024 Punjab National FDR PNB 1,70,00,000 Registrar, Bank, Large 461500GQ00000621 NCLAT New Corporate Delhi Branch, Sector 29 Gurugram Total 7,20,00,000
2. Briefly stated, the facts of the case are as under:
i. The application under Section 7 of IBC, 2016 filed by 46 allottees of the
Corporate Debtor was admitted and CIRP was initiated against the Corporate
Debtor on 29.02.2024.
ii. The Appellant /Applicant had preferred Company Appeal (AT) (Ins.) No.
493 of 2024 against the said order dated 29.02.2024.
iii. On 07.03.2024 the said appeal was listed for the first time before this
Tribunal wherein order dated 07.03.2024 was passed staying the operation of
the impugned order and the Appellant during the course of hearing submitted
that he is willing to deposit the sum of Rs. 10,65,00,000/- before this
Tribunal.
iv. In pursuance of the said order, the Appellant has deposited the sum of
Rs. 7,20,00,000/- only.
3. The Learned Counsel for the Applicant submitted that lesser amount
was deposited as the Corporate Debtor/Applicant had directly paid to some 3
of the allotees. It was informed ought of 46 allotees, 16 allottees had taken
the full refund of their amount.
4. It was submitted another 17 allottees had entered into settlement
agreement with the Corporate Debtor and they have to be paid a sum of Rs.
7.51 crores approx. The details of the 17 allottees is given in this IA at page 7
and 8 and is reproduced below:
S.No. Allottees Unit Amount Claimed Agreement Date
1. 1. Col Gulab Wadhwa /Atul E-403 3117324 17.02.2025 Wadhwa/Rakhi Mahajan
2. Col. Samar Singh Chauhan B-1011 6272589 15.02.2025
3. Manik Mahna D-1102 4958018 15.02.2025
4. Mrs. Sunita Tank & B-1401 6573007 13.02.2025 Mr. Bharat Kumar Tank
5. Mr. Bhupendra Kumar D-703 5103408 15.02.2025 Sharma & Mrs. Namita Sharma
6. Mr. Sandipan Bhattacharyya C-1802 4952146.75 15.02.2025
7. Mrs. Rakhi Nangia & Mr. Anup A-303 4490800 13.02.2025 Kumar Nangia
8. Mrs. Savitri Bhalla & Mr. C-301 4265964 15.02.2025 Manish Bhalla
9. Mr. Mainak Bhattacharya & E-404 3744001 15.02.2025 Mrs. Amrita Purkayastha
10. Mr. Subhendu Mukherjee & A-901 2892978 15.02.2025 Mrs. Malabika Mukherjee
11. Mr. Sankalp Shrivastava & F-1404 2668912 15.02.2025 Mrs. Shweta Pandey
12. Mr. Palvinder Singh & Mrs A-1503 6395612 13.02.2025 Surjeet Kaur
13. Mr. Sanjeev Kumar & Mrs. C-1403 5056436 15.02.2025 Anju Bharti
14. Mr. Amit Sharma & Mrs. D-903 5054340 15.02.2025 Sapna Sharma
15. Mr. Puneet Khosla & Mrs. C-1104 4872251 13.02.2025 Shailza Khosla
16. Mrs. Seema Rustagi & Mr. Amit E-303 2812914 13.02.2025 Rustagi
17. Mr. Mukut Sharma & Mrs. D-702 1901029 15.02.2025 Neera Sharma Total 7,51,31,729.75
5. It was submitted out of remaining 13 allottees, 7 allottees have opted
for possession of the units, and settlement is yet to be entered with the 4
balance 6 allottees. The amount relatable to the 6 allottees who are yet to
settle with the Corporate Debtor is Rs. 3,05,31,227/-
6. We have perused the order dated 07.03.2024. The relevant portion of
the order is reproduced below:
"2. Learned Counsel for the Appellant submits that in Form- 1, total amount claimed was Rs.19,48,28,414/- and given credit of the amount already paid/settled, the amount of Rs.10,65,00,000/- is still to be paid by the Appellant. It is submitted that the Appellant is ready to deposit the entire amount in the court. He submits that he will deposit 1/4th of the amount within a week from today and rest amount within further four weeks.
3. Learned Counsel for the Respondent accepts notice. He seeks time to file Reply and obtain instructions from all allottees with regard to settlement, if any. He is allowed to file reply within two weeks. Rejoinder, if any, may be filed within two weeks thereafter.
4. List this Appeal on 08.04.2024.
In the meantime, impugned order shall remain stayed."
7. We find that amount was deposited by the Applicant towards the claim
of the Applicants (46 allottees) who had initiated Section 7 application and
who were yet to be settled through refund or possession.
8. The Applicant is praying release of the amount of Rs. 7,20,00,000/-
deposited by him to enable him to pay to the 17 allotees with whom it had
recently entered into settlement agreements. The copy of the settlement
agreements has been filed along with the present IA. 5
9. We note that the Applicant/Appellant is yet to settle with the following
6 allotees and the amount claimed by them is approximately Rs. 3.05 crores:
S. No. Allotee Unit Amount Claimed 1. Mr. Vijay Pal Sharma A-1001 58,00,873.00 2. Mr. Naresh Chaprana B-501 62,11,666.74 3. Mr. Amitabh Trehan & Mrs. A-604 63,94,582.00 Shilpa Trehan 4. Mrs. Lavina Ahuja & Mr. Dinesh D-202 26,12,798.00 Ahuja 5. Mr. Ishwar Singh Sigar & Mrs. B-801 66,38,829.00 Savitri Devi Sigar 6. Mr. Kunal Sharma & Mrs. E-1003 28,72,478.00 Deepali Vats Total 3,05,31,226.00
10. Considering the above, the amount deposited towards the claim of the
Applicants to the Section 7 petition, we direct release of only the following
Fixed Deposits to the Applicant/Appellant:
Date Bank Name FD No. Amount In Favor Indian Overseas 244704000004551 1,00,00,000 Registrar, 13/03/2024 Bank- Sohna NCLAT New Road Gurugram Delhi 15/04/2024 Indian Overseas 244704000004639 1,00,00,000 Registrar, Bank- Sohna NCLAT New Road Gurugram Delhi 13/03/2024 Punjab National FDR PNB 1,70,00,000 Registrar, Bank, Large 461500GQ00000621 NCLAT New Corporate Delhi Branch, Sector 29 Gurugram Total 3,70,00,000
11. The balance Fixed Deposits are directed to be retained. The
Applicants/Appellants are directed to disburse the amount received on
encashment of Fixed Deposits within 7 days of their receipt on encashment
and to submit proof of payment, along with evidence of identities of the
recipients within 3 days thereafter.
6
12. With these directions, the I.A. No. 1489 of 2025 is disposed of. Company
Appeal (AT) (Ins.) No. 493 of 2024 along with connected IAs are already listed
on 17.04.2025.
[Justice Yogesh Khanna] Member (Judicial)
[Mr. Ajai Das Mehrotra] Member (Technical)
R.N./Manu
This page reproduces a public judgment and a summary of it. It is research material, not legal advice, and it is no substitute for advice from an advocate on your own facts.
Research this judgment with Miss Lucy
Ask what it holds, what has followed it, and what it means for your matter — in plain English, with the citations.
Try Miss Lucy free