Sonal Kapur vs Sandwoods Infratech Projects Private ...

Sonal Kapur ...Appellant

Versus

Sandwoods Infratech Pvt. Ltd. Through Mr. D. Konda Successful Resolution Applicant ...Respondent

Present: For Appellant: Present but appearance not marked. For Respondent:

ORDER

14.12.2023: This Appeal has been filed against order dated 21.09.2023 by which order application filed by the Appellant to recall cancellation of the apartment allotment letter dated 21.07.2022, has been rejected. In Para 3 of the order the Adjudicating Authority has noticed as follows:

"3. In response, Ld. Counsel for respondent submitted that, on 07.11.2021 Applicant has already filed claim amounting to Rs. 2,40,038/- which was accepted by the Resolution Professional. Further, Applicant by merely paying amount of Rs.2,40,038/- wants to take the undue benefit by stating that remaining balance will be paid after approval of resolution plan by Hon'ble Adjudicating Authority."

2. Learned counsel for the Appellant submits that Appellant was always ready to pay the balance amount but he could not get loan from any financial institution or any private person and therefore could not make payment. It is submitted that Appellant is still ready to make the payment.

Cont'd.../ -2-

3. We have perused the order of the Adjudicating Authority dated 10.08.2023 approving the Resolution Plan where following has been noted by the Adjudicating Authority (at page 209 of paper book):

"Further as the projects have to be completed out of the funds received from the Homebuyers, so it is pre- requisite that these funds should be paid by the Homebuyers in agreed timelines. In case of default RA shall be at liberty to cancel the allotment of the defaulter and forfeit 25% of the BSP amount and to allot the flat to a new buyer."

4. The unit of the Appellant was cancelled due to not having made payment as was requested by the Resolution Professional to the Appellant. We, thus, do not find any error in order passed by the Adjudicating Authority.

5. Learned counsel for the Appellant lastly contended that Appellant is still ready to pay the balance amount. It is always open for the Appellant to approach the Resolution Applicant to consider his prayers. We make it clear that the Court is not issuing any direction and it is for the Resolution Applicant to consider the prayers made by the Appellant, if any. With these observations, we dismiss the Appeal.

[Justice Ashok Bhushan] Chairperson

[Arun Baroka] Member (Technical) Archana/nn

Company Appeal (AT) (Insolvency) No.1568 of 2023