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Judgment
Heard learned counsel for the parties. This Appeal has been filed against order dated 24.11.2023 passed by the Adjudicating Authority by which application filed under Section 7 has been admitted and CIRP has been commenced against the Corporate Debtor – M/s Nobility Estates Pvt. Ltd. This Appeal has been filed by ‘ATS Le Grandiose Ph-1 Welfare Association’ challenging the order.
Learned counsel for the Appellant submits that the project has proceeded substantially and there are certain towers which are complete and process is also going on with regard to other units and in event CIRP is allowed to continue the Homebuyers will suffer. It is submitted that the commencement of CIRP will cause hardship to the Homebuyers.
Shri Arun Kathpalia, learned senior counsel for the Respondent submits that an appeal was filed by the Suspended Director of the Corporate Debtor challenging the same order which has already been dismissed by this Tribunal being Company Appeal (AT) (Ins.) No.1575 of 2023 by judgment dated 10.01.2024 upholding the order of commencement of CIRP.
We having upheld the order passed under Section 7, we cannot pass a different order in the present appeal. We are of the view that the Homebuyers for their grievances may filed appropriate application before the Adjudicating Authority, praying for such relief as may be advised. The Adjudicating Authority may consider such application, if filed and take appropriate decision in accordance with law. With these observations, we dismiss this appeal.