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Judgment
O R D E R
Heard Learned Counsel for the Appellant, Learned Counsel appearing for the Respondent-Owners Welfare Association, Universal Trade Tower as well as Intervener.
This Appeal has been filed against the Order passed by the Adjudicating Authority dated 04.04.2022 by which I.A. No. 1473 of 2022 praying for various reliefs have been rejected.
The Adjudicating Authority in the Order has observed that Resolution Professional admits the fact that Project Universal Trade Tower is not subject of the Resolution Plan hence the Court is not inclined to allow any prayers of the Applicant.
Learned Counsel for the Appellant who is Resolution Professional submits that Appellant is not denying the submission made before the Court that project is not part of the Resolution Plan however under the conveyance deed certain rights were of the Resolution Professional and there are already Applications (I.A. No. 738 of 2019 and 500 of 2019) under Section 66 and 65 of the I&B Code, 2016 which are pending consideration.
Learned Counsel for the Respondent has submitted that Resolution Plan of the Corporate Debtor has already been approved and under the Resolution Plan there is specific clause 8 where Universal Trade Tower has been dealt with in following manner:
| Sl. No. | Name of Project | Number of claims | Amount (Rs. In Crores) | Provision under Resolution Plan | Status/Comments |
| … | …. | ….. | …… | …… | …… |
| 8 | Universal Trade Tower | 43 | 20.94 | Rights of allottees to be determined on basis of the outcome of Application CA No. 500/2019 for appointment of local Commission which is pending [pg. 335, Vol-II] | Project is complete and occupation certificate has been received. The entire area is fully sold to allottees, there is no asset belonging to Corporate Debtor in the Project. There is overselling due to multiple duplicate sales made by Corporate Debtor which would need to be resolved by the civil court and cannot be addressed in insolvency proceedings. |
It is submitted that in view of the aforesaid part of the Resolution Plan, liberty was reserved to the RP to resolve the issue in the Civil Court.
We are of the view that when the Universal TradeTower is not the subject matter of the Resolution Plan, the Adjudicating Authority did not commit any error in rejecting prayers made in I.A. No. 1473 of 2022. In so far as the Applications which according to the Appellant have been filed for cancellation of deed they are pending consideration, we do not see any reason to make any observations with regard to such applications. These applications shall be considered in accordance with law. It is however observed that with regard to the pending I.As it shall be open for the parties to make such submission or to take such steps as may be permissible in law.
With these observations, we dismiss the Appeal.