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Judgment
O R D E R
This application has been filed on behalf of Punjab National Bank praying for correction of inadvertent error in paragraph-38 of the judgment dated 16.02.2024 in Company Appeal (AT) (Insolvency) No. 1194 of 2023 with two other appeals. It is submitted that in paragraph-38, this Tribunal made following observations:
“38.Learned Counsel for the Respondent has relied on judgment of this Tribunal in Company Appeal (AT) (Insolvency) No. 926 of 2019- “Flat Buyers Association Winter Hills vs. Umang Realtech Private Limited through IRP & Ors.” where this Tribunal has directed for reverse CIRP in facts and circumstances of the said case. We are also of the view that in the present case, the CIRP of the Corporate Debtor be revived and be confined to the Estella Project. Let the Resolution Professional constitute the CoC for the Estella Project. Taking in the CoC the homebuyers of Estella Project, the Financial Creditors- Punjab National Bank and Punjab & Sind Bank shall also be part of the CoC. We permit the Resolution Professional to issue fresh Form-G with regard to Estella Project and complete the CIRP process within a period of 90 days from the date of issuance of Form G.”
With regard to constitution of CoC of Estella Project, it is submitted that in the CoC of Estella Project only Punjab National Bank is member of CoC and Punjab & Sind Bank was not a part of CoC of Estella Project, hence the said observation need to be deleted from paragraph-38.
Learned Counsel for Punjab & Sind Bank does not dispute that Punjab & Sind Bank is not part of CoC of Estella Project. However, it is submitted that Punjab & Sind Bank is part of another Project- NCR Green.
In view of the aforesaid, in the last but one sentence of the judgment is corrected as follows:
“Taking in the CoC, the homebuyers of Estella Project, the Financial Creditor- Punjab National Bank shall also be part of CoC.”
The judgment is corrected accordingly.
We make it clear that any decision by CoC prior to this order shall not be affected by this Order.
Application I.A. No. 3557 of 2024 is disposed of.