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Judgment
ORDER
I.A No. 122/2023
This application is filed under Section 35 (1) (f), 35 (1) (n) and 60 (5) of the I & B Code, 2016 read with Rule 11 of the NCLT Rules, 2016 interalia seeking for following reliefs:
a. To allow the present application
b. to permit the Applicant to sell the 58% Development rights owned by M/s. Unishire Housing LLP in the Xelix Hennure infavour of Respondents NO.1 to 9 free from all encumbrances pursuant to sale notice dated 2.10.2020;
c. To direct the Respondents No.1 to 9 to cooperate with the Liquidator to realise the 58% Developmental rights in Project Xelix Hennur;
d. To consequently cancel/nullify all agreements entered into by and between the project Xelix Hennur Homebuyers and the Corporate Debtor/Landowners, as the case may be e. To cancel the Joint Development Agreement (JDA) dated 14.05.2015 registered as document bearing No. HLS-1-00912-2015-16 stored in C.D No. HLSD 116 in the office of Sub-Registrar, Ulsoor Bengaluru;
f. To pass such other order or orders director or directions that the Hon’ble Tribunal may deem fit to enable the liquidator to exercise his powers and perform his duties as bestowed upon him by the code of liquidation process.
Heard the Learned Counsel for the Petitioner and Respondent.
On 08.06.2023, the Ld. Counsel for the Applicant was directed to file amended Memo of Parties after bringing on record the legal heirs of Respondent No.1 ,3, 4, 6, 8 & 9 and the same is filed by memo vide Dy. No. 3526 dated 04.07.2023. In the same compliance memo, the Ld. Counsel also filed consent affidavits from the Respondents and their legal heirs at Page 7 to 24 of the affidavit for the sale and its development rights in the project ‘Xelix Hennur’. It is also contended by the Ld. Counsel for the Liquidator that all the stakeholders’ interest have been taken into consideration.
In view of the facts and circumstances of the case and considering the submission made by the Ld. Counsel for the Applicant, the prayers sought by the Ld. Counsel for the Applicant in the application stands allowed. Accordingly, I.A No. 122/2023 is disposed of.
I.A No. 306/2023
This application is filed by the Applicant/Liquidator under Section 35 (1) (f), Section 35 (1) n) and 60 (5) of the I & B Code 2016 read with Rule 11 of the NCLT Rules, 2016 interalia seeking the following reliefs:
a. To allow the present application;
b. To permit the Applicant to sell the property bearing Sy. No.11/2, 11/4, 11/5 & 11/6 situated at Gottigere Village, Uttarahalli Hobli, Bengaluru South Taluk, Bangalore admeasuring approximately 4 acres 25 guntas;
c. To cancel all sale agreements/sale deed/any other agreements, if any as entered into by and between the Homebuyers and Creditors of Project Wynn Towers Gottigere and the Corporate Debtor, as the case may be;
d. To pass such other order or orders, directions, or directions that the Hon’ble Tribunal may deem fit to enable the liquidator to exercise his powers and perform his duties as bestowed upon him by the Code for liquidation process.
Heard, the Ld. Counsel for the Applicant.
In response to the order dated 24.08.2023, the Ld. Counsel for the Applicant have filed the compliance memo dated 08.09.2023 vide Dy. No. 4703 and the same is taken on record.
The Ld. Counsel for the Homebuyers stated that he has no objection for sale and also stated that he has filed a fresh application seeking for distribution of the assets.
In view of the facts and circumstances of the case, the present application is allowed permitting the Applicant to the sell the property bearing Sy. No.11/2, 11/4, 11/5 & 11/6 situated at Gottigere Village, Uttarahalli Hobli, Bengaluru South Taluk, admeasuring approximately 4 acres 25 guntas and to cancel all sale agreements and any other agreements, entered into by and between the Homebuyers and Creditors of Project Wynn Towers Gottigere and the Corporate Debtor. Accordingly. I.A No. 306/2023 is disposed of
I.A. No. 177, 231/2022 AND 21/2023
Heard the Learned Counsel for the applicants and Respondent.
List all the I.As on 09.10.2023