AI Structured Summary
Not yet generated for this judgment
Judgment
23.02.2026: Company Appeal (AT) (Insolvency) No. 335 of 2025 has been filed by the Appellant challenging the order dated 06.01.2025 passed in IA No.5095 of 2024. By the said IA, Appellant has sought direction to the Respondent to register the sub-lease of the apartment in favour of the Applicant. IA was disposed of by Adjudicating Authority by the said order. Company Appeal (AT) (Insolvency) No. 971 of 2025 has been filed by the Appellant challenging the order passed in IA No.53 of 2024 which IA was disposed of on 13.05.2025 by Principal Bench, New Delhi. Aggrieved by both the orders, these Appeals have been filed.
In Company Appeal (AT) (Insolvency) No. 971 of 2025, the Appellant has challenged the order by which the Adjudicating Authority has approved the Resolution Plan submitted by Successful Resolution Applicant (SRA) who is Respondent No.3 herein.
We have heard Counsel for the Appellant as well as Counsel for the SRA. We had issued notice to the NOIDA Authority by our earlier order dated 12.01.2026 when the NOIDA has impleaded as one of the Respondents. NOIDA has already appeared and filed reply dated 20.02.2021. Counsel for the Appellant submits that the Appellants’ main prayer is to get the registration of the units which is in possession of the Appellants being Unit Nos.D-304, D-305, A-2005 and B-2005.
When the Appeal was earlier heard, Learned Counsel for the SRA has submitted that the SRA has no objection in getting the units registered in the name of the Appellant who is getting in possession, however, certain complaints were filed by the Applicant under Section 138 of the Negotiable & Instruments Act which are pending. On 18.08.2025 in the order sheet, we noted following:-
“18.08.2025: Counsel appearing for the Successful Resolution Applicant submits that the issue between the parties is only with regard to registration of the Sale Deed and the Appellant has to withdraw complaint cases filed under Section 138 of the Negotiable Instruction Act which are pending. Counsel for the Respondent submits that the Appeal be taken after a week. In the meantime, both the parties shall endeavor to complete their obligations as recorded in the Affidavits which are on the record which shall be without prejudice to the rights of the parties.
2.As prayed, list both the Appeals on 01.09.2025.”
Counsel for the Appellant has submitted that the Appellant has no objection in withdrawing the complaints but said withdrawal shall be made only after units are registered in favour of the Appellant. He undertakes to withdraw the complaints within 7 days from registration of the units. Learned Counsel for the Appellant submits that in event the units are registered the Appellant has no issue regarding approval of the Resolution Plan.
Counsel for the NOIDA Authority has submitted that the NOIDA has no objection with respect to conveyance in favour of the allottees/ beneficiaries which is proposed to be undertaken strictly on a pro-rata basis, commensurate with the payments received from the SRA. In paragraphs 6 and 7 of the reply, following has been pleaded:-
“6.At the outset, it is respectfully submitted that the process of execution of conveyance/registry in favour of the allottees/beneficiaries is proposed to be undertaken strictly on a pro-rata basis, commensurate with the payments received from the Successful Resolution Applicant.
7.It is further submitted that such registry shall be effected in a phased and sequential manner, i.e., as and when funds are actually realised from the SRA in accordance with the approved Resolution Plan and in compliance to the prevalent policy of the answering Respondent.”
Learned Counsel for the SRA submits that first tranche of payment under the plan to the NOIDA is to be made by June, 2026. It is submitted by the SRA that after payment of first tranche, the list of allottess in whose favour the registry is to be made shall be communicated to the NOIDA.
In view of the aforesaid, we are of the view that ends of justice be served in disposing Company Appeal (AT) (Insolvency) No. 335 of 2025 with direction to the Respondents SRA as well as NOIDA to execute the registration in favour of the Appellant after payment of the first instalment, which process shall be completed within 60 days from the date of payment. The Appellant to withdraw the complaints within seven days thereafter.
With these observations, we dispose of Company Appeal (AT) (Insolvency) No. 335 of 2025.
In view of the order passed in Company Appeal (AT) (Insolvency) No. 335 of 2025, Company Appeal (AT) (Insolvency) No. 971 of 2025 is dismissed. We permit both the parties to file Compliance Report.