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Judgment
15.04.2025: This appeal has been filed against order dated 20.02.2025 passed by the NCLT, New Delhi Bench, Court 5 in New IA/836/2025, which IA was filed by the Appellant seeking pronouncement of order in IA/5134/2020 and IA/2729/2021. The Adjudicating Authority has dismissed the application by making following observations:
“… The judgment shall be pronounced only when entire matter has been considered, evaluated and examine by the Adjudicating Authority. Therefore, in our view, the Applicant has no locus to file this application. Moreover, the issues raised in those applications are also pending in other applications in the same CIRP proceeding in respect of the other projects of the same Corporate Debtor. The issue is about the legal implication of the alleged termination of the contract by the land owner and whether after the termination of the contract by the land owner, whether land can be included as an asset of the Corporate Debtor or not. Since the argument on behalf of the other Applicants in respect of the similarly situated project of the same Corporate Debtor are yet to be heard and since that issue is a legal issue it may not be appropriate for us to pronounce judgment at this juncture without hearing the other Applicants. Therefore, the present application i.e. New IA/836/2025 is dismissed.”
Learned counsel for the Appellant submits that the Appellant was concerned with only one project – Pal Gardens with regard to which Resolution Professional has filed IA/5134/2020 seeking possession of the assets and the Land Owners have filed IA/2729/2021. It is submitted that the CIRP of the project with which the Appellant is concerned can be completed and it was not necessary to await the decision of the pending application in other projects. The Adjudicating Authority has made observations, as noted above, while dismissing the application.
Learned counsel appearing for the Resolution Professional submits that pleadings in applications of other projects has also been completed and hearing is going on in these applications.
In facts of the present case, we are of the view that ends of justice be served in disposing this appeal with observations that the matter being pertaining to real estate and homebuyers are also involved, hence, the Adjudicating Authority shall endeavour to dispose of IA/5134/2020 and IA/2729/2021 along with all other pending applications as early as possible.