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Judgment
This appeal is against an impugned order dated 30.04.2026 passed by the Ld. Adjudicating Authority (National Company Law Tribunal, New Delhi Bench (Court II)), whereby the petition under Section 7 of the Insolvency & Bankruptcy Code, 2016 was admitted by the Ld. Adjudicating Authority.
At the outset, it is submitted the appeal against the admission order as filed by the management was dismissed by this Tribunal and has been affirmed by the Hon’ble Supreme Court.
The learned Sr. Counsel for the appellant submits the appellants are the homebuyers in Parsvnath Exotica, Tower B-1, Sector 53, Gurgaon and they are challenging the impugned order only to a limited extent, though the Ld. Adjudicating Authority has passed blanket admission order against the corporate debtor. It is alleged the appellants have already been handed over the physical possession of their flats prior to the commencement of the Corporate Insolvency Resolution Process and they have already paid the entire sale consideration and only the occupancy certificate and as well as certain formalities are pending due to the default of the corporate debtor. It is submitted the appellants are residing in their respective flats and hence intend to move an application before the Ld. Adjudicating Authority to seek exclusion of their flats from the assets of the corporate debtor.
Considering the submissions made, the appeal is disposed of by granting an opportunity to the appellants to file an application before the Ld. Adjudicating Authority to seek exclusion of the flats of which the possession has been handed over to them; they have been residing there for more than 15 years and have paid the entire sale consideration.
Till the application is decided, the appellants shall not be dispossessed from their respective flats and no third party rights shall be created by the corporate debtor till such time.
The appeal stands disposed of in terms of the above. Pending applications are also disposed of.