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Judgment
11.03.2025: The today’s proceedings are in connection of IA No. 1489 of 2025 wherein the Applicant- Salman Akbar Jalauddin, Suspended Director of International Land Developers Private Limited (‘Corporate Debtor’) has sought release of the funds amounting to Rs. 7,20,00,000/- deposited with the Registrar of this Tribunal in pursuance of the order dated 07.03.2024 as per following particulars:
| Date | Bank Name | FD No. | Amount | In Favor |
|---|---|---|---|---|
| 13/03/2024 | Indian Overseas Bank- Sohna Road Gurugram | 244704000004551 | 1,00,00,000 | Registrar, NCLAT New Delhi |
| 15/04/2024 | Indian Overseas Bank- Sohna Road Gurugram | 244704000004639 | 1,00,00,000 | Registrar, NCLAT New Delhi |
| 18/04/2024 | Indian Overseas Bank- Sohna Road Gurugram | 244704000004647 | 10,000,000 | Registrar, NCLAT New Delhi |
| 15/04/2024 | Punjab National Bank, Large Corporate Branch, Sector 29 Gurugram | FDR PNB 461500GQ00000062 | 2,50,00,000 | Registrar, NCLAT New Delhi |
| 13/03/2024 | Punjab National Bank, Large Corporate Branch, Sector 29 Gurugram | FDR PNB 461500GQ00000621 | 1,70,00,000 | Registrar, NCLAT New Delhi |
| Total | 7,20,00,000 |
Briefly stated, the facts of the case are as under:
The application under Section 7 of IBC, 2016 filed by 46 allottees of the Corporate Debtor was admitted and CIRP was initiated against the Corporate Debtor on 29.02.2024.
The Appellant /Applicant had preferred Company Appeal (AT) (Ins.) No. 493 of 2024 against the said order dated 29.02.2024.
On 07.03.2024 the said appeal was listed for the first time before this Tribunal wherein order dated 07.03.2024 was passed staying the operation of the impugned order and the Appellant during the course of hearing submitted that he is willing to deposit the sum of Rs. 10,65,00,000/- before this Tribunal.
In pursuance of the said order, the Appellant has deposited the sum of Rs. 7,20,00,000/- only.
The Learned Counsel for the Applicant submitted that lesser amount was deposited as the Corporate Debtor/Applicant had directly paid to some of the allotees. It was informed ought of 46 allotees, 16 allottees had taken the full refund of their amount.
It was submitted another 17 allottees had entered into settlement agreement with the Corporate Debtor and they have to be paid a sum of Rs. 7.51 crores approx. The details of the 17 allottees is given in this IA at page 7 and 8 and is reproduced below:
| S.No. | Allottees | Unit | Amount Claimed | Agreement Date |
| 1. | 1. Col Gulab Wadhwa /Atul Wadhwa/Rakhi Mahajan | E-403 | 3117324 | 17.02.2025 |
| 2. | Col. Samar Singh Chauhan | B-1011 | 6272589 | 15.02.2025 |
| 3. | Manik Mahna | D-1102 | 4958018 | 15.02.2025 |
| 4. | Mrs. Sunita Tank & Mr. Bharat Kumar Tank | B-1401 | 6573007 | 13.02.2025 |
| 5. | Mr. Bhupendra Kumar Sharma & Mrs. Namita Sharma | D-703 | 5103408 | 15.02.2025 |
| 6. | Mr. Sandipan Bhattacharyya | C-1802 | 4952146.75 | 15.02.2025 |
| 7. | Mrs. Rakhi Nangia & Mr. Anup Kumar Nangia | A-303 | 4490800 | 13.02.2025 |
| 8. | Mrs. Savitri Bhalla & Mr. Manish Bhalla | C-301 | 4265964 | 15.02.2025 |
| 9. | Mr. Mainak Bhattacharya & Mrs. Amrita Purkayastha | E-404 | 3744001 | 15.02.2025 |
| 10. | Mr. Subhendu Mukherjee & Mrs. Malabika Mukherjee | A-901 | 2892978 | 15.02.2025 |
| 11. | Mr. Sankalp Shrivastava & Mrs. Shweta Pandey | F-1404 | 2668912 | 15.02.2025 |
| 12. | Mr. Palvinder Singh & Mrs Surjeet Kaur | A-1503 | 6395612 | 13.02.2025 |
| 13. | Mr. Sanjeev Kumar & Mrs. Anju Bharti | C-1403 | 5056436 | 15.02.2025 |
| 14. | Mr. Amit Sharma & Mrs. Sapna Sharma | D-903 | 5054340 | 15.02.2025 |
| 15. | Mr. Puneet Khosla & Mrs. Shailza Khosla | C-1104 | 4872251 | 13.02.2025 |
| 16. | Mrs. Seema Rustagi & Mr. Amit Rustagi | E-303 | 2812914 | 13.02.2025 |
| 17. | Mr. Mukut Sharma & Mrs. Neera Sharma | D-702 | 1901029 | 15.02.2025 |
| Total | 7,51,31,729.75 |
It was submitted out of remaining 13 allottees, 7 allottees have opted for possession of the units, and settlement is yet to be entered with the balance 6 allottees. The amount relatable to the 6 allottees who are yet to settle with the Corporate Debtor is Rs. 3,05,31,227/-
We have perused the order dated 07.03.2024. The relevant portion of the order is reproduced below:
“2.Learned Counsel for the Appellant submits that in Form-1, total amount claimed was Rs.19,48,28,414/- and given credit of the amount already paid/settled, the amount of Rs.10,65,00,000/- is still to be paid by the Appellant. It is submitted that the Appellant is ready to deposit the entire amount in the court. He submits that he will deposit 1/4th of the amount within a week from today and rest amount within further four weeks.
3.Learned Counsel for the Respondent accepts notice. He seeks time to file Reply and obtain instructions from all allottees with regard to settlement, if any. He is allowed to file reply within two weeks. Rejoinder, if any, may be filed within two weeks thereafter.
4.List this Appeal on 08.04.2024.
In the meantime, impugned order shall remain stayed.”
We find that amount was deposited by the Applicant towards the claim of the Applicants (46 allottees) who had initiated Section 7 application and who were yet to be settled through refund or possession.
The Applicant is praying release of the amount of Rs. 7,20,00,000/-deposited by him to enable him to pay to the 17 allotees with whom it had recently entered into settlement agreements. The copy of the settlement agreements has been filed along with the present IA.
We note that the Applicant/Appellant is yet to settle with the following 6 allotees and the amount claimed by them is approximately Rs. 3.05 crores:
| S. No. | Allotee | Unit | Amount Claimed |
|---|---|---|---|
| 1. | Mr. Vijay Pal Sharma | A-1001 | 58,00,873.00 |
| 2. | Mr. Naresh Chaprana | B-501 | 62,11,666.74 |
| 3. | Mr. Amitabh Trehan & Mrs. Shilpa Trehan | A-604 | 63,94,582.00 |
| 4. | Mrs. Lavina Ahuja & Mr. Dinesh Ahuja | D-202 | 26,12,798.00 |
| 5. | Mr. Ishwar Singh Sigar & Mrs. Savitri Devi Sigar | B-801 | 66,38,829.00 |
| 6. | Mr. Kunal Sharma & Mrs. Deepali Vats | E-1003 | 28,72,478.00 |
| Total | 3,05,31,226.00 |
Considering the above, the amount deposited towards the claim of the Applicants to the Section 7 petition, we direct release of only the following Fixed Deposits to the Applicant/Appellant:
| Date | Bank Name | FD No. | Amount | In Favor |
|---|---|---|---|---|
| 13/03/2024 | Indian Overseas Bank- Sohna Road Gurugram | 244704000004551 | 1,00,00,000 | Registrar, NCLAT New Delhi |
| 15/04/2024 | Indian Overseas Bank- Sohna Road Gurugram | 244704000004639 | 1,00,00,000 | Registrar, NCLAT New Delhi |
| 13/03/2024 | Punjab National Bank, Large Corporate Branch, Sector 29 Gurugram | FDR PNB 461500GQ00000621 | 1,70,00,000 | Registrar, NCLAT New Delhi |
| Total | 3,70,00,000 |
The balance Fixed Deposits are directed to be retained. The Applicants/Appellants are directed to disburse the amount received on encashment of Fixed Deposits within 7 days of their receipt on encashment and to submit proof of payment, along with evidence of identities of the recipients within 3 days thereafter.
With these directions, the I.A. No. 1489 of 2025 is disposed of. Company Appeal (AT) (Ins.) No. 493 of 2024 along with connected IAs are already listed on 17.04.2025.