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Judgment
Heard Mr. Paras Choudhary, Advocate, for OP-2.
CC/2434/2017 has been filed for directing the opposite parties to hand over possession of unit no. 401 in Garden Isles at Jaypee Greens, Noida and refund the amount of Rs.7210616/- along with an interest of 18% per annum and pay a compensation of Rs.12 lacs for mental agony and harassment and Rs.300000/- as litigation cost.
It has been mentioned that Garden Isles Group Housing Project was launched by Jaypee Infratech Ltd., opposite party no.2. During pendency of the complaint, the proceeding under Insolvency & Bankruptcy Code, 2016 was initiated against Jaypee Infratech Limited in which initially moratorium had been imposed on 09.08.2017. Subsequently, the resolution plan as submitted by M/s Suraksha Reality Ltd., has been approved by National Company Law Tribunal by the order dated 07.03.2023. Under the resolution plan, M/s Suraksha Reality Ltd., has to complete the project and hand over possession in a time bound manner.
By the order dated 03.01.2024, the opposite party was given two weeks time to file the resolution plan but the same has not been filed so far.
Section 31 of Insolvency & Bankruptcy Code, 2016 reads as follows:
Section-31(1): Approval of Resolution Plan:- If adjudicatory authority is satisfied that the resolution plan as approved by committee of creditors under sub-section (4) of Section 30 meets the requirements as referred to sub-section (2) of Section 30, it shall by order approve the resolution plan, which shall be binding on corporate debtor and its employees, members, creditors, including Central Government or State Government or any local authority to whom a debt in respect of payment of dues, arising under any law for the time being enforce, such an authority to whom statutory dues are owed, guarantors and other stake holders involved in the resolution plan.
Supreme Court in Ghanshyam Mishra & Sons (P) Ltd. Vs. Edelweiss Assets Reconstruction Co. Ltd., (2021) 9 SCC 657, (paragraph-102.1) held that once resolution plan is duly approved by adjudicatory authority under sub-section(1) of Section 31, the claims 2 CC 3768 of 2017 as provided in the resolution plan shall stand frozen and will be binding on all corporate debtor and its employees, members, creditors, including central government or state government or any local authority to whom a debt in respect of payment of dues, arising under any law for the time being enforce, such an authority to whom statutory dues are owed, guarantors and other stake holders involved in the resolution plan. On the date of approval of resolution plan by the adjudicatory authority, all such claims, which are not part of resolution plan shall stand extinguished and no person will be entitled to initiate or continue any proceeding in respect of a claim, which is not part of resolution plan.
In Ajay Kumar Radheyshyam Goenka Vs. Tourism Finance Corporation of India, 2023 SCC OnLine SC 266, (paragraph-60) held that thus from aforesaid, it is evident that the creditors has no option but to join the process under IBC. Once the plan is approved, it would bind everyone under the sun. The making of a claim and accepting whatever share is allotted could be termed as an Involuntary Act on behalf of the creditor. The making of a claim under the IBC and accepting the same and not making any claim, will not make any difference in the light of Section 31 of the IBC. Both the situations will lead to Section 31 and the finality and binding value of the resolution plan.
ORDER
In view of Section 31 of Insolvency & Bankruptcy Code, 2016, this complaint is disposed of giving liberty to the complainant to avail his remedy as per approved resolution plan.