Umashankar Prasad Singh vs Harish Taneja Resolution Professional Bcc Infrastructure Pvt. Ltd.

O R D E R

“(a)

Allow the present application and pass directions for registration of Residential Units numbers 703 and 704 in Phase 1, Tower C, Bharat City, Ghaziabad and execution of sale deed in favour of the applicant herein; and/ or

(b)

Direct the Respondent to pay a further sum of money in terms of admitted claim ie. interest @ 8% p.a. from 16.03.2015 (the proposed date of possession) till the date of possession as per the terms of agreement; and/or

(c)

Pass such other further order/orders as this Hon'ble Tribunal may deem fit and proper in the facts and circumstances of the present case in the interest of Justice.”

“II. SUBMISSION OF CLAIM IN THE ONGOING CIRP OF THE CORPORATE DEBTOR.

2.

That it is submitted by the Respondent that the Appellant has duly submitted the claim form under Form-CA on 04.04.2024 in accordance with the provisions of the Code, 2016. The Respondent has already verified and admitted the claim of the Appellant and the Appellant is already of the members of the committee of creditors. That the copy of the Form CA submitted by the Appellant is annexed herewith as ANNEXURE-A7.

III. DELAY IN REGISTRATION OF THE UNITS ON THE PART OF THE APPELLANT

3.

That it is submitted that when the suspended directors handed over the registration of the units to all the homebuyers of the project Bharat City, Phase-1 and the Appellant did not engage themselves in the registration of the units to reasons best known to him. Thereafter, the Appellant got to know about the initiation of the CIRP of the Corporate Debtor vide order dated 17.01.2024. Consequently, as per Section 17 of the Code, 2016 which enumerates that:

(1)

From the date of appointment of the interim resolution professional, -

(a)

the management of the affairs of the corporate debtor shall vest in the interim resolution professional;

(b)

the powers of the board of directors or the partners of the corporate debtor, as the case may be, shall stand suspended. and be exercised by the interim resolution professional;

(c)

the officers and managers of the corporate debtor shall report to the interim resolution professional and provide access to such documents and records of the corporate debtor as may be required by the interim resolution professional;

(d)

the financial institutions maintaining accounts of the corporate debtor shall act on the instructions of the interim resolution professional in relation to such accounts and furnish all information relating to the corporate debtor available with them to the interim resolution professional. That upon the initiation of the CIRP of the Corporate Debtor and as envisaged in Section 17 of the Code, 2016, the powers of the board of directors or the partners of the Corporate Debtor, as the case may be, shall stand suspended and be exercised by the interim resolution professional or the resolution professional as the case may be. Therefore, the Respondent/RP submits that it is the in exorbitant delay on the part of the Appellant to get the registration of the units Further, the Resolution Plan has already been approved in the 12th meeting of the committee of creditors. Thereby, the Respondent/RP is no where liable for the registration of the units of the Appellant.”