This case involves an appeal against an order dated 21.10.2021 passed by the Adjudicating Authority (National Company Law Tribunal), Bench-II, rejecting the Appellants' application for impleadment in I.A. No. 2365/2021 and I.A. No. 2366/21. The Appellant No. 1 is a registered society of 102 members who are allottees of a real estate project developed by the Corporate Debtor. The Corporate Insolvency Resolution Process (CIRP) of the Corporate Debtor commenced on 28.02.2020. The Appellants sought impleadment in applications filed by Respondent Nos. 2 and 3, who were challenging the rejection of their claims by the Interim Resolution Professional (IRP). The Adjudicating Authority rejected the impleadment application, leading to this appeal.
The Appellant No. 1 is a registered society comprised of 102 members who are allottees of the 'Amadeus' real estate project being developed by the Corporate Debtor. The CIRP of the Corporate Debtor commenced on 28.02.2020. The Interim Resolution Professional (IRP) did not take charge. The Appellants filed an application seeking replacement of the IRP. The Appellants also filed an appeal seeking direction to the NCLT to appoint a new IRP. The Adjudicating Authority appointed Respondent No. 3 as IRP on 05.04.2021. The Committee of Creditors (CoC) comprises of the Homebuyers (99.85%), and Members of the Appellant No. 1 constitute 70% of the CoC. Respondent Nos. 2 and 3 filed their claims before the IRP. The IRP partially rejected the claim of Respondent No. 2 and
…Sign in to view the parties.
Corporate Insolvency Resolution Process (CIRP)…
The Adjudicating…
This case involves an appeal against an order dated 21.10.2021 passed by the Adjudicating Authority (National Company Law Tribunal), Bench-II, rejecting the Appellants' application for impleadment in I.A. No. 2365/2021 and I.A. No. 2366/21. The Appellant No. 1 is a registered society of 102 members who are allottees of a real estate project developed by the Corporate Debtor. The Corporate Insolvency Resolution Process (CIRP) of the Corporate Debtor commenced on 28.02.2020. The Appellants sought impleadment in applications filed by Respondent Nos. 2 and 3, who were challenging the rejection of their claims by the Interim Resolution Professional (IRP). The Adjudicating Authority rejected the impleadment application, leading to this appeal.
The Appellant No. 1 is a registered society comprised of 102 members who are allottees of the 'Amadeus' real estate project being developed by the Corporate Debtor. The CIRP of the Corporate Debtor commenced on 28.02.2020. The Interim Resolution Professional (IRP) did not take charge. The Appellants filed an application seeking replacement of the IRP. The Appellants also filed an appeal seeking direction to the NCLT to appoint a new IRP. The Adjudicating Authority appointed Respondent No. 3 as IRP on 05.04.2021. The Committee of Creditors (CoC) comprises of the Homebuyers (99.85%), and Members of the Appellant No. 1 constitute 70% of the CoC. Respondent Nos. 2 and 3 filed their claims before the IRP. The IRP partially rejected the claim of Respondent No. 2 and
…Corporate Insolvency Resolution Process (CIRP)…
The Adjudicating…