The appeal was filed by Mr. Alok Sharma, authorized representative of the allottees/buyers of commercial space in the real estate project 'CORAL BRIO' of the Corporate Debtor (CD), under Section 61(1) of the Insolvency and Bankruptcy Code, 2016, against the order dated 16.01.2020 passed by the National Company Law Tribunal (NCLT), Principal Bench, New Delhi, which dismissed CA No. 2265 (PB)/2019 in CP (IB) No.593(PB)/2018. The allottees invested in the project in 2013 and were given possession in 2015, continuously paying electricity and parking charges. The CD entered CIRP on 11.01.2019, and Ms. Anju Agarwal was appointed as Interim Resolution Professional (IRP). The allottees sought execution of sale deeds, having paid monies and allotment issues, and were given
…Mr. Alok Sharma, representing commercial space buyers in 'CORAL BRIO', appealed against the NCLT's dismissal of their application for sale deed execution. Allottees invested in 2013, gained possession in 2015, and consistently paid charges. CIRP commenced on 11.01.2019, with Anju Agarwal as IRP. Despite payments and possession, fit-out works remained incomplete, requiring allottees to spend additional funds. Numerous communications between 2015-2018 addressed issues like non-registration of sale deeds. The RP allegedly remained silent on the pending sale deed registrations. Allottees held only 11.70% voting share in CoC, compared to Union Bank of India's 45.15%. The CoC's 7th meeting deferred the sale deed execution decision to the Successful Resolution Applicant. The
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The appeal was filed by Mr. Alok Sharma, authorized representative of the allottees/buyers of commercial space in the real estate project 'CORAL BRIO' of the Corporate Debtor (CD), under Section 61(1) of the Insolvency and Bankruptcy Code, 2016, against the order dated 16.01.2020 passed by the National Company Law Tribunal (NCLT), Principal Bench, New Delhi, which dismissed CA No. 2265 (PB)/2019 in CP (IB) No.593(PB)/2018. The allottees invested in the project in 2013 and were given possession in 2015, continuously paying electricity and parking charges. The CD entered CIRP on 11.01.2019, and Ms. Anju Agarwal was appointed as Interim Resolution Professional (IRP). The allottees sought execution of sale deeds, having paid monies and allotment issues, and were given
…Mr. Alok Sharma, representing commercial space buyers in 'CORAL BRIO', appealed against the NCLT's dismissal of their application for sale deed execution. Allottees invested in 2013, gained possession in 2015, and consistently paid charges. CIRP commenced on 11.01.2019, with Anju Agarwal as IRP. Despite payments and possession, fit-out works remained incomplete, requiring allottees to spend additional funds. Numerous communications between 2015-2018 addressed issues like non-registration of sale deeds. The RP allegedly remained silent on the pending sale deed registrations. Allottees held only 11.70% voting share in CoC, compared to Union Bank of India's 45.15%. The CoC's 7th meeting deferred the sale deed execution decision to the Successful Resolution Applicant. The
…Allottees inve…
Corporate Debtor gave…