The case involves an appeal against an order dated November 3, 2022, where the Appellant was removed from the Committee of Creditors based on an application filed by the Home-Buyers. The Appellant, a landowner, had entered into a development agreement with a corporate debtor. The Adjudicating Authority concluded that the Appellant was not a financial creditor as no amount was disbursed for the time value of money.
Ashoka Hi-Tech Builders Pvt. Ltd. (Appellant) filed an appeal against an order that removed them from the Committee of Creditors. The Appellant was a landowner who entered into a development agreement with a corporate debtor. The agreement stipulated that the corporate debtor would carry out construction on the Appellant's 11.40 acres of agricultural land. The agreement also outlined that 32% of the total saleable construction would belong to the Appellant, while the remaining 68% would belong to the Corporate Debtor. The Appellant's claim was admitted, and they were initially inducted into the Committee of Creditors. However, following an application by the Home-Buyers, the Appellant was removed from the Committee of Creditors on the grounds that they were not a
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The case involves an appeal against an order dated November 3, 2022, where the Appellant was removed from the Committee of Creditors based on an application filed by the Home-Buyers. The Appellant, a landowner, had entered into a development agreement with a corporate debtor. The Adjudicating Authority concluded that the Appellant was not a financial creditor as no amount was disbursed for the time value of money.
Ashoka Hi-Tech Builders Pvt. Ltd. (Appellant) filed an appeal against an order that removed them from the Committee of Creditors. The Appellant was a landowner who entered into a development agreement with a corporate debtor. The agreement stipulated that the corporate debtor would carry out construction on the Appellant's 11.40 acres of agricultural land. The agreement also outlined that 32% of the total saleable construction would belong to the Appellant, while the remaining 68% would belong to the Corporate Debtor. The Appellant's claim was admitted, and they were initially inducted into the Committee of Creditors. However, following an application by the Home-Buyers, the Appellant was removed from the Committee of Creditors on the grounds that they were not a
…Order passed removing the Appellant from…
Learned Counsel…