# In the matter of Crown Business Park Tower A Buyers Association, Faridabad & Ors. vs. Atul Kansal & Ors.

> NCLAT judgment dated 1 Jul 2024. Citation: TCN-2024-NCLAT-00372. The appeals were filed against an order dated February 21, 2023, passed by the Adjudicating…

- **Court:** NCLAT
- **Order date:** 1 Jul 2024
- **Citation:** TCN-2024-NCLAT-00372
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/crown-business-park-tower-a-buyers-association-faridabad-ors-vs-atul-kansal-ors-d635c58c

## Summary

### Background

The appeals were filed against an order dated February 21, 2023, passed by the Adjudicating Authority (NCLT), Principal Bench, New Delhi. This order allowed IA No. 5687 of 2020, which approved the Resolution Plan submitted by Crown Abacus IT Park Association (SRA). Company Appeal (AT) (Insolvency) No. 431 of 2023 was filed by 'Crown Business Park Tower A Buyers Association', claiming to be a registered association of homebuyers of the Corporate Debtor. Company Appeals (AT) (Insolvency) Nos. 432 and 433 of 2023 were filed by Amarjit Singh, the Suspended Director of the Corporate Debtor, Crown Realtech Pvt. Ltd. Additionally, Company Appeal (AT) (Insolvency) No. 434 of 2023 was filed by Cimco Projects Limited, which had expressed interest in the Corporate Insolvency Resolution Process (CIRP) but failed to submit a Resolution Plan.

…

## Facts

The NCLT admitted a Section 7 application filed by Mr. Mohan Agarwal, an allottee, against the Corporate Debtor, Crown Realtech Pvt. Ltd., on December 6, 2019. An Interim Resolution Professional (IRP), Mr. Amit Agarwal, was appointed, who issued a publication in Form A on December 11, 2019. On January 3, 2020, the IRP, after constituting the Committee of Creditors (CoC), submitted a report to the Adjudicating Authority. The CoC, on February 15, 2020, decided to appoint Shri Atul Bansal as the Resolution Professional (RP), replacing Mr. Amit Agarwal.

…

## Issues and analysis

### Issue 1: Whether the different eligibility criteria fixed for association of allottees as compared to other…

**Ratio:** Different eligibility criteria for various categories of Resolution Applicants are…

**Reasoning:** The court reasoned that the CoC is empowered by **Regulation 36A(4)** of the CIRP…

**Interpretation:** The court interpreted "specify the criteria for prospective resolution…

**Application:** The application of this reasoning to the facts showed that the CoC's decision…

## Parties

- **Judges:** Ashok Bh…
- **Advocates:** For Appel…; Abhijeet Sinha…; +10 more

## Timeline

- **December 6, 2019 — Section 7 application…**: NCLT admitted the Section 7 application filed by Mr. Mohan Agarwal against Crown Realtech…
- **December 11, 2019 — IRP issued…**: The Interim Resolution Professional…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclat-new-delhi/crown-business-park-tower-a-buyers-association-faridabad-ors-vs-atul-kansal-ors-d635c58c