# In the matter of Lotus 300 Apartment Owner Owners Association vs. IndusInd Bank Ltd. and Ors.

> NCLAT judgment dated 2025-05-28. Citation: TCN-2025-NCLAT-00366. The appeal was filed by Lotus 300 Apartment Owner's Association representing the owners of…

- **Court:** NCLAT
- **Order date:** 28 May 2025
- **Citation:** TCN-2025-NCLAT-00366
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/lotus-300-apartment-owner-owners-association-vs-indusind-bank-ltd-and-ors-13c1ce2b

## Summary

### Background

The appeal was filed by Lotus 300 Apartment Owner's Association representing the owners of 330 residential apartments in the Lotus 300 Project of the Corporate Debtor, Hacienda Projects Pvt. Ltd., under Section 61 of the Insolvency and Bankruptcy Code, 2016, challenging the Impugned Order dated 11.11.2022 passed by the National Company Law Tribunal, New Delhi Bench (Court-II) in CP (IB) No. 419(ND)/2022, which admitted Section 7 petition by IndusInd Bank for Rs. 33 Crores.

## Facts

Lotus 300 Apartment Owner's Association represents the owners of 330 apartments in the Lotus 300 Project.

Hacienda Projects Pvt. Ltd. is the Corporate Debtor.

IndusInd Bank Limited is the Financial Creditor who filed Section 7 petition for Rs. 33 Crores.

The project was slated for completion by 2014 but was abandoned by the Corporate Debtor's promoters, who allegedly siphoned off Rs. 190 Crores.

Homebuyers invested over Rs. 636 Crores between 2010-2014, with a financial stake exceeding Rs. 1,000 Crores.

The Appellant has funded Rs. 15 Crores and plans Rs. 10-15 Crores more to fully complete the project.

The Adjudicating Authority admitted the Section 7 petition by IndusInd Bank, leading to the appeal.

The Appellant claims to have absolute dominance in CoC with 98% stake.

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## Issues and analysis

### Issue 1: Whether the Impugned Order admitting the Section 7 petition was passed mechanically without notice, …

**Ratio:** The Respondent No. 1 contended that the Impugned Order, admitting the Section 7

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**Reasoning:** The Adjudicating Authority has gone into facts and law including Vidarbha Industries

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**Interpretation:** The Adjudicating Authority considered the relevant factors before admitting the

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**Application:** The Tribunal found that the Adjudicating Authority had considered the relevant

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## Parties

- **Judges:** Naresh Sa…
- **Appellants:** Lotus 300…
- **Respondents:** Hacienda Projects…; IndusInd Ba…; +2 more
- **Other parties:** Members of Lotus…
- **Advocates:** Purti G…; Henna G…; +4 more

## Timeline

- **2022-11-11 — Impugned…**: Order passed by the National Company Law Tribunal, New Delhi Bench (Court-II) in CP (IB)…
- **2022-11-28 — Stay on CoC Con…**: Appellate Tribunal order in Comp. App. (AT) (Ins.) No. 1410 of 2022, staying the…

## 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)

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