# In the matter of Owners Welfare Association of Universal Trade Tower vs. Universal Buildwell Pvt. Ltd. & Anr.

> NCLAT judgment dated 2025-02-04. Citation: TCN-2025-NCLAT-00239. The case involves an appeal against an order dated 09.02.2023 passed by the National Company…

- **Court:** NCLAT
- **Order date:** 4 Feb 2025
- **Citation:** TCN-2025-NCLAT-00239
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/owners-welfare-association-of-universal-trade-tower-vs-universal-buildwell-pvt-l-018dcd53

## Summary

### Background

The case involves an appeal against an order dated 09.02.2023 passed by the National Company Law Tribunal (NCLT), New Delhi Bench (Court-III) in IB-456(ND)/2018. The appellant, Owners Welfare Association of Universal Trade Tower ('UTT'), is aggrieved by the NCLT's order. The corporate insolvency resolution process (CIRP) was initiated against Universal Buildwell Pvt. Ltd. on 03.07.2018. The Resolution Professional (RP) filed an application under Section 60(5) of the Insolvency and Bankruptcy Code (IBC) seeking the appointment of a Local Commissioner/Technical person to identify and report the actual position of the data compiled by the RP. The RP also filed an application stating that clarity is needed regarding the sold, unsold, and mortgaged areas to finalize the

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## Facts

The Owners Welfare Association of Universal Trade Tower ('UTT') filed an appeal against the order dated 09.02.2023 passed by the National Company Law Tribunal (NCLT), New Delhi Bench (Court-III) in IB-456(ND)/2018. The Corporate Insolvency Resolution Process (‘CIRP') was initiated against Universal Buildwell Pvt. Ltd. on 03.07.2018, based on an application filed under Section 7 of the Insolvency and Bankruptcy Code, 2016 ('Code') by Ms. Pallavi Joshi Bakhru (Financial Creditor). The Tribunal appointed Mr. Atul Kansal as the Resolution Professional of the Corporate Debtor to complete the CIRP Process. The Resolution Professional filed an application under Section 60(5) of the Code bearing CA-500/2019 seeking the appointment of a Local Commissioner/Technical person to

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## Issues and analysis

### Issue 1: Whether the Adjudicating Authority committed any error in rejecting prayers made in I.A. No. 1473 …

**Ratio:** When the Universal Trade Tower is not the subject matter of the Resolution Plan, the

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**Reasoning:** The court reasoned that since the Universal Trade Tower is not part of the Resolution

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**Interpretation:** This means that the court interpreted that if a project or asset is not

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**Application:** Since the Universal Trade Tower was not part of the Resolution Plan, the court

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## Parties

- **Judges:** Rakesh Kuma…; Naresh Sa…
- **Appellants:** Owners Welfare…
- **Respondents:** Universal…
- **Advocates:** Pradeep Kum…; Kapil D…; +9 more

## Timeline

- **2018-07-03 — CIRP Init…**: Corporate Insolvency Resolution Process (‘CIRP') was initiated against Universal…
- **2023-02-09 — NCLT Ord…**: Order passed by National Company Law Tribunal, New Delhi Bench (Court-III) in…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 60(5) — Adjudicating Authority for corporate persons](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-60)

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