# In the matter of Praveen Arya & Ors. vs. Anju Aggarwal & Ors.

> NCLAT judgment dated 2024-11-21. Citation: TCN-2024-NCLAT-00075. The case involves three appeals (Company Appeal (AT) (Insolvency) Nos. 40, 45, and 61 of…

- **Court:** NCLAT
- **Order date:** 21 Nov 2024
- **Citation:** TCN-2024-NCLAT-00075
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/praveen-arya-ors-vs-anju-aggarwal-ors-c21d3281

## Summary

### Background

The case involves three appeals (Company Appeal (AT) (Insolvency) Nos. 40, 45, and 61 of 2024) arising from the Corporate Insolvency Resolution Process (CIRP) of M/s IP Construction Pvt. Ltd. The appellants, commercial space buyers in the 'Coral Brio' project, challenged orders passed by the National Company Law Tribunal (NCLT) related to the approval of a resolution plan and rejection of their applications. Company Appeal (AT) (Ins.) No.40 of 2024 and No.45 of 2024 were filed challenging the order approving the Resolution Plan. Company Appeal (AT) (Ins.) No.61 of 2024 was filed by another commercial space buyer challenging order dated 30.10.2023 passed by Adjudicating Authority in IA No.3524 of 2020 in C.P.(IB) No.593 (PB) of 2018. The appellants sought exclusion of

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## Facts

M/s IP Construction Pvt. Ltd., a real estate company, underwent CIRP initiated by Union Bank of India. Praveen Arya & Ors. and Nupur Garg, commercial space buyers in IP Construction's 'Coral Brio' project, were allotted commercial spaces via allotment letters. Nupur Garg also claimed a lease deed was executed for Office Space SF-05. The CIRP commenced on 11.01.2019. The Committee of Creditors (CoC) approved a resolution plan with 87.49% vote share, offering 50% payment to commercial space buyers or equivalent commercial space. Nupur Garg filed IA No.3524 of 2020 seeking exclusion of her space from the resolution plan and execution of a sale deed. The Adjudicating Authority rejected this, noting Nupur Garg was a dissenting financial creditor entitled to liquidation

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## Issues and analysis

### Issue 1: Whether the units allotted to commercial space buyers are required to be excluded from the assets …

**Ratio:** A contract of sale does not itself create any interest in, or charge on, the property, as

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**Reasoning:** The NCLAT reasoned that the allotment letters and lease deeds, being unregistered

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**Interpretation:** The interpretation emphasizes that mere allotment or execution of unregistered

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**Application:** The NCLAT applied this principle to the facts, concluding that the appellants,

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## Parties

- **Judges:** Ashok Bh…; Barun M…
- **Appellants:** PRAVEEN…
- **Respondents:** M/s IP Constructio…; Anju Agg…
- **Advocates:** Gaurav…; Nidhi Y…; +10 more

## Timeline

- **2012-07-04 — Allotment…**: Corporate Debtor issued an allotment letter in favor of Appellant in Company Appeal (AT)…
- **2013-03-31 — Allotment…**: Appellant in Company Appeal (AT) (Ins.) No.61 of 2024 was allotted Commercial space/…

## 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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