# In the matter of Rajesh Goyal Vs. Babaita Gupta & Ors. I.A Nos. 4033 & 4303 of 2019 in CA(AT)(Ins) No. 1056 of 2019

> NCLAT judgment dated 2020-01-07. Citation: TCN-2020-NCLAT-00562. The case involves a Company Appeal (AT) (Insolvency) concerning the resolution of a real…

- **Court:** NCLAT
- **Order date:** 7 Jan 2020
- **Citation:** TCN-2020-NCLAT-00562
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/rajesh-goyal-vs-babaita-gupta-ors-ia-nos-4033-4303-of-2019-in-ca-0f0ef312

## Summary

### Background

The case involves a Company Appeal (AT) (Insolvency) concerning the resolution of a real estate project. Allottees ('Financial Creditors') voted on a resolution plan, with 81% agreeing to receive their flats within a specified timeframe suggested by the Appellant/Promoter. 12% of the allottees opted to receive their money back. The Appellant/Promoter is tasked with completing the project and addressing the concerns of financial institutions and operational creditors.

## Facts

Rajesh Goyal, the Appellant/Promoter, is involved in a Company Appeal (AT) (Insolvency) No. 1056 of 2019. The case concerns a real estate project where allottees ('Financial Creditors') voted on a resolution plan. 81% of the allottees agreed to receive their flats within a timeframe suggested by the Appellant/Promoter, while 12% opted for a refund. 7% of the allottees did not make any claim. The Appellant/Promoter is required to complete the project, address the concerns of Indiabulls Commercial Credit Ltd. and other financial institutions and operational creditors, and deposit funds with the Resolution Professional. Some allottees have taken loans from banks and are being forced to repay them with interest. The Appellant/Promoter has been given time until January 10,

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## Issues and analysis

### Issue 1: Whether the Appellant/Promoter can complete the real …

**Ratio:** The principle of corporate insolvency resolution aims to balance the interests of all

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**Reasoning:** The court is considering the Appellant/Promoter's submission that the project can be

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**Interpretation:** This issue involves interpreting the provisions of the Insolvency and

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**Application:** The court is applying the ratio by giving the Appellant/Promoter an opportunity

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## Parties

- **Judges:** S.J. Mukhop…; Bansi Lal…
- **Appellants:** Rajesh…
- **Respondents:** Babita…

## Timeline

- **2020-01-07 — Order Da…**: Mr. Rishab Jain, Advocate for Mr. Gaurav Katiyar, Resolution Professional submitted that…
- **2020-01-10 — Affidavit Filing…**: The Appellant/ Promoter is given time till 10th January, 2020 to file an Affidavit giving…

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