# Sharon Hills Residents Association vs. K. Parmesvaran Nair

> NCLAT judgment dated 2024-05-02. Citation: TCN-2024-NCLAT-00464. This is a combined judgment for four Company Appeals (Comp. App (AT) (CH) (INS) Nos. 192,…

- **Court:** NCLAT
- **Order date:** 2 May 2024
- **Citation:** TCN-2024-NCLAT-00464
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/sharon-hills-residents-association-vs-k-parmesvaran-nair-55c8ddbd

## Summary

### Background

This is a combined judgment for four Company Appeals (Comp. App (AT) (CH) (INS) Nos. 192, 212, 214, and 215 of 2023) filed by different associations of home buyers against orders passed by the National Company Law Tribunal (NCLT), Kochi Bench. The appeals challenge the rejection of applications for extension of time to complete the Corporate Insolvency Resolution Process (CIRP) for a corporate debtor, Samson & Sons Builders & Developers Pvt. Ltd. The home buyers had entered into sale and construction agreements with the corporate debtor for apartments in various projects. The corporate debtor defaulted on loan liabilities, leading to the initiation of CIRP. The home buyers, as a class of creditors, submitted resolution plans, but the Resolution Professional

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## Facts

The case involves multiple appeals concerning the Corporate Insolvency Resolution Process (CIRP) of Samson & Sons Builders & Developers Pvt. Ltd. Several associations of home buyers (Sharon Hills Residents Association, Angelwoods Apartments Allottees Association, Orchid Valley Apartment Buyers Association, and Sanctuary Apartment Owner's Association) are the Appellants. The Respondent is K. Parameswaran Nair, the Resolution Professional. The Corporate Debtor invited prospective applicants (home buyers) for the purchase of apartments. Home buyers entered into Sale and Construction Agreements with the Corporate Debtor. The Corporate Debtor failed to execute Registered Sale Deeds. The Corporate Debtor availed loan facilities from Financial Creditors by pledging

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## Issues and analysis

### Issue 1: Whether the application for extension of time period for the completion of the Insolvency and …

**Ratio:** The Hon'ble Apex Court have observed that though normally, the time period for completion

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**Reasoning:** The court reasoned that denying an extension of time could harm the claimants and lead to

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**Interpretation:** The interpretation of Section 12 of the I&B Code, particularly the proviso

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**Application:** The NCLAT applied this principle to the present case, noting that the delays

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## Parties

- **Judges:** Sharad Kumar…; Jatindranat…
- **Appellants:** Sharon Hills…
- **Respondents:** Samson and Sons…; K. Parameswaran…

## Timeline

- **2021-11-03 — Moratorium…**: The Adjudicating Authority passed an Order under Section 14 of the I & B Code, 2016,…
- **2021-11-15 — Public Notice…**: A Public Notice was issued inviting Claims…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 61 — Appeals and Appellate Authority](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-61)

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