The appeal challenges an order dated 24.07.2024 passed by the National Company Law Tribunal (NCLT), New Delhi Bench (Court-II), concerning IA Nos.3926, 3596 & 3588 of 2023, IA Nos.3025, 3325 & 3330 of 2020 in Company Petition No.(IB)-1248(PB)/2018. The appellant is aggrieved by the Adjudicating Authority's order permitting the withdrawal of IA No.3926 of 2023, IA No.3325 of 2020, and IA No.3330 of 2020.
The Corporate Debtor (CD) was allotted Plot No.GH-005 in Sector-110 for the development of a Group Housing Project named Lotus Panache.
The CD entered into an Agreement to Sell with the Appellant on 22.04.2016 for the sale of undeveloped area with rights to construct, promote, advertise, and sell shops for a consideration of Rs.32 crores.
The CD entered into a Deed of Settlement with M/s Lotus Panache Welfare Association for the sale of a shopping Arcade for Rs.32 crores on 09.07.2018.
CIRP commenced against the CD on 10.01.2019, following an application under Section 7 of the IBC.
A Resolution Plan submitted by SMV Agencies Pvt. Ltd. (Respondent No.3) was approved by the CoC with 80.13% vote share on 19.07.2020.
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Agreement to Sell…
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The appeal challenges an order dated 24.07.2024 passed by the National Company Law Tribunal (NCLT), New Delhi Bench (Court-II), concerning IA Nos.3926, 3596 & 3588 of 2023, IA Nos.3025, 3325 & 3330 of 2020 in Company Petition No.(IB)-1248(PB)/2018. The appellant is aggrieved by the Adjudicating Authority's order permitting the withdrawal of IA No.3926 of 2023, IA No.3325 of 2020, and IA No.3330 of 2020.
The Corporate Debtor (CD) was allotted Plot No.GH-005 in Sector-110 for the development of a Group Housing Project named Lotus Panache.
The CD entered into an Agreement to Sell with the Appellant on 22.04.2016 for the sale of undeveloped area with rights to construct, promote, advertise, and sell shops for a consideration of Rs.32 crores.
The CD entered into a Deed of Settlement with M/s Lotus Panache Welfare Association for the sale of a shopping Arcade for Rs.32 crores on 09.07.2018.
CIRP commenced against the CD on 10.01.2019, following an application under Section 7 of the IBC.
A Resolution Plan submitted by SMV Agencies Pvt. Ltd. (Respondent No.3) was approved by the CoC with 80.13% vote share on 19.07.2020.
…Agreement to Sell…
CD entered into Deed of…