# In the matter of Shyam Sunder Daga vs. Coral Infragold Pvt. Ltd.

> NCLAT judgment dated 2024-08-16. Citation: TCN-2024-NCLAT-00253. The case involves an appeal filed by the Promoters of the Corporate Debtor challenging an…

- **Court:** NCLAT
- **Order date:** 16 Aug 2024
- **Citation:** TCN-2024-NCLAT-00253
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/shyam-sunder-daga-vs-coral-infragold-pvt-ltd-0776932a

## Summary

### Background

The case involves an appeal filed by the Promoters of the Corporate Debtor challenging an order passed by the Adjudicating Authority on 2024-06-12. The Adjudicating Authority had directed the Promoters/Suspended Directors to deposit Rs. 1.5 Crore in two monthly installments. The appellant claims to have informed the Resolution Professional that the Daga family has waived their rights to six flats on the 9th floor, which can be monetized by the RP for further constructions.

## Facts

The Promoters of a Corporate Debtor filed an appeal against an order by the Adjudicating Authority, which directed them to deposit Rs. 1.5 Crore in two monthly installments. The Promoters claim that six flats belonging to the Daga family on the 9th floor can be monetized by the Resolution Professional (RP) and that they have waived their rights to these flats. They argue that the Adjudicating Authority should have directed the RP to monetize the flats instead of ordering the deposit. The bank's no objection to the charge over the flats was not raised before the Adjudicating Authority. The appellant seeks to use the proceeds from the sale of the flats to carry out further constructions and repay liabilities.

## Issues and analysis

### Issue 1: Whether the Adjudicating Authority should have directed the Resolution Professional to monetize the …

**Ratio:** The court has the discretion to allow the appellant to present additional facts before

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**Reasoning:** The court observed that the issue of the bank's no objection to the charge over the flats

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**Interpretation:** The court interprets its power to allow the appellant to present additional

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**Application:** The court applied this principle by granting liberty to the appellant to file

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## Parties

- **Judges:** Ashok Bh…; Arun Ba…
- **Appellants:** Shyam Sunde…
- **Respondents:** Coral Infragold…
- **Advocates:** Amol…

## Timeline

- **2024-06-12 — Order by Adjudicating…**: The Adjudicating Authority passed an order directing the Promoters/Suspended Directors to…
- **2024-07-22 — Matter L…**: The matter was listed…

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