# In the matter of UTI Employees Sai Samruddhi Cooperative Housing Society & Ors. vs. PNB Housing Finance Ltd. & Ors.

> NCLAT judgment dated 2023-06-02. Citation: TCN-2023-NCLAT-00461. These three appeals (Company Appeal (AT) (Ins.) No. 755, 757, and 758 of 2023) were filed by…

- **Court:** NCLAT
- **Order date:** 2 Jun 2023
- **Citation:** TCN-2023-NCLAT-00461
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/uti-employees-sai-samruddhi-cooperative-housing-society-ors-vs-pnb-housing-finan-704b5481

## Summary

### Background

These three appeals (Company Appeal (AT) (Ins.) No. 755, 757, and 758 of 2023) were filed by the same Appellant challenging orders passed by the National Company Law Tribunal, Mumbai Bench – IV, in different IA's. The Adjudicating Authority dismissed all the I.A's filed by the Appellant, leading to the instant appeals.

## Facts

UTI Employees Sai Samruddhi Cooperative Housing Society filed three appeals (Company Appeal (AT) (Insolvency) No. 755, 757, and 758 of 2023) challenging orders from the National Company Law Tribunal (NCLT), Mumbai Bench – IV. The NCLT dismissed the Appellant's IAs. The Appellant claims to be an allottee of land under development and thus entitled to object to the Resolution Plan. The Adjudicating Authority previously observed that the Applicant has no locus to oppose the Plan. The Respondent argues the appeals are delaying tactics. The Appellant seeks an opportunity to file objections to the Resolution Plan. The possession of the land was with the Corporate Debtor.

## Issues and analysis

### Issue 1: Whether the Appellant, as an allottee of land under development, is entitled to raise objections to …

**Ratio:** Stakeholders are generally entitled to raise objections to a Resolution Plan if their

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**Reasoning:** The court acknowledged the Appellant's claim as a stakeholder and considered the

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**Interpretation:** This interprets the rights of stakeholders in insolvency proceedings,

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**Application:** The court applied this principle by granting the Appellant an opportunity to

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## Parties

- **Judges:** Ashok Bh…; Naresh Sa…
- **Appellants:** UTI Employees Sai…
- **Respondents:** PNB Housing…

## Timeline

- **2023-02-05 — Order by Adjudicating…**: The Adjudicating Authority passed an order while deciding the I.A. 651 of 2022, observing…
- **2023-05-02 — Orders Passed in I.A.…**: Orders dated 02.05.2023 passed in I.A. 651 of 2022, I.A. 2074 of 2022, and I.A. 2232 of…

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