# In the matter of Universal Buildwel Pvt. Ltd. (IB)-456(ND)-2018

> NCLT judgment dated 2019-05-27. Citation: TCN-2019-NCLT-03181. The case involves a resolution plan proposed by home buyers of Universal Aura and Universal…

- **Court:** NCLT
- **Order date:** 27 May 2019
- **Citation:** TCN-2019-NCLT-03181
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/universal-buildwel-pvt-ltd-ib-456nd-2018-940324fb

## Summary

### Background

The case involves a resolution plan proposed by home buyers of Universal Aura and Universal Green for the completion of a project. Dewan Housing Finance Ltd. is the financial institution involved. The Resolution Applicant is willing to settle the outstanding debt liability. Several applications (CA 501/2019 and CA 439/2019) have been filed related to bank guarantees and status quo of land belonging to the respondent. The court is addressing issues related to the resolution plan, bank guarantees, and contributions to the Corporate Insolvency Resolution (CIR) process costs.

## Facts

Pallavi Joshi Bakhru filed a case against Universal Buildwel Pvt. Ltd. A resolution plan has been proposed by home buyers of Universal Aura and Universal Green. Dewan Housing Finance Ltd. is a financial institution involved. The Resolution Applicant is ready to settle the outstanding debt. CA 501/2019 was filed for the release of an amount by way of security for furnishing a bank guarantee valid until July 31, 2019, given by the Corporate Debtor and its Directors. CA 439/2019 was filed by the Resolution Professional (RP) for a status quo regarding land belonging to Respondent no. 1. An MOU dated March 12, 2010, was declared cancelled by an order dated January 24, 2018. Some COC members have not contributed to the CIR process costs. The court directed financial

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## Issues and analysis

### Issue 1: Whether the resolution proposal should …

**Ratio:** The court has the authority to direct the Resolution Professional to present the

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**Reasoning:** The court is overseeing the Corporate Insolvency Resolution Process (CIRP) and has the

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**Interpretation:** This involves interpreting the Insolvency and Bankruptcy Code (IBC) provisions

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**Application:** The court applied this principle by directing that the resolution proposal be

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## Parties

- **Judges:** V.K. SUB…; Ina Mal…
- **Appellants:** Pallavi Joshi…
- **Respondents:** Universal…

## Timeline

- **2019-05-27 — Hearing…**: Hearing before the New Delhi Bench of…
- **2019-07-31 — Bank Guarantee…**: Bank guarantee is valid…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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