# In the matter of Celestial Estate Private Limited IA-1009-2022 in (IB)-1768(ND)2018

> NCLT judgment dated 2022-05-24. Citation: TCN-2022-NCLT-04784. The applicants, claiming to be financial creditors, filed applications seeking directions from…

- **Court:** NCLT
- **Order date:** 24 May 2022
- **Citation:** TCN-2022-NCLT-04784
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-new-delhi/celestial-estate-private-limited-ia-1009-2022-in-ib-1768nd2018-30598671

## Summary

### Background

The applicants, claiming to be financial creditors, filed applications seeking directions from the Adjudicating Authority to direct the resolution applicant to consider their claims, which were initially rejected due to delays. The claims pertain to units booked in the 'Earth Iconic' project.

## Facts

The applicants claim to be financial creditors due to advances made for units in the 'Earth Iconic' project.

Insolvency proceedings were initiated against Earth Infrastructure Limited ('EIL') on 06.06.2018.

The Adjudicating Authority directed on 11.12.2019 that claims related to the 'Earth Iconic' project be transferred from the RP of EIL to the RP of Celestial Estate Private Limited ('CEPL').

The resolution plan of M/s H.S. Oberoi Buildtech Pvt. Ltd. was approved by the Committee of Creditors ('COC') and the Adjudicating Authority on 15.03.2021.

Clause 6.13 4 (c) of the approved resolution plan allows for the admission of claims from unitholders who filed late, subject to a penalty.

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## Issues and analysis

### Issue 1: Whether the resolution applicant is obligated to consider claims filed belatedly by unit holders …

**Ratio:** The approved resolution plan, specifically Clause 6.13 4 (c) and Clause 6.5, provides for

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**Reasoning:** The Adjudicating Authority noted that the resolution plan explicitly deals with claims

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**Interpretation:** The resolution plan's provisions regarding belated claims are to be interpreted

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**Application:** The resolution applicant is directed to consider the claims of the applicants

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## Parties

- **Judges:** BACHU VENKAT…; Virendra Kumar…
- **Appellants:** Sanjay Mali…; Rakesh Dugg…; +5 more
- **Respondents:** Celestial Estate…; M/s H.S. Oberoi…
- **Other parties:** Committee of…
- **Advocates:** Gagan N…

## Timeline

- **2018-06-06 — Initiation of…**: Insolvency proceedings initiated against…
- **2019-12-11 — Direction for Transfer…**: Adjudicating Authority directed that claims pertaining to the 'Earth Iconic' project be…

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