# In the matter of AVJ Heightss Apartments Owners Association vs. IIFL Finance Limited & Anr.

> SC judgment dated 2026-04-16. Citation: TCN-2026-SC-00026. The case involves appeals against a common judgment and order dated 02.01.2023 passed by the…

- **Court:** SC
- **Order date:** 16 Apr 2026
- **Citation:** TCN-2026-SC-00026
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/supreme-court-of-india/avj-heightss-apartments-owners-association-vs-iifl-finance-limited-anr-60bea50d

## Summary

### Background

The case involves appeals against a common judgment and order dated 02.01.2023 passed by the National Company Law Appellate Tribunal (NCLAT) in Company Appeal No.626/2021. The NCLAT had dismissed the appeal preferred by the AVJ Heightss Apartment Owners Association against an order dated 20.05.2021 passed by the NCLT in I.A. No.1261/2020 in CP (IB) No.654 (PB)/2019.

## Facts

IIFL's claim was initially rejected by the Resolution Professional (RP) on 24.01.2020 due to inability to verify the claim against the corporate debtor's records.

The NCLT allowed IIFL's claim, but the NCLAT dismissed the appeal and affirmed the NCLT's order.

An arbitral award dated 03.07.2024 was passed in favor of IIFL for Rs.85,00,00,000/- with interest.

The appellants allege that IIFL's entire claim is sham and bogus.

The CoC approved a resolution plan on 04.07.2024, but the application seeking approval was filed on 12.07.2024 and is pending before the NCLT Principal Bench, New Delhi for almost two years.

The arbitral award is now subject to challenge before the Delhi High Court under Section 34 of the Arbitration Act.

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## Issues and analysis

### Issue 1: Whether the claim of IIFL is valid and …

**Ratio:** The court is examining the validity of IIFL's claim, considering the arbitral award and

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**Reasoning:** The RP initially rejected the claim due to lack of verification. The NCLT allowed the

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**Interpretation:** The validity of the claim depends on the evidence presented and the applicable

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**Application:** The court will consider the arbitral award, the RP's findings, and the

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## Parties

- **Judges:** J.B. PARD…; K.V. VISWA…
- **Appellants:** AVJ HEIGHTSS…
- **Respondents:** AVJ Developers…; IIFL FINANCE…
- **Advocates:** Udita S…; Shashank A…; +11 more

## Timeline

- **2020-01-24 — Rejection o…**: IIFL's claim was rejected by…
- **2023-01-02 — NCLAT Or…**: NCLAT dismissed the appeal filed by AVJ…

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