NCLAT upholds the order of the Adjudicating Authority that since the possession has already been transferred, the appellant's claim as a financial creditor cannot be admitted.
National Company Law Appellate Tribunal (NCLAT), Principal Bench comprising Justice Ashok Bhushan (Chairperson), Justice Yogesh Khanna (Judicial Member) and Barun Mitra (Technical Member) was hearing an appeal and held since the possession of the units had been handed over to the appellant on 24.09.2014, as evidenced by the signed possession letters, and therefore, the appellant's claim as a financial creditor could not be admitted since he was already in possession of the units. Consequently, the NCLT's dismissal of the appellant's application to admit his claim was upheld, with the Successful Resolution Applicant directed to execute the conveyance deed for the units.
The National Company Law Appellate Tribunal (NCLAT) dealt with an appeal against the order dated 16.06.2023 by the National Company Law Tribunal (NCLT), New Delhi, Court-III, which rejected the appellant's claim against the corporate debtor, M/s Ansal Lotus Melange Pvt. Ltd.
The appellant was allotted two units (CB-05 and CB-06) by the corporate debtor on 16.12.2009, for which the appellant paid Rs. 1.25 crores per unit. On 09.08.2023, the corporate debtor demanded an additional payment of Rs. 4,42,007/- per unit, which the appellant paid. Subsequently, on 24.09.2014, the corporate debtor issued possession letters for the units, which the appellant signed under protest. In 2016, the appellant filed a civil suit seeking a refund of the entire amount paid.
Insolvency proceedings commenced against the corporate debtor on 07.04.2021, and the appellant submitted his claim in Form-CA, which was later required to be resubmitted in Form-F. The Resolution Professional (RP) rejected the appellant's claim, asserting that possession of the units had already been handed over. The appellant then filed an application (IA No. 1531 of 2023) seeking a direction to admit his claim, which was dismissed by the NCLT.
The NCLAT found that the possession letters dated 24.09.2014, signed by the appellant, indicated that possession had been handed over. The tribunal also noted that a partial completion certificate for the commercial complex was issued on 18.03.2015. The RP's decision to reject the appellant's claim was deemed appropriate since the possession had already been transferred. Additionally, a civil court had stayed proceedings against the corporate debtor but allowed the suit against the broker to continue.
The NCLAT upheld the NCLT's order, finding no error in the rejection of the appellant's claim. The Successful Resolution Applicant (SRA), Singla Builders and Promoters Limited was directed to execute the conveyance deed for the units CB-05 and CB-06 in favour of the appellant. The appeal was disposed of, and parties were directed to bear their own costs.
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