SHIVANG GOEL vs CHD DEVELOPERS LTD.

A copy of the order dated 26.09.2023 has been downloaded from the site of NCLAT, brought to the notice of the authority which passed in Company Appeal (Ins) No. 1168 of 2022 and I.A.NO.160 OF 2023 in the matter of Gaurav Mitta Promoter, Suspended Director and Share holder Versus CHD Developers Ltd. and Ors. with company appeal (AT) (Ins) No.1181 of 2022 has been placed on record. Orders dated 26.9.2023 are re-produced as under :-              "This appeal has been filed against the order dated 05.09.2022 by which Adjudicating Authority has admitted Section 7 application and rejected the PPIRP under Section 54 (e). Other three appeals were filed against the same order, which by our order of date have been permitted to be withdrawn While withdrawing the appeals, we have also granted liberty to two project in CHD Vann and CHD Ysuites Resortico to file an appropriate application before the Adjudicating Authority for segregating or completing the projects. In this appeal which has been filed by the Yes Bank the appellant's case is that CHD Green Park be separated from the CIRP on which the finance was advanced by the appellant. We are having granted liberty to Land Owners in CHI Vann and CHD Ysuites Resortico to file an appropriate application, we also grant liberty to the appellant to file an application before the Adjudicating Authority for the said purpose. We are having already permitted withdrawal of other three appeals by order of the date and directed CIRP to continue, we permit the appellant to file an appropriate application before the Adjudicating Authority. With the aforesaid liberty, we close this appeal".    In view of the facts and circumstances mentioned above and to gain clarity as to what can be done to protect the interest of the allottees., it was  directed vide orders dated 06.12.2023  that IRP shall be present on the next date of hearing to explain the detailed status of the moratorium imposed upon M/s CHD Developers Pvt. Ltd. and to explain whether M/s CHD Developers Pvt. Ltd. can demand the outstanding amount in case moratorium is continuing on whole of the company except on the two projects CHD Vann and CHD Ysuites Resortico. Further, the authority shall also explore for engaging the services of an expert in NCLT matters to protect the rights and interest of allottees.   An email has been sent to the IRP to appear before the Authority on 20.02.2024 clarify the status of the same. The counsel for the IRP states that the moratorium proceedings  under section 7 of the IBC stand  against the entire company and no projects have been differentiate  .  An affidavit to this effect shall be filed in the registry of the authority within a period of two weeks. In view of the above, the matter is adjourned sine die.

A copy of the order dated 26.09.2023 has been downloaded from the site of NCLAT, brought to the notice of the authority which passed in Company Appeal (Ins) No. 1168 of 2022 and I.A.NO.160 OF 2023 in the matter of Gaurav Mitta Promoter, Suspended Director and Share holder Versus CHD Developers Ltd. and Ors. with company appeal (AT) (Ins) No.1181 of 2022 has been placed on record. Orders dated 26.9.2023 are re-produced as under :-              "This appeal has been filed against the order dated 05.09.2022 by which Adjudicating Authority has admitted Section 7 application and rejected the PPIRP under Section 54 (e). Other three appeals were filed against the same order, which by our order of date have been permitted to be withdrawn While withdrawing the appeals, we have also granted liberty to two project in CHD Vann and CHD Ysuites Resortico to file an appropriate application before the Adjudicating Authority for segregating or completing the projects. In this appeal which has been filed by the Yes Bank the appellant's case is that CHD Green Park be separated from the CIRP on which the finance was advanced by the appellant. We are having granted liberty to Land Owners in CHI Vann and CHD Ysuites Resortico to file an appropriate application, we also grant liberty to the appellant to file an application before the Adjudicating Authority for the said purpose. We are having already permitted withdrawal of other three appeals by order of the date and directed CIRP to continue, we permit the appellant to file an appropriate application before the Adjudicating Authority. With the aforesaid liberty, we close this appeal".  In view of the facts and circumstances mentioned above and to gain clarity as to what can be done to protect the interest of the allottees., it is directed that IRP shall be present on the next date of hearing to explain the detailed status of the moratorium imposed upon M/s CHD Developers Pvt. Ltd. and to explain whether M/s CHD Developers Pvt. Ltd. can demand the outstanding amount in case moratorium is continuing on whole of the company except on the two projects CHD Vann and CHD Ysuites Resortico. Matter to come up on 20.02.2024 before full bench for further proceedings.

Vide order dated 05.09.2022 passed by the NCLT, Principal Branch, New Delhi in case No. IBPP/02/PB/2022 in the matter of CHD Developers Pvt. Ltd. and case No. IB 1775 (PB)/2018 titled as Shailendra Kumar Agarwal versus M/S CHD Developers Pvt. Ltd and case No. 1081 (PB) /2020 vide which the petitions have been admitted by the NCLT and Mr. Rajesh Kumar Parakh has been appointed as IRP having registration No. IBBI/IPA-001/IP-P00272/2017-18/10516 email [email protected] mobile No.9811350848 as Interim Resolution Professional and moratorium is declared under section 14 of IBC 2016. However, during the pendency of the moratorium period, terms of section 14 (2) to 14 (3) of IBC shall come in force.   After that an appeal was filed by suspended  Director before Hon’ble NCLAT. Further  the Hon’ble NCLAT vide order dated 14.08.2023 passed    in  Company Appeal ( AT) (Insolvency)  No.1168 of 2022 and IA No.160 of 2023 with Company Appeal ( AT (Insolvency) No.1301 of 2022  titled as Gaurav Mittal, Promoter, suspended Director and Share holder Versus CHD Developers Ltd. and Ors. ,passed  an order on 14.8.2023 and mentioned that  both the parties submit that in the event certain solution is agreeable to all the parties, the projects can be saved and learned counsels appearing for the Home-buyers submits that principally they are also in agreement. Further NCLAT listed this case on 26th September,2023 with the directions that interim order to continue.   Shri Birendra Kuma Roi, Counsel  appearing on behalf of the IRP states that the IBC proceedings are going on and as per the orders of the NCLAT  certain proposals are being circulated for consideration by the land owners CHD- Vann and Resortico. He  further stated that  it is mentioned in the orders of the Hon’ble NCLAT that home buyers are principally in agreement with the proposals being circulated for consideration.  Hence the NCLAT has adjourned the matter for 26.9.2023 and on the basis of that  the proceedings herein  and the case may be adjourned to any date post the hearing date in NCLAT which is 26.9.2023.    In view of the above , the matter  is adjourned and to come up on   6.12.2023 for further proceedings.