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2022 (1) TMI 167 - AT - Insolvency and BankruptcyCIRP proceedings - Validity of Sub-lease - tri-partite agreement - sub-lease of portion of the plot to R-1 by Corporate Debtor - intent to defraud the allottees of Towers No. 5, 6, 7, and 7A or not - whether the allottees are aggrieved with the transaction of sub-lease in favour of R-1? - HELD THAT:- The parties have come to a settlement on 21.05.2018 before the mediation centre in terms of minutes of meeting dated 30.12.2017. On the basis of the settlement the court has disposed of the Civil Suit. The R-1 has filed the copy of Civil Suit, Judgment and Settlement deed, list of allottees (homebuyers of Shubhkamna City) provided to Association by the Corporate Debtor on 20.02.2017 - The Association in the suit has not claimed any relief for cancellation of sub-lease deed dated 27.09.2016. The Association has pursued its claim only against the Corporate Debtor and not against the R-1. It means the Association is not aggrieved with the transaction of sub-lease in favour of R-1. Whether the RP has any locus to file Application before Adjudicating Authority? - HELD THAT:- The R-1 in the said letter has not disclosed the name and number of allottees who are demanding R-1 to allot flats on the basis of agreements executed by the Corporate Debtor. The RP has not stated in the Application that after receiving the letter he has verified the contents of the letter. The RP has not filed any claim form and list of such allottees, therefore, the statement of the RP that he has received the claim of 161 allottees, is not correct - RP has no locus to file the Application. Admittedly, the transfer of portion of plot by sub-lease was effected on 27.09.2016 whereas CIRP initiated after more than two years i.e. on 26.11.2018. The RP has no ground to doubt the transaction which is more than two years prior to commencement of CIRP. The association has not raised any plea of fraud in transferring the plot by sub-lease to R-1 and the RP has failed to make out a case that the sub-lease was executed for depriving the rights of homebuyers - there are no substance in the argument of Ld. Counsel for the Appellant that the sub-lease is actuated by fraud, therefore, no limitation has applicable to such transaction. The RP has no locus standi to file the Application before the Adjudicating Authority claiming the relief as shown in Para 7. There are no ground to interfere in the impugned order. Thus, the Appeal is dismissed.
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