TMI Blog2020 (11) TMI 678X X X X Extracts X X X X X X X X Extracts X X X X ..... and could hence only be decided by this Court. The important part of the Judgment however is the point of time when this Court reasserts its jurisdiction for deciding the issues related to the Company (in liquidation). This Court is informed that the Corporate Insolvency Resolution Professional (CIRP) commenced in March, 2019. An order of the NCLT, Kolkata Bench dated 12th February, 2020 records that the CIRP period of 330 days was completed on 5th February, 2020 and that one more opportunity for resolution of the corporate debtor [the Company (in liquidation)] was being given and 90 days was excluded from the CIRP period. The Resolution Plan has admittedly not seen the light of the day. More than six months have passed since the 90 day ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ember, 2017, a later order was passed on 7th September, 2018 mentioning that the winding-up petition had been admitted in December, 2017 and an Official Liquidator was appointed as the Provisional Liquidator for making an inventory and taking symbolic possession of the assets of the Company. Learned Counsel appearing for the petitioner places documents to show that the entire consideration money of ₹ 4,46,71,431/- was paid by the petitioner to the Company (in liquidation) for purchase of the flat in question. Counsel places a Judgment passed by a learned Judge of this Court in a matter between the Company (in liquidation) and the petitioning creditor dated 12th December, 2019 which considered the issue, inter alia, whether the Comp ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... for such has been filed and is due to be listed before the NCLT on 15th December, 2020. I have heard learned Counsel appearing for the parties. This Court is informed that a large number of similar applications on behalf of the intending purchasers of flats have been filed in Court which are yet to be listed. Mr. Sarkar appears for a secured creditor of the Company (in liquidation) and Mr. Gupta appears for an intending purchaser of a flat. The main petitioning creditor, Ordinate Tradecom Pvt. Ltd. is also represented. The primary issue is the construction of the Judgment dated 12th December, 2019 which involved issues relevant for deciding the present application. It is clear from the Judgment that the learned Judge was of the view ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... any quarter till date. This Court has been informed that numerous intending flat owners are in the same position as that of the present applicant. The order of the NCLT dated 12th February, 2020 also records that 150 home buyers may get affected if order of liquidation is passed . The relevant portion of the Judgment passed by the Court states that the proceedings pending before the NCLT should be proceeded with until the stage of the Resolution Plan being accepted or rejected. Once the Resolution Plan is accepted, further orders may be sought for regarding discharge of the Provisional Liquidator. The learned Judge also proceeded to hold that if the Plan submitted before the NCLT is not approved or an appeal from such non-approval is d ..... X X X X Extracts X X X X X X X X Extracts X X X X
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