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TMI Blog2021 (8) TMI 615X X X X Extracts X X X X X X X X Extracts X X X X ..... umesh Dhawan, Ms. Vatsala Kak, for India Bulls) Mr. Sudeep Kumar Shrotriya (R1-3) Mr. Rishabh Jain, Mr. Abhindra Maheshwari, (Counsel for IRP) Mr. Rupesh Kumar (Impleader) Mr. Kumar Anurag Singh, Mr. Zain A Khan, Mr. NishantPiyush (for Financial Creditor, IIFL) Mr. Ram Sharma (for IIFL) Mr. Amandeep Singh (Intervenor) Mr. Rudreshwar Singh, Mr. Gautam Singh (for Jan Kalyan Samiti) Mr. Manoj Kumar (Legal Head, IIFL, FC) ORDER Jarat Kumar Jain: J. The Applicant "Rajesh Goyal" filed an Application I.A. No. 1323 of 2021 in I.A. No. 2166 of 2020 in CA (AT) (Ins) No. 1056 of 2019 under Rule 11 of National Company Law Appellate Tribunal, Rules, 2016 seeking clarification of the order dated 04.03.2021. 2. Brief facts of this case are tha ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on; (d) Pass such other and further orders including consequential orders as may be necessary in the interests of justice; and (e) grant such other and further reliefs to the Applicant, as may be deemed fit. (f) pass any such other relief as deemed fit in the facts and circumstances of the present case. 3. This Appellate Tribunal vide order dated 04.03.2021 disposed of the Application. Thereafter, the Applicant has filed present Application I.A. No. 1323 of 2021 seeking following reliefs:- (a) pass an order to clarify that the directions in para 18 with regard to extension of time line be read as "Revised timelines with exclusion upto 04.03.2021 i.e. the date of judgment passed by this Hon'ble Appellate Tribunal and accordingly, th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... However, the order was passed on 04.03.2021 i.e. after 48 days from the proposed exclusion date in the revised time lines i.e. exclusion upto 15.01.2021 for which period the Applicant could not have started the work in absence of permission granted by this Tribunal. Therefore, it is requested that the exclusion for the period when the order was passed i.e. 04.03.2021 may be granted, otherwise it would cause irreparable loss to the Applicant and also all the homebuyers. As the time granted by this Appellate Tribunal to complete the project is very limited under the Reverse-CIRP. It is also submitted that the proposed extended timeline is after exclusion extension of time annexed as Annexure D. 7. R.G. Jan Kalyan Samiti in their reply suppo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... as disbursed in the bank account of the Corporate Debtor on 22.07.2021. The work at the project site is being carried out by the promoter at a reasonable pace and there are sufficient funds at present to continue the work at the project site. Further Indiabulls Commercial Credit Pvt. Ltd. and IIFL HFL have assured to release the remaining amount of sanctioned loan shortly. On 23.07.2021, he has held a virtual meeting with the office bearers of RG Jan Kalyan Samiti and Association of home buyers of the RG Luxury Homes and had informed to homebuyers about the progress and exact status of the project. It is also stated that the IRP has assured homebuyers that he would do everything possible to ensure that the homebuyers are able to receive pos ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ank and operational Creditors (Page 62, paragraph 20 (iv)) 30.08.2020 30.09.2021 30.12.2021 11. As per earlier order, the allottees were directed to deposit balance amount and pay 90% by 15.03.2020. Now, the allottees are directed to deposit balance amount and pay 90% by 31.08.2021. Clarification -II 12. In Para 18 of the order dated 04.03.2021 this Tribunal has observed that "the amount invested by him as financial creditor in terms of the judgment shall stand forfeited and ....". 13. It is stated that such observation is amounting to altering the judgment dated 05.02.2020, therefore, this condition may be removed/deleted. 14. We have gone through the record, we find no reason to remove/delete aforesaid condition. Clarification -I ..... X X X X Extracts X X X X X X X X Extracts X X X X
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