TMI Blog2021 (8) TMI 615X X X X Extracts X X X X X X X X Extracts X X X X ..... 021 this Tribunal has observed that the amount invested by him as financial creditor in terms of the judgment shall stand forfeited and - It is stated that such observation is amounting to altering the judgment dated 05.02.2020, therefore, this condition may be removed/deleted - there are no reason to remove/delete aforesaid condition. Clarification III The Adjudicating Authority may be directed to decide the Application for replacement of IRP in time bound manner. As we have already noted above that the Adjudicating Authority vide order dated 01.06.2021 replaced the IRP and appointed Mr. Manoj Kulshrestha as IRP, who has taken charge on 22.06.2021. Therefore, no clarification or direction is required. Application disposed ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... P) against the Rajesh Project (India) Pvt. Ltd. (Corporate Debtor) an Infrastructure Company. The Adjudicating Authority (National Company Law Tribunal) Principal Bench, New Delhi vide order dated 19.09.2019 admitted the Application. Rajesh Goyal (Promoter) has preferred the Appeal against that order CA (AT) (Ins) No. 1056 of 2019. This Appellate Tribunal decided this Appeal vide Judgment dated 05.02.2020. Thereafter, Rajesh Goyal filed an Application I.A. No. 2166 of 2020 seeking following reliefs: (a) pass suitable directions for extension of timeline stipulated in the Judgment dated 05.02.2020 passed by this Hon ble Appellate Tribunal in the captioned Company Appeal in light of the change in circumstances that have occurred due to th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . .. the amount invested by him as financial creditor in terms of the judgment shall stand forfeited and . may be removed/deleted; and/or (c) pass an order clarifying that the Hon ble Adjudicating Authority should decide on the application for replacement of IRP in a time bound manner; and/or (d) pass any or such other order as this Hon ble Tribunal may deem fit and appropriate in the facts and circumstances of the present case in the interest of justice. 4. The present Application filed on 12.07.2021. In this matter earlier Gaurav Katiyar was appointed as IRP, however, he has tendered his resignation, therefore, the Adjudicating Authority vide order dated 01.06.2021 appointed Mr. Manoj Kulshrestha as IRP. Mr. Manoj Kulshre ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... homebuyers, therefore, it is requested that may allow extension of time. 8. Intervenor R.G. Luxury Homebuyers Association who are claiming that they are representing 640 apartments buyers, their authorize signatory Avinash Kr. opposes the prayer on behalf of the homebuyers and submitted that the Application is abuse of process of law and sheer dilatory tactic adopted by the Applicant. The Applicant committed default of the undertaking given in this Tribunal to infuse ₹ 69.27 Cr. within a period of 90 days for the construction of project. A period of 144 days passed since the order dated 04.03.2021 extending timeline for the Applicant. However, till date the Applicant has even failed to infuse the amount as per undertaking. The ord ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ication for clarification to be decided in the larger interest of the stakeholders of the Corporate Debtor. 10. We have gone through the record and considered the submissions and the progress report of the project, we hereby clarified that for completion of the project the Applicant is entitled to get revised timeline with exclusion upto 04.03.2021 which is more specifically shown in the chart Annexure (D) which is as under: - Sl. No. Event Original Timelines as per order dated 05.02.2020 Revised timelines (exclusion upto04.03.2021) Proposed extended timelines (90 days) 1 Flat should be completed in all aspe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... mount 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 III 15. It is stated that this Tribunal in the order dated 04.03.2021 observed that: keeping in view the last para of directions incorporated in j ..... X X X X Extracts X X X X X X X X Extracts X X X X
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