TMI Blog2023 (5) TMI 978X X X X Extracts X X X X X X X X Extracts X X X X ..... s are the homebuyers who have booked their units in the said project being developed by the Corporate Debtor. However, as submitted by counsel for Respondent, the units which has been booked by the Appellants are in the Tower Joy and Spark which is far beyond completion. It is further the case of the Respondent that there are large number of homebuyers and if all of them keep on filing the application before the order of admission then the timeline which is provided for the purpose of pursuing the application filed under Section 7 of the Code shall be adversely affected as also the interest of the Financial Creditor who has initiated the proceedings. The order passed in the case of SURINDER PAL SINGH ORS. VERSUS SPAZE TOWERS PVT. LTD ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ain ] Member ( Judicial ) And [ Naresh Salecha ] Member ( Technical ) For the Appellants : Mr. Abhijeet Sinha, Mr. Piyush Singh, Mr. Akshay Srivastava, Ms. Heena Kochar, Advocates For the Respondent : Mr. Krishnendu Datta, Sr. Advocate, Ms. Anindita Roy Chowdhury, Mr. Sushrut Garg, Ms. Neha, Advocates for R-1. Mr. Usman G. Khan, Advocate for R-2 ORDER Per : Justice Rakesh Kumar Jain ( Oral ) This appeal is directed against the order dated 01.02.2023 passed by the National Company Law Tribunal, New Delhi Court IV (hereinafter referred as to the Adjudicating Authority) by which an application filed by the Appellant bearing Intervention Petition No. 07 of 2023 filed in CP (IB) No. 541/ND/2022, has been dismisse ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... from the date of handing| over the possession to the complainants as per the signed contract till the date of offer of possession or the date of receipt of OC whichever is later. Make sure to pay interest as MCLR+1 per cent. 5. Counsel for Appellant has submitted that the intervention application was thus filed to support the case of the Respondent for dismissal of the application filed under Section 7 of the Code by the Financial Creditor. It is argued that the said application has been dismissed only on the ground that no rationale has been found by the Adjudicating Authority in filing and maintaining the said application. 6. Counsel for the Appellant has relied upon an order passed by this Tribunal in the case of Ashmeet Singh B ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n 16.08.2019 . He has also referred to another order of this Tribunal passed in Shrem Residency Pvt. Ltd. Vs. Shraman Estates Pvt. Ltd. 2023 SCC Online NCLAT 70 decided on 11.01.2023 . 8. We have heard counsel for the parties and perused the record with their able assistance. 9. The issue involved in this case is as to whether an application like the one in hand could have been maintained at the instance of the Appellant before the admission of the application under Section 7 of the Code? 10. There is no dispute that the Applicants/Appellants are the homebuyers who have booked their units in the said project being developed by the Corporate Debtor. However, as submitted by counsel for Respondent, the units which has been booked by ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rporate Debtor and thus it has the right to intervene in the proceedings which has been initiated against the Corporate Debtor by the Operational Creditor. In those circumstances, it has been held by this Tribunal that We make it clear that our direction to permit the Appellants to intervene in Section 9 Application has been passed on account of exceptional facts and circumstances, as noticed above and is not to be treated as any declaration of law . 12. On the other hand, the order passed in the case of Surinder pal Singh (supra), this court was dealing with an application which was filed by homebuyer as an Intervener in the proceedings under Section 7 of the Code and held that the Application under Section 7 is not maintainable till t ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
