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2024 (3) TMI 1047 - AT - Insolvency and BankruptcyNon-admission of full claim by RP - Appellant s case is that although possession were offered, but the Appellant did not take possession since Units were not complete - HELD THAT - It is relevant to notice that the Resolution Plan of the SRA has already been approved by the Adjudicating Authority vide order dated 20.11.2023 and under the Resolution Plan, the SRA has provided to give 40% of the admitted claim as well as the Units, to which the Appellant is entitled as per the Plan. There is no dispute that Unit Nos. 1GF and 5GF with basement were allotted to the Appellant and the possession was offered on 30.09.2020, which was not taken by the Appellant. Partial Completion Certificate dated 14.10.2016, issued by the competent Authority has already been brought on the record. The Appellant although had not accepted possession on 30.09.2020, but allotment having not been disputed, the Appellant is entitled for the Units as well as the amount as per the Resolution Plan, which has been approved on 20.11.2023. The Adjudicating Authority has noticed that claim of the Appellant having already been revised, there was no ground made out to interfere with the decision of the RP. The RP has applied his mind and passed a detailed and reasoned email regarding the claim, hence, no interference is called for. The Adjudicating Authority having taken a decision, not to interfere with the admission of the claim of the Appellant, there are no reason to interfere with the impugned order passed by the Adjudicating Authority rejecting the IA Nos.4229 and 4089 of 2023. The Resolution Plan of the Corporate Debtor has already been approved on 20.11.2023, under which the SRA has undertaken to pay 40% of the amount admitted, i.e., 40% of the assured return - It is noted that although, possession of the Units offered to the Appellant on 30.09.2020, but the same was not taken by the Appellant. The Appellant having not taken possession of the Units and the Units having already been allotted to the Appellant, the Appellant is entitled for the Units. The SRA is directed to execute the Conveyance Deed for Units 1GF (with basement) and 5GF (with basement) and handover the possession of the Units to the Appellant - appeal disposed off.
Issues:
The judgment involves appeals against the rejection of IA No.4229 of 2023 and IA No.4089 of 2023 by the Adjudicating Authority. Company Appeal (AT) (Insolvency) Nos. 186 of 2024: - The Corporate Debtor allotted units to the Appellant, who did not take possession. - Corporate Insolvency Resolution Process initiated, and the Appellant filed a claim as a Financial Creditor. - RP admitted the claim for an assured return, leading to a dispute over the full claim amount. - Appellant sought direction to accept full claim, leading to IA No.4229 of 2023 being dismissed. Company Appeal (AT) (Insolvency) Nos. 187 of 2024: - Similar facts as in Appeal No. 186, with a dispute over the admitted claim amount. - Appellant filed IA No.4089 of 2023, seeking acceptance of the full claim, which was dismissed. The Appellant argued that RP erred in not admitting the full claim, citing incomplete work and delayed possession offer. RP defended the admitted claim based on assured return and possession offer date. SRA supported RP's stance, emphasizing possession offer and completion certificate issuance. The RP admitted the Appellant's claims based on assured return until possession offer date. The Adjudicating Authority approved the Resolution Plan, providing 40% of the admitted claim and the units to the Appellant. Despite possession not taken, the Appellant is entitled to the units and approved claim amount as per the Resolution Plan. The judgment upheld the Adjudicating Authority's orders, directing the SRA to execute the Conveyance Deed for the units and hand over possession to the Appellant. Each party bears its own costs.
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