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2024 (4) TMI 40 - SCH - Insolvency and BankruptcyModification in the Resolution Plan - HELD THAT - The National Company Law Appellate Tribunal (NCLAT), has clarified that the clauses in the resolution plan permitting alteration of the layout and building plan including height, location and common area in future are permissive, albeit any change will require approval of the competent authority, that is, Real Estate Regulatory Authority (RERA), Maharashtra. Therefore, the resolution applicant cannot alter the layout and modify the plan on its own without approval. In view of the aforesaid clarifications given by the resolution applicant Ashdan Properties Private Limited, by which they are bound, no further order or direction is required to be passed - appeal disposed off.
Issues involved: Interpretation of resolution plan clauses regarding alteration of layout and building plan, rights of flat buyers under Insolvency and Bankruptcy Code, 2016.
Interpretation of resolution plan clauses: The National Company Law Appellate Tribunal clarified that any alteration to the layout and building plan, including height, location, and common area, must have approval from the Real Estate Regulatory Authority (RERA) in Maharashtra. The resolution applicant cannot make changes without such approval. The sanction/building plan must be uploaded on the website as per RERA regulations. Rights of flat buyers under Insolvency and Bankruptcy Code, 2016: Flat buyers have the option to request the liquidation value as per Section 30(2)(b) read with Section 53 of the Insolvency and Bankruptcy Code, 2016. Additionally, flat buyers can choose to sell or transfer their rights to a third party, and such transfers will be recognized and accepted by the resolution applicant as per the resolution plan. Judgment: The Supreme Court, considering the clarifications provided by the resolution applicant, Ashdan Properties Private Limited, which are binding, decided not to issue any further orders or directions. The appeal was disposed of, and any pending applications were also disposed of accordingly.
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