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TMI Blog2020 (10) TMI 231X X X X Extracts X X X X X X X X Extracts X X X X ..... early date, in order to ensure that before finalizing the terms of settlement and resolution plan, all allottees are heard and their grievances are properly addressed. Accordingly, in terms of the order dated 13th March, 2020, the IRP shall file the terms of settlement before the NCLAT. The NCLAT shall hear the Petitioner and any other financial creditors and allottees, who may wish to make submissions in respect of the future course of action to be adopted - Upon hearing all the interested parties and addressing the grievances in accordance with law, NCLAT shall pass orders in respect of the settlement, which may be placed before it by the IRP. Until then, the terms of settlement and the further course of action, shall not be implement ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... een permitted to go ahead and finalise the terms of settlement, if any, between the allotees, creditors and the companies. 4. He submits that an application was then filed by the allottees before NCLAT, on 22nd September, 2020, which has not been listed for hearing yet. Thus, the grievance of the Petitioner is that the IRP is proceeding to finalise the terms of settlement without hearing all the allottees. Mr. Venugopal, ld. Sr. counsel, urges that only 189 out of 480 allotees have been issued notice in the first instance, and the committee of creditors has not yet been constituted. Accordingly, he prays that the application before the NCLAT ought to be heard as there is an urgency in the matter, since the voting was under way between 21 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d by the NCLAT, before the settlement is finalised. For the said purpose, the Petitioner s application, that has been filed before the NCLAT, ought to be heard at an early date, in order to ensure that before finalizing the terms of settlement and resolution plan, all allottees are heard and their grievances are properly addressed. 9. Accordingly, in terms of the order dated 13th March, 2020, the IRP shall file the terms of settlement before the NCLAT. The NCLAT shall hear the Petitioner and any other financial creditors and allottees, who may wish to make submissions in respect of the future course of action to be adopted. Upon hearing all the interested parties and addressing the grievances in accordance with law, NCLAT shall pass orde ..... X X X X Extracts X X X X X X X X Extracts X X X X
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