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TMI Blog2021 (3) TMI 1358X X X X Extracts X X X X X X X X Extracts X X X X ..... etting the information from the Corporate Debtor. The home buyers in the given situation cannot be permitted to be left in lurch and at the mercy of such builders who are violating Law relating to the Real Estate Regulating Authority in the first instance and taking shelter of the same violation and denying the relevant information to the allottees - the Corporate Debtor are directed to provide all information - the compliance of these directions shall be made by the Corporate Debtor in 15 days' time, failing which appropriate punitive action may be initiated against the Corporate Debtor. Application disposed off. - IA 4584/2021 in IB-660/ND/2019 - - - Dated:- 29-3-2021 - Bachu Venkat Balaram Das, Member (J) And Narender Kumar Bhola, Member (T) For the Appellant : Satendra K. Rai, Advocate For the Respondents : Karan Rajpurohit and Rajesh P., Advs. ORDER Narender Kumar Bhola, Member (T) 1. In the present I.A. the applicants have sought directions to the Corporate Debtor to provide relevant information with respect to the details of Allottees concerning Corporate Debtor's Real Estate Project at Bhiwadi, named Parsvnath City Centre, Bhiwadi. In ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... or can be said to have been infringed. In this age of transparency, knowledge and information revolution coupled with the fact that adequate information as required by the Respondent - Allottee is not displayed on the website of the Corporate Debtor, as emanating from the impugned order, we are of the considered opinion that the impugned order cannot be termed to be erroneous or unsustainable. In so far as the direction given by the Hon'ble Apex Court is concerned, it is in regard to initiation or continuance of Corporate Insolvency Resolution Process in the pending cases wherein status quo is directed to be observed. The order of Hon'ble Apex Court cannot be interpreted to hold that the requisite information for initiating class action by an allottee under Section 7 of the I B Code to meet the threshold criteria laid down under the ordinance cannot be provided, more so when the Corporate Debtor and the Regulator are under legal obligation to display the particulars in regard to allottees on their websites. No prejudice can be claimed by the Appellant on account of the direction in so far as the same relates to providing information in regard to allottee for limited purpose ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... mation as provided may be misused by the Financial Creditors. 7. Per contra, the counsel for the Financial Creditors submits that the Corporate Debtor's project under consideration is not registered with the RERA Authorities and therefore, no details are being made public and he cannot be permitted to take benefit out of violation of one Law/Regulations to protect his client from initiation of Insolvency Proceedings under the IBC. He further submitted that his client is merely asking the information and other details with regard to Allottees only to meet the requirements of amended Section 7 of the IBC as of now. It is also submitted by Counsel for Financial Creditors that out of 189 units sold by the Corporate Debtor, around 80 units are allotted to various corporate entities. He further submitted that two companies namely, Satya Digital Technologies P. Ltd. and Courage Infotech P. Ltd. are together holding 60 (50 + 10) units out of the total of 189 units sold. He submitted that the said corporate entities may be the related parties of the Corporate Debtor. 8. In this connection, we have given considered attention to the submissions made by the counsel as well as the doc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... We also find merit in the contention of the Union that the Association of allottees has to be formed under the mandate of the law it is expected to play an important role. Information will certainly be forthcoming in regard to allotments upon the allottees becoming members of the Association as required. We cannot ignore the role of the association in the matter of becoming the transferee of the common areas, being clothed with the right of first refusal within the meaning of section 7 of the Act and also the right to complain otherwise under the Act. This aspect of the association of allottees is not a matter of mere trifle. The allottees cannot truly possess and enjoy their properties be it an apartment or building without their having right of common areas. The promoter is bound under Section 17 to transfer title to the common areas to the association. Section 19(9) of RERA makes it a duty on the part of the allottee to participate towards the formation of the association or cooperative society or the federation of the same. The possession of the common areas is also to be handed over to the association of the allottees. The law giver has therefore created a mechanism, namely, t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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