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TMI Blog2023 (4) TMI 508X X X X Extracts X X X X X X X X Extracts X X X X ..... present case, much less the fact that the escalation has been accepted by the homebuyers, the appeal is allowed and the matter is remanded back to the Adjudicating Authority to take a fresh decision as early as possible but not later than one month from the date of appearance of the parties before it - Appeal allowed by way of remand. - Company Appeal (AT) (Ins) No. 1350 of 2022 & IA No. 4193, 4190 of 2022 - - - Dated:- 13-4-2023 - [ Justice Rakesh Kumar Jain ] Member ( Judicial ) And [ Mr. Naresh Salecha ] Member ( Technical ) For the Appellants : Mr. Sandeep Bhuraria , Ms. Parijat Singh Mr. Arinjay Singh , Advocates For the Respondent : Mr. Abhishek Anand Mr. Sahil Bhatia , Mr. Rohit Pandit, MR. Satal Jain , Mr. Nipun Ga ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on Plan of the Appellant which was allowed on 12.09.2022. 3. It is pertinent to mention that while the application was pending for approval of the Resolution Plan, the present Appellant (SRA) filed an application IA No. 1517 of 2022 on 23.03.2022 before the Adjudicating Authority in which the Appellant made two prayers, namely, to allow them to add the escalation clause in the Resolution plan and to remit the Resolution Plan of the Appellants to the CoC so that the escalation clause may also be added to the Resolution Plan. This application was dismissed on 12.09.2022. As a result, thereof, the Appellant has filed the present appeal. 4. The following order was passed by this Tribunal on 11.11.2022 : 11.11.2022: Learned Senior Cou ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s under: 7.6 Escalation of Cost Any or all variation in the cost of construction and completion of the project, whether on account of inflation in the cost of raw materials used for construction, labour, carriage and freight charges or otherwise from the date of approval of the Resolution Plan by the CoC till the Resolution Plan is approved by the Hon ble NCLT shall be proportionately distributed on all the allottes / unit holders of the projects of Shubhkamna 6. In the proposal letter, the Appellant has indicated an escalation of Rs. 71.029 Crores over and above the amount already approved amount of Rs. 333.00 Crores. It is averred in the affidavit that a meeting of the Monitoring Committee was held on 07.12.2022 in which th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ward this set of proposal Dear Sir, That a polling be done on the followings points to find out the majority view, so that the same can be submitted to NCLAT in line of order dated 11.11.2022 1.A portion of point number 8.6.15, page number 36 to 61 of the Revised Resolution Plan dated 12.10.2019 should be removed from the Revised Resolution Plan dated 12.10.2019. That s as under:- If at any later date, the Resolution Applicant/Corporate Debtor is required to pay any amount over and above the amount provided for in the plan by virtue of NCLT/NCLAT/Court offer, the Homebuyers shall be liable to contribute the excess amount on pro-rate basis. 2.Allottees are agreeable to a one time escalation cost of Rs. 100/- per sqft ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s have to be made as per timelines in the approved Resolution Plan. In case if the delivery of units is delayed, then this escalation of Rs. 192 per sqft shall not be payable. 3.There will not be any further escalation. 4.SRA will not further litigate for escalation upon acceptance and communicate about acceptance in NCLAT . 9. The proposal-2 accepted by the Appellant was then put to vote for which the voting started from 13.01.2023 at 11:00 AM upto 15.01.2023 till 7:00 PM. 10. It is further averred that the voting was conducted in terms of Section 25 A (3A) of the Act and it was held as under : 11. It is pertinent to mention that the following order was passed on 13.02.2023: 13.02.2023: Counsel for Respondent ..... X X X X Extracts X X X X X X X X Extracts X X X X
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