Alok Srivastava JUDGMENT
Ashok Bhushan, J. (Chairperson)
1. These three Appeals have been filed against same judgment dated 29.09.2021 passed by the National Company Law Tribunal, Mumbai Bench, rejecting the I.A. No. 2118 of 2021 filed by the Resolution Professional seeking extension of Corporate Insolvency Resolution Process (CIRP).
2. The Appellant in Company Appeal (AT) (Insolvency) No. 896 of 2021 is an Association formed by the Homebuyers of the flats proposed to be constructed and delivered by the Corporate Debtor of a Project titled "Whispering Towers" located at Village Nahur, Taluka Kurla. In the aforesaid project almost 1500 flats were to be constructed.
3. In Company Appeal (AT) (Insolvency) No. 980 of 2021, there are two Appellants. Appellant No. 1 - Majestic Towers Flat Owners Association is an Association of 290 allottees, who purchased flats in the project known as "Majestic Towers" at Bandra, Mumbai. Appellant No. 2-Galaxy Apartment is an Association of Homebuyers comprising 96 allottees of 'F Wing' of the Project - "Galaxy Apartments" situated at Kurla, Mumbai.
4. Company Appeal (AT) (Insolvency) No. 1045 of 2021 has been filed by the Appellant, Ex-Promoter/Director of the Corporate Debtor - Housing Development & Infrastructure Limited.
5. All the Appellants are aggrieved by the rejection of Application No. 2118 of 2020 filed by Resolution Professional before the Adjudicating Authority for extension of CIRP period. There being common question of facts and law, all the Appeals are heard together and are being decided by this common judgment.
6. On an Application filed by M/s. Bank of India under Section 7 of the Insolvency and Bankruptcy Code, 2016 (hereinafter referred as the 'IB Code'), the Corporate Insolvency Resolution Process was initiated by an order dated 20th August, 2019 passed by the Adjudicating Authority against the Corporate Debtor namely - M/s. Housing Development & Infrastructure Ltd. The Corporate Debtor a Re........