Rakesh Kumar Jain#Naresh Salecha#20NL1000Judgment/OrderMANURakesh Kumar Jain,TRIBUNALSAct#Adjudicating Authority#Any Person#Appeal#Appellate Authority#Appellate Tribunal#Application#Application for Condonation of Delay#Article#Association#Authority#Bankruptcy#Bearing#Binding Effect#Buyer#Case#Certified Copy#Challenge#Company#Condonation#Condonation of Delay#Consortium#Constitution#Constitution of India#Contrary#Contravention#Contravention of#Copy#Date#Debt#Debtor#Decision#Delay#Delay Beyond#Delay in Filing#Due#Error#Estate#Exchange#Exercise Of Power#Extended Period#Extension of Period of Limitation#Filing#Ground#Hearing#Hereby#Hybrid#India#Infant#Information#Insolvency#Interest#Judgment#Jurisdiction#Legal#Legal Principle#Legal Right#Legislation#Limitation#Limitation Period#Mandatory#Mandatory Nature#Member#Moratorium#National#Nature#New#Order#Ordinarily#Owner#Pass#Pending#Period#Period of Limitation#Person#Person Aggrieved#Petition#Policy#Powers under#Prescribed#Prescription#Principle#Principles#Process#Proposition of Law#Record#Register#Registered#Remedy#Report#Resolution#Right#Search#Statute#Statutory#Statutory Period#Statutory Provision#Sufficient Cause#Terms#Title#Tribunal#Writ#Writ Petition2023-5-15692390,692446,692395,17067,26929,26900 -->

MANU/NL/0446/2023

IN THE NATIONAL COMPANY LAW APPELLATE TRIBUNAL, NEW DELHI

Comp. App. (AT) (Ins) No. 573 of 2023 and I.A. No. 1874 of 2023

Decided On: 12.05.2023

Appellants: Cloud9 Apartment Owners Association Vs. Respondent: Mohit Goyal, Resolution Professional for Aadi Best Consortium Pvt. Ltd. and Ors.

Hon'ble Judges/Coram:
Rakesh Kumar Jain, J. (Member (J)) and Naresh Salecha

ORDER

Rakesh Kumar Jain, J. (Member (J))

1. The Operational Creditor-Yogesh Gupta filed an appeal under Section 9 of the Insolvency and Bankruptcy Code, 2016 (hereinafter referred as to 'The Code') R/w Rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 to initiate Corporate Insolvency Resolution Process (hereinafter referred as to 'CIRP') against M/s. Aadi Best Consortium Private Limited (Corporate Debtor). The said application was admitted by order dated 31.03.2022. The said impugned order is amenable to appeal in terms of Section 61 of the Code for which a period of 30 days is prescribed and in case there is a delay then it is provided to be condoned only upto 15 days and not thereafter.

2. The present appeal has been filed by 'Cloud9 Apartment Owner Association' who did not file the appeal within the statutory period of 30 days plus 15 days and rather filed WP(C) No. 12668 of 2022 before the Hon'ble High Court of Delhi which was disposed of on 24.03.2022 with the following orders:

"1. This hearing has been done through hybrid mode.

2. The Petitioner-, a registered association of flat buyers in the project titled 'Cloud9', has challenged the order dated 31st March, 2022 passed by the NCLT. Vide the impugned order, a Resolution Professional has been appointed and moratorium has been declared under section 14 of the Insolvency & Bankruptcy Code, 2016 ('IBC') by the NCLT.

3. The case of the Petitioner is that the project is 80-90% complete and for a debt of around Rs. 1.5 crore, the NCLT has directed the moratorium without considering the interest of the apartment owners.

4. The ld. Counsel for the Petitioner submits that the appeal against the impugned order of the NCLT could not be filed within the limitation period of 45 days period, in view of the fact that the Petitioner is a registered Apartment Owners Association and it took time in putting the association together. Moreover, as recorded in the order dated 22nd February 2023, 80%-90% of the project is completed, which in the opinion of this Court is an important fact that ought to be considered before the Resolution Process und........