Dismissed

In the matter of Sidhartha Buildhome Pvt. Ltd. [IA-779-2023 in IB-717(ND)-2019]

NCLT13 Jul 2023IA-779-2023 in IB-717(ND)-2019

Case brief

AI extract

What is this about?

An application (IA-779/2023) filed by a class of financial creditors/homebuyers seeking extension of the CIRP period and replacement of the Resolution Professional against a corporate debtor was dismissed as infructuous because the main insolvency application (IB-717(ND)/2019) had been withdrawn via an earlier order allowing a Section 12A application.

What did the court decide?

None. Application IA-779/2023 dismissed as infructuous.

In the matter of Sidhartha Buildhome Pvt. Ltd… — Insolvency and Bankruptcy | NCLT (2023)

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IN THE NATIONAL COMPANY LAW TRIBUNAL, NEW DELHI COURT III

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Item No. 107 IA-779/2023 In IB-717(ND)/2019

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IN THE MATTER OF: M/s. Oriental Bank of Commerce (Marge with PNB) …..FINANCIAL CREDITOR Vs. M/s. Sidhartha Buildhome Pvt. Ltd. …..CORPORATE DEBTOR

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SECTION

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U/s 7 of IBC, 2016 Order Pronounced on 13.07.2023

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CORAM:

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SHRI BACHU VENKAT BALARAM DAS, HON’BLE MEMBER (JUDICIAL) SHRI ATUL CHATURVEDI, HON’BLE MEMBER (TECHNICAL)

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PRESENT: For the Applicant : For the Respondent :

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ORDER

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Order pronounced in open court vide separate sheets. IA-779/2023

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is dismissed as infractuous.

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-SD-SD(ATUL CHATURVEDI) (BACHU VENKAT BALARAM DAS) MEMBER (TECHNICAL) MEMBER (JUDICIAL)

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IN THE NATIONAL COMPANY LAW TRIBUNAL

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NEW DELHI, COURT-III

IA-779/2023

IB-717(ND)/2019

Order under Section 60(5) of the Insolvency and Bankruptcy Code, 2016 read with Rule 11 of National Company Law Tribunal Rules, 2016.

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IN THE MATTER OF:

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ORIENTAL BANK OF COMMERCE (MERGE WITH PNB)

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……. Financial Creditor

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VERSUS

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M/s. SIDHARTHA BUILDHOME PVT. LTD.

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……. Corporate Debtor

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AND IN THE MATTER OF:

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Mr. VIJAY SAINI & ORS. ….. Applicants

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VERSUS

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SHRI DEVENDER SINGH & ANR. ….. Respondents

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Order Pronounced On: 13.07.2023

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CORAM:

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SHRI BACHU VENKAT BALARAM DAS, HON'BLE MEMBER (JUDICIAL) SHRI ATUL CHATURVEDI, HON'BLE MEMBER (TECHNICAL)

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APPEARANCES:

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For the Applicants : For the Respondents :

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ORDER

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PER: BACHU VENKAT BALARAM DAS, MEMBER (JUDICIAL)

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This is an application filed by the class of Financial

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Creditors/Homebuyers represented herein by Applicant No. 1 in Mr. Vijay Saini & Ors. vs. Shri Devender Singh & Anr. IA-779/2023 In (IB) – 717(ND)/2019 Date of Order: 13.07.2023

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Page 1 of 2

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favour of whom an authority letter by e-mail dated 2427.01.2023 been drawn, filed u nder Section 60(5) of the Insolvency and Bankruptcy Code, 2016 read with Rule 11 of National Company Law Tribunal Rules, 2016 for seeking following prayers: (i) Extend time period for completion of CIRP by 90 days from the date of order passed by this Ld. Tribunal, as the CIRP ended on 27.01.2023, (ii) Replace the Respondent No. 1 as Resolution Professional with another Resolution Professional as deem fit by the Ld. Adjudicating Authority in present CIRP (iii) Replace the Respondent No. 2 as Authorized Representative with another Authorized Representative as deemed fit by the Ld. Adjudicating Authority in present CIRP and (iv) to direct newly appointed Resolution professional to place only viable resolution plan of Respondent No. 3 before the Committee of Creditors (CoC) for re-consideration and re-voting and under relevant provisions of the Code along with Regulations, 2016, (v) Any other relief/direction/order which this Learned Adjudicating Authority may deem fit in the facts and circumstances of the present case.

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In view of the order dated 24.05.2023 passed in IA-753/2023 whereby this Adjudicating Authority allowed Section 12A application and permitted the Applicant to withdraw the main matter. Hence, the present IA-779/2023 dismissed as

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infructuous.

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-SD- -SD-

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(ATUL CHATURVEDI) (BACHU VENKAT BALARAM DAS) MEMBER (TECHNICAL) MEMBER (JUDICIAL)

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(BACHU VENKAT BALARAM DAS)

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Mr. Vijay Saini & Ors. vs. Shri Devender Singh & Anr. IA-779/2023 In (IB) – 717(ND)/2019 Date of Order: 13.07.2023

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In the matter of Sidhartha Buildhome Pvt. Ltd. [IA-779-2023 in IB-717(ND)-2019]

Case brief

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In the matter of Sidhartha Buildhome Pvt. Ltd. [IA-779-2023 in IB-717(ND)-2019]

Case brief

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What did the court decide?

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