Case Note & Summary
The appeal was filed by the authorized representative of homebuyers who were part of the Committee of Creditors of M/s. SRA Real Estate Ltd. The learned counsel for the appellant highlighted that the application for approval of the resolution plan by the Resolution Professional had been pending for 876 days, significantly affecting the homebuyers as Class-A creditors and breaching statutory timelines for the resolution process. The Tribunal noted that the prayer was limited, indicating that there was no need to issue notice to the respondents. The Tribunal directed the Adjudicating Authority to consider the difficulties faced by the homebuyers and to expeditiously dispose of the resolution plan filed by the Resolution Professional within two months. The appeal was disposed of accordingly.
Headnote
A) Insolvency Law - Expedited Resolution Process - Statutory Timelines - Insolvency and Bankruptcy Code, 2016 - The appeal addressed the prolonged delay in the resolution process affecting homebuyers as Class-A creditors, urging the Adjudicating Authority to expedite the disposal of the resolution plan filed by the Resolution Professional. Held that the difficulties faced by homebuyers necessitated prompt action from the Adjudicating Authority (Paras 2-4).
Issue of Consideration
Whether the Adjudicating Authority should expedite the resolution process for homebuyers affected by delays.
Final Decision
The Tribunal directed the Adjudicating Authority to expeditiously dispose of the resolution plan filed by the Resolution Professional within two months.
Law Points
- Insolvency resolution process
- Committee of Creditors
- statutory timelines
- expeditious disposal
