Case Note & Summary
The case involved an application filed by co-developers of the Doon Square Project, which was part of the Corporate Insolvency Resolution Process (CIRP) against Supertech Ltd. The CIRP commenced on 25.03.2022, and various orders were passed regarding the resolution of projects, including the Doon Square Project. The Tribunal had previously directed the project to be resolved separately, and a Master Agreement was signed on 08.10.2024 between the financial creditor, co-developers, and the company through the Interim Resolution Professional (IRP). The project was completed, and an Occupancy Certificate was obtained, but the registration of documents for homebuyers could not be executed due to the IRP's suspension. The co-developers argued that they were entitled to execute the registration documents based on the Master Agreement. The Tribunal found that the co-developers had the authority to sign and execute necessary deeds for registration as per the agreement. The Tribunal disposed of the application, allowing the co-developers to proceed with the registration of documents in favor of the homebuyers/allottees.
Headnote
A) Insolvency Law - Corporate Insolvency Resolution Process - Rights of Co-Developers - Insolvency and Bankruptcy Code, 2016, Section Not mentioned - The Tribunal held that the co-developers are entitled to execute registration documents for homebuyers/allottees as per the Master Agreement, which was approved and directed to be implemented. The project was completed, and necessary certificates were obtained, thus allowing the registration process to proceed (Paras 14-15).
Issue of Consideration
Whether the co-developers are entitled to execute registration documents for homebuyers/allottees in the completed Doon Square Project.
Final Decision
The Tribunal held that the co-developers are entitled to execute the registration documents in favor of homebuyers/allottees as per the Master Agreement dated 08.10.2024, and directed that the authorized representatives may submit the name of the authorized person for executing the deed of registration.
Law Points
- Corporate Insolvency Resolution Process
- registration of documents
- rights of co-developers
- no dues certificate
- occupancy certificate
