Case Note & Summary
The appeal was filed by Anuj Goyal against an order dated 22/05/2026 in the Corporate Insolvency Resolution Process of Sarv Awas Housing Bhiwadi Private Limited. The resolution plan had been approved by the Committee of Creditors on 24/11/2024. The appellant claimed to have a prospective buyer agreement dated 07/11/2025 with an existing homebuyer and sought various reliefs, including substitution in the list of homebuyers and inclusion as a financial creditor. The Resolution Professional argued that the plan approval application had already been reserved for orders and that the appellant's claim was based on a prospective buyer agreement. The tribunal noted that any order passed by the Adjudicating Authority would be binding on the homebuyer from whom the appellant claimed the agreement. The tribunal concluded that there was no occasion to permit the appellant to intervene at this stage and that the appellant could approach the SRA after the plan approval. Consequently, the appeal was dismissed.
Headnote
A) Insolvency Law - Intervention in Resolution Process - Rights of Prospective Buyers - Insolvency and Bankruptcy Code, 2016 - The appellant sought to intervene in the resolution process claiming rights as a prospective buyer based on an agreement with an existing homebuyer. The tribunal held that intervention was not appropriate at this stage and that the appellant could approach the SRA after the resolution plan approval. Held that the order of the Adjudicating Authority would be binding on the homebuyer (Paras 4-9).
Issue of Consideration
Whether the appellant could intervene in the Corporate Insolvency Resolution Process as a prospective buyer.
Final Decision
The tribunal dismissed the appeal, stating that there was no occasion to permit the appellant to intervene at this stage and that the appellant could approach the SRA after the resolution plan approval.
Law Points
- Corporate Insolvency Resolution Process
- Resolution Plan Approval
- Prospective Buyer Agreement
- Committee of Creditors
- Financial Creditors Rights
