Right to visit Project Site to Homebuyers/Allottees during Corporate Insolvency of a Real Estate Project – Mr. Satish Kumar and 47 Ors. Vs. Mr. Vikram Bajaj RP – NCLT New Delhi Bench

In this case, IAs filed by Homebuyers to allow access to units purchased, to commence commercial activity from their units, to obtain electrical connections and carry out necessary alterations in the units etc.

Hon’ble NCLT New Delhi Bench holds that:
(i) After initiation of the CIRP, it is the duty of the Resolution Professional to protect, preserve and maintain the status quo of the value of the assets of the Corporate Debtor in toto.
(ii) The Conduct of Resolution Professional to not allow free Ingress and Egress to the Applicants/Homebuyers is not good in law.
(iii) Directs the Resolution Professional to restore the right to visit the Project Site to the Applicants/Homebuyers.
(iv) Once the Resolution Plan has been approved by the CoC, the Adjudicating Authority can’t go back to look into the nittygritty’s involved in the CIRP of the Corporate Debtor.

Right to visit Project Site to Homebuyers/Allottees during Corporate Insolvency of a Real Estate Project – Mr. Satish Kumar and 47 Ors. Vs. Mr. Vikram Bajaj RP – NCLT New Delhi Bench Read Post »