A resolution can be taken even during the CIRP, if any Promoter as investor agrees to invest the money for keeping the corporate debtor as a going concern and complete the real estate project within the time frame- Rajesh Goyal Vs. Babita Gupta & Ors. – NCLAT
April 1, 2020
NCLAT held that the procedure as followed in “Flat Buyers Association Winter Hills - 77, Gurgaon’ shows curtailment of period of resolution without asking for resolution plan from the third party before finalisation of the resolution plan. The resolution can be taken even during the corporate insolvency resolution process, if any Promoter as investor agrees to invest the money for keeping the company as a going concern and complete the project within the time frame. In view of the fact that part of the infrastructure (Apartments/Flats) has already been completed, the allottees (Financial Creditors) were the main beneficiaries of the infrastructure have already reached settlement with the Promoter and the fact that the Promoter as an outsider financial creditor has agreed to invest the amount, not from the account of the Corporate Debtor but from other sources to keep the infrastructure as a going concern.