JUDGMENT :

R.F. Nariman, J.

1. This appeal raises a question as to the correct interpretation of Section 14(1)(d) of the Insolvency and Bankruptcy Code, 2016 (hereinafter referred to as “the Code”). The facts necessary to appreciate the setting in which this question arises are as follows:

i. On 01.11.2007, a Resolution bearing No.6280 was passed by the Maharashtra Housing and Area Development Authority (hereinafter referred to as ‘the MHADA’) to execute a joint development agreement with the Corporate Debtor, i.e. Guru Ashish Construction Private Limited, and Goregaon Siddharth Nagar Sahakar Griha Nirman Sanstha Limited (a Society for persons who are displaced and who are to be re

housed in the project for joint development of land, ad measuring about 40 acres), which envisaged re-development insofar as 672 tenements in Siddharth Nagar, Goregaon, Mumbai were concerned.

ii. On 03.03.2008, the Maharashtra State Government granted its approval to the aforesaid Resolution.

iii. On 10.04.2008, a Tripartite Joint Development Agreement (hereinafter referred to as the “Joint Development Agreement”) was entered into between the Society representing persons occupying 672 tenements, MHADA and the