ORDER

B.R. Gavai, J.

The present appeal challenges the order passed by the National Company Law Appellate Tribunal, Principal Bench, New Delhi (hereinafter referred to as "the NCLAT") dated 22nd November, 2021, in I.A. No. 1115 of 2020 in Company Appeal (AT) (Insolvency) No. 1507 of 2019, thereby rejecting the Modification Application filed by the appellant herein. Vide the impugned order, the NCLAT observed that, in the meantime, if settlement takes place between the parties for completion of the housing project, the same can be filed under Section 12A of the Insolvency and Bankruptcy Code, 2016 (hereinafter referred to as "the IBC") before the Adjudicating Authority. The NCLAT also directed the Interim Resolution Professional ("IRP" for short)/Resolution Professional ("RP" for short) to hold the meeting of the Committee of Creditors (hereinafter referred to as "CoC") within ten days from the date of order and decide the future course of action about a resolution for completion of the Corporate Insolvency Resolution Process (hereinafter referred to as "CIRP") of the respondent No. 1-company (hereinafter referred to as "the Corporate Debtor").

2. The facts in brief giving rise to the present appeal are as under:

3. The appellant herein is the Suspended Director of the Corporate Debtor. The respondent No. 2 herein had booked a flat in the housing project launched by the Corporate Debtor.

Subsequently, vide a letter dated 31st July, 2018, the respondent No. 2 cancelled the booking and demanded refund of the amount of Rs. 32,27,591/- from the Corporate Debtor.

4. On failure of the appellant in refunding the amount, the respondent No.2 filed an application under Section 7 of the IBC against the Corporate Debtor for initiation of CIRP before the National Company Law Tribunal, New Delhi (hereinafter referred to as "the NCLT"). The NCLT vide order dated 22nd November, 2019, admitted the said application and appointed an IRP. The IRP was directed to initiate the CIRP of the Corporate Debtor as per the provisions of the IBC.

5. The appellant being aggrieved by the order dated 22nd November, 2019, filed an appeal before the NCLAT, being Company Appeal (AT) (Insolvency) No. 1507 of 2019. The NCLAT vide its order dated 19th December, 2019, issued notice and passed an interim order, thereby directing the IRP not to constitute CoC.

6. It was submitted by the appellant herein before the NCLAT that he was ready and willing to settle the matter with the respondent No. 2. It was further submitted by him that the project was complete almost to the extent of 70-75% and that he had arranged the funds/private financier to complete the project.

7. In light of the submission made by the appellant herein, the NCLAT vide order dated 31st January, 2020, directed the appellant herein to file proposed settlement terms/plan disclosing all material particulars with regard to completion of the housing project. Accordingly, the appellant herein submitted/filed the proposed settlement terms/plan on 13th February, 2020. The IRP had submitted his status report a day prior, on 12th February, 2020, stating therein that most of the Allottees decided to have possession of the flats. In the meantime, the appellant settled the matter with the respondent No. 2 herein. Despite the settlement with the respondent No. 2 and appellant's readiness and willingness to complete the project, the NCLAT, vide order dated 26th February, 2020, modified the interim order dated 19th December, 2019 and directed the IRP to go ahead with the constitution of CoC and carry forward the CIRP. The said order dated 26th February, 2020 was passed by the NCLAT on the ground that the settlement arrived at by the appellant was only with the respondent No.2 and the settlement plan did not encompass all the Allottees.

8. The appellant therefore approached this Court by way of Civil Appeal No. 1928 of 2020