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2023 Supreme(Online)(NCLAT) 554

NATIONAL COMPANY LAW APPELLATE TRIBUNAL PRINCIPAL BENCH, NEW DELHI COMPANY APPEAL (AT) (INSOLVENCY) NO. 593 of 2021 (Arising out of the Order dated 23rd July, 2021 passed by the Learned Adjudicating Authority (National Company Law Tribunal, Division Bench, Delhi, Bench - III), in I.A. No.1606/2021 in C.P. (IB)- 1348(ND)/2019) IN THE MATTER OF: Present For Appellants: Mr. P. Nagesh, Sr. Advocate with Mr. Rishabh Jain & Mr. Harshal Kumar, Advocates. Mr. Gaurav Katiyar (RP in person). For Respondent No. 1 & 2: Mr. Abhijeet Sinha, Mr. Shikhil Suri, Ms. Komal Gupta & Ms. Mahima Aggarwal, Advocates for R-1 & R-2. Gaurav Katiyar, Resolution Professional of Earthcon Universal Infratech Private Limited Having Office at: D-32, East of Kailash, New Delhi – 110065.

…Appellant Versus 1. Nisus Finance and Investment Managers LLP Having its registered office at:

201D, Poonam Chambers A Wing, Dr. Annie Besant Road, Worli, Mumbai – 400018, Maharashtra (India).

…Respondent No. 1. 2. Beacon Trusteeship Limited Having its Registered Office at:

4C & D, Siddhivinayak Chambers, Gandhi Nagar, Opposite MIG Cricket Club, Bandra (East), Mumbai – 400051.

Maharashtra (India).

…Respondent No. 2. -2- Comp. App. (AT) (Ins.) Nos. 593, 656, 659, 694, 703 With Comp. App. (AT) (Ins.) No. 736/2021 & I.A. No. 647/2022 With Comp. App. (AT) (Ins.) No. 912/2021 WITH COMPANY APPEAL (AT) (INSOLVENCY) NO. 656 of 2021 (Arising out of the Order dated 23rd July, 2021 passed by the Learned Adjudicating Authority (National Company Law Tribunal, Division Bench, Delhi, Bench - III), in I.A. No.1606/2021 in C.P. (IB)- 1348(ND)/2019) IN THE MATTER OF: Present For Appellants: Mr. Krishnendu Datta, Sr. Advocate with Mr. Shikhil Suri, Ms. Mahima Aggarwal & Ms. Komal Gupta, Advocates. For Respondent: Mr. P. Nagesh, Sr. Advocate with Mr. Rishabh Jain & Mr. Harshal Kumar, Advocates. Mr. Gaurav Katiyar (RP in person). 1. Nisus Finance and Investment Managers LLP Having its registered office at:

201D, Poonam Chambers A Wing, Dr. Annie Besant Road, Worli, Mumbai – 400018, Maharashtra (India).

…Appellant No. 1. 2. Beacon Trusteeship Limited Having its Registered Office at:

4C & D, Siddhivinayak Chambers, Gandhi Nagar, Opposite MIG Cricket Club, Bandra (East), Mumbai – 400051.

Maharashtra (India). …Appellant No. 2. Versus Gaurav Katiyar, Resolution Professional of M/s. Earthcon Universal Infratech Private Limited Having its Regd. Address at:

T-17, DDA Flats, Sector – 7, Jasola Vihar, New Delhi – 110025.

Also having office at:

B-11, Sector – 1, Noida, Gautambudh Nagar, Uttar Pradesh – 201309.

…Respondent -3- Comp. App. (AT) (Ins.) Nos. 593, 656, 659, 694, 703 With Comp. App. (AT) (Ins.) No. 736/2021 & I.A. No. 647/2022 With Comp. App. (AT) (Ins.) No. 912/2021 WITH COMPANY APPEAL (AT) (INSOLVENCY) NO. 659 of 2021 (Arising out of the Order dated 23rd July, 2021 passed by the Learned Adjudicating Authority (National Company Law Tribunal, Division Bench, Delhi, Bench - III), in I.A. No.1606/2021 in C.P. (IB)- 1348(ND)/2019) IN THE MATTER OF: 1. Rupesh Das, C-308, Earthcon Sanskriti GH – 10, Sector - 1, Greater Noida West 201306.

…Appellant No. 1. 2. Anil Dewan, Flat No. D 704, Sanskriti Apartments, GH – 10, Sector -1, Greater Noida West 201306.

…Appellant No. 2. 3. Santosh Chaudhary, Flat No. A -803, Sanskriti Apartments, GH – 10, Sector -1, Greater Noida West 201306.

…Appellant No. 3. 4. Ghananand Srivastava, Flat No. C -702, Sanskriti Apartments, GH – 10, Sector -1, Greater Noida West 201306.

…Appellant No. 4. 5. Lalit Mohan Sharma, Flat No. 403, Sanskriti Apartments, Tower – D, Sector -1, Greater Noida West 201306.

…Appellant No. 5. 6. Kaustav Mukherjee, Flat No. C1 -912, Sanskriti Apartments, GH – 10, Sector -1, Greater Noida West 201306.

…Appellant No. 6. 7. Rajeev Kumar, Flat No. B -1202, Sanskriti Apartments, -4- Comp. App. (AT) (Ins.) Nos. 593, 656, 659, 694, 703 With Comp. App. (AT) (Ins.) No. 736/2021 & I.A. No. 647/2022 With Comp. App. (AT) (Ins.) No. 912/2021 GH – 10, Sector -1, Greater Noida West 201306.

…Appellant No. 7. 8. Bhibhaw Kumar Singh, Flat No. B -201, Earthcon Sanskriti Apartments, Sector -1, Noida Extension.

…Appellant No. 8. 9. Prabhat Pankaj, Flat No. C -901, Sanskriti Apartments, GH – 10, Sector -1, Greater Noida West 201306.

…Appellant No. 9. 10. Nishant Gupta, Flat No. C -304, Sanskriti Apartments, GH – 10, Sector -1, Greater Noida West 201306.

…Appellant No. 10. 11. Manoj Kumar Tiwari, Flat No. A -906, Sanskriti Apartments, GH – 10, Sector -1, Greater Noida West 201306.

…Appellant No. 11. 12. Yahspal Singh, Flat No. 140, Block C-2, Shriniketan Kunj Apartment, Sector -17, Rohini, Delhi 110089.

…Appellant No. 12. 13. Deepak Vashishtha, Flat No. B -1402, Sanskriti Apartments, GH – 10, Sector -1, Greater Noida West 201306.

…Appellant No. 13. 14. Raghwendra Kumar, Flat No. C009, Sanskriti Apartments, GH – 10, Sector -1, Greater Noida West 201306.

…Appellant No. 14. 15. Praveen Kumar, Flat No. A -703, Sanskriti Apartments, GH – 10, Sector -1, -5- Comp. App. (AT) (Ins.) Nos. 593, 656, 659, 694, 703 With Comp. App. (AT) (Ins.) No. 736/2021 & I.A. No. 647/2022 With Comp. App. (AT) (Ins.) No. 912/2021 Greater Noida West 201306.

…Appellant No. 15. 16. Anil Kumar Tyagi, Sanskriti Apartments, GH – 10, Sector -1, Greater Noida West 201306.

…Appellant No. 16. 17. Sanjay Kumar Tyagi, Flat No. C -809, Sanskriti Apartments, GH – 10, Sector -1, Greater Noida West 201306.

…Appellant No. 17. 18. Shailender Singh, Flat No. B -205, Earthcon Sanskriti, GH – 10, Sector -1, Greater Noida West 201306.

…Appellant No. 18. 19. Sunil Chawla, Flat No. C -1304, Sanskriti Apartments, GH – 10, Sector -1, Greater Noida West 201306.

…Appellant No. 19. 20. Ajivit Roy, Flat No. C -1204, Sanskriti Apartments, GH – 10, Sector -1, Greater Noida West 201306.

…Appellant No. 20. 21. Abhay Kumar, Flat No. A -806, Sanskriti Apartments, GH – 10, Sector -1, Greater Noida West 201306.

…Appellant No. 21. 22. Amit Sharma, Flat No. C1 -1104, Sanskriti Apartments, GH – 10, Sector -1, Greater Noida West 201306.

…Appellant No. 22. 23. Amit Kumar Singh, Flat No. D -1302, Sanskriti Apartments, GH – 10, Sector -1, Greater Noida West 201306.

…Appellant No. 23. 24. Ashish Tripathi, -6- Comp. App. (AT) (Ins.) Nos. 593, 656, 659, 694, 703 With Comp. App. (AT) (Ins.) No. 736/2021 & I.A. No. 647/2022 With Comp. App. (AT) (Ins.) No. 912/2021 Flat No. D -804, Sanskriti Apartments, GH – 10, Sector -1, Greater Noida West 201306.

…Appellant No. 24. 25. Devesh Vashist, Flat No. B -1403, Sanskriti Apartments, GH – 10, Sector -1, Greater Noida West 201306.

…Appellant No. 25. 26. Neeraj Mishra, Flat No. 308, Sanskriti Apartments, GH – 10, Sector -1, Greater Noida West 201306.

…Appellant No. 26. 27. Vivek Sheel, Flat No. C -1206, Sanskriti Apartments, GH – 10, Sector -1, Greater Noida West 201306.

…Appellant No. 27. 28. Atanu Saha, Flat No. C -605, Sanskriti Apartments, GH – 10, Sector -1, Greater Noida West 201306.

…Appellant No. 28. 29. Shailesh Mishra, Flat No. D -1303, Sanskriti Apartments, GH – 10, Sector -1, Greater Noida West 201306.

…Appellant No. 29. 30. Vikas Mishra, Flat No. B -507, Sanskriti Apartments, GH – 10, Sector -1, Greater Noida West 201306.

…Appellant No. 30. 31. Subir Kumar Singh, Flat No. C -608, Sanskriti Apartments, GH – 10, Sector -1, Greater Noida West 201306.

…Appellant No. 31. 32. Himanshu Chawla, Flat No. 1404, Sanskriti Apartments, -7- Comp. App. (AT) (Ins.) Nos. 593, 656, 659, 694, 703 With Comp. App. (AT) (Ins.) No. 736/2021 & I.A. No. 647/2022 With Comp. App. (AT) (Ins.) No. 912/2021 GH – 10, Sector -1, Greater Noida West 201306.

…Appellant No. 32. 33. Basir Raza, Flat No. D -506, Sanskriti Apartments, GH – 10, Sector -1, Greater Noida West 201306.

…Appellant No. 33. 34. Mehar Chand Naithani, Flat No. C -709, Sanskriti Apartments, GH – 10, Sector -1, Greater Noida West 201306.

…Appellant No. 34. 35. Puja Kumari, Flat No. C -1102, Sanskriti Apartments, GH – 10, Sector -1, Greater Noida West 201306.

…Appellant No. 35. 36. Sushma Khandelwal, Flat No. C-1-1003, Sanskriti Apartments, GH – 10, Sector -1, Greater Noida West 201306.

…Appellant No. 36. 37. Vijay Shaw, Flat No. C1-1009, Sanskriti Apartments, GH – 10, Sector -1, Greater Noida West 201306.

…Appellant No. 37. 38. Alok Kumar, Flat No. C1-109, Sanskriti Apartments, GH – 10, Sector -1, Greater Noida West 201306.

…Appellant No. 38. Versus 1. M/s. Nisus Finance and Investment Thought its Director 201D, Poonam Chambers, A-Wing, Dr. Annie Besant Road, Worli, Mumbai – 400018, …Respondent No. 1. 2. Beacon Trusteeship Limited Through its Director -8- Comp. App. (AT) (Ins.) Nos. 593, 656, 659, 694, 703 With Comp. App. (AT) (Ins.) No. 736/2021 & I.A. No. 647/2022 With Comp. App. (AT) (Ins.) No. 912/2021 Allied House, Plot No. 5 & 6, Shopping Complex, B-7, Vasant Kunj, Nelson Mandela Marg, New Delhi – 110070.

…Respondent No. 2. 3. Gaurav Katiyar, Resolution Professional of M/s. Earthcon Universal Infratech Private Limited Office No. D-32, East of Kailash, Near M. Cinema, New Delhi – 110065.

…Respondent No. 3. 4. M/s. Saya Homes Private Limited B-7/45 Extn. Safdarjung Enclave, New Delhi – 110029.

…Respondent No. 4. Present For Appellants: For Respondent No. 1 & 2: Mr. Shikhil Suri, Ms. Mahima Aggarwal & Ms. Komal Gupta, Advocates for R-1 & R-2. For Respondent No.3: Mr. Rishabh Jain, Advocate for R-3. WITH COMPANY APPEAL (AT) (INSOLVENCY) NO. 694 of 2021 (Arising out of the Order dated 23rd July, 2021 passed by the Learned Adjudicating Authority (National Company Law Tribunal, Division Bench, Delhi, Bench - III), in I.A. No.1606/2021 in C.P. (IB)- 1348(ND)/2019) IN THE MATTER OF: Committee of Creditors Through, Sh. Jawed Ahmad Ansari, S/o. Late Habib Ahmad Ansari, R/o. 30Y, Chitra Gupta Road, Pahar Ganj, Delhi – 110055.

…Appellant Versus 1. Nisus Finance and Investment Managers LLP Having its registered office at:

201D, Poonam Chambers A Wing, -9- Comp. App. (AT) (Ins.) Nos. 593, 656, 659, 694, 703 With Comp. App. (AT) (Ins.) No. 736/2021 & I.A. No. 647/2022 With Comp. App. (AT) (Ins.) No. 912/2021 Present For Appellants: Mr. Karthik Seth, Ms. Shriya Gilhotra, Advocates. For Respondent No. 1 & 2: Mr. Abhijeet Sinha, Mr. Saikat Sarkar, Mr. Shikhil Suri & Ms. Komal Gupta, Advocates for R-1 & R-2. For Respondent No.3: Mr. Rishabh Jain, Advocate for R-3. WITH COMPANY APPEAL (AT) (INSOLVENCY) NO. 703 of 2021 (Arising out of the Order dated 23rd July, 2021 passed by the Learned Adjudicating Authority (National Company Law Tribunal, Division Bench, Delhi, Bench - III), in I.A. No.1606/2021 in C.P. (IB)- 1348(ND)/2019) IN THE MATTER OF: Dr. Annie Besant Road, Worli, Mumbai – 400018, Maharashtra (India).

…Respondent No. 1. 2. Beacon Trusteeship Limited Having its Registered Office at:

4C & D, Siddhivinayak Chambers, Gandhi Nagar, Opposite MIG Cricket Club, Bandra (East), Mumbai – 400051.

Maharashtra (India).

…Respondent No. 2. 3. Gaurav Katiyar, Resolution Professional of Earthcon Universal Infratech Private Limited Having Office at: D-32, East of Kailash, New Delhi – 110065.

…Respondent No. 3. 1. Sanskriti Allottee Welfare Association (Reg.) A Society Registered under the Societies Registration Act, 1860.

Having its Registered Office at:

Flat No. 101, Tower-C, Earthcon Sanskriti Apartment, GH-10, Sector-1, Greater Noida West, Gautam Buddha Nagar – 201306, Uttar Pradesh, Through its Authorised Representative -10- Comp. App. (AT) (Ins.) Nos. 593, 656, 659, 694, 703 With Comp. App. (AT) (Ins.) No. 736/2021 & I.A. No. 647/2022 With Comp. App. (AT) (Ins.) No. 912/2021 Mr. Prabhat Kumar, Vice President. …Appellant No. 1. 2. Mr. Anurag Giri R/o. Flat No. B-604, Earthcon Sanskriti Apartment, GH-10, Sector-1, Greater Noida West, Gautam Buddha Nagar – 201306, Uttar Pradesh.

…Appellant No. 2. 3. Mr. Anand Singh Bora R/o. Flat No. D-202, Earthcon Sanskriti Apartment, GH-10, Sector-1, Greater Noida West, Gautam Buddha Nagar – 201306, Uttar Pradesh.

…Appellant No. 3. 4. Mr. Saket Jha A/o. Flat No. D-104, Earthcon Sanskriti Apartment, GH-10, Sector-1, Greater Noida West, Gautam Buddha Nagar – 201306, Uttar Pradesh, R/o. A-576, G.D. Colony, Mayur Vihar, Phase-3, New Delhi – 110096.

…Appellant No. 4. 5. Mr. Aditya Gupta R/o. Flat No. D-002, Earthcon Sanskriti Apartment, GH-10, Sector-1, Greater Noida West, Gautam Buddha Nagar – 201306, Uttar Pradesh.

…Appellant No. 5. 6. Mr. Bahadur Singh R/o. Flat No. D-1201, OSIMO-1, Mahagun Mention, Phase-2, Vaibhav Khand, Indirapuram Ghaziabad, Uttar Pradesh.

…Appellant No. 6. 7. Mr. Raghuveer Singh Rawat R/o. Flat No. C-011, Earthcon Sanskriti Apartment, GH-10, Sector-1, Greater Noida West, Gautam Buddha Nagar – 201306, Uttar Pradesh.

…Appellant No. 7. Versus 1. Nisus Finance and Investment Managers LLP Having its registered office at:

201D, Poonam Chambers A Wing, Dr. Annie Besant Road, Worli, Mumbai – 400018, Maharashtra (India) Through its Designated Partners.

…Respondent No. 1. -11- Comp. App. (AT) (Ins.) Nos. 593, 656, 659, 694, 703 With Comp. App. (AT) (Ins.) No. 736/2021 & I.A. No. 647/2022 With Comp. App. (AT) (Ins.) No. 912/2021 Present For Appellants: Ms. Bitisha Singh, Advocate. For Respondent No. 1 & 2: Mr. Abhijeet Sinha, Mr. Saikat Sarkar, Mr. Shikhil Suri & Ms. Komal Gupta, Advocates for R-1 & R-2. For Respondent No.3: Mr. Rishabh Jain, Advocate for R-3. WITH COMPANY APPEAL (AT) (INSOLVENCY) NO. 736 of 2021 & I.A. No. 647 of 2022 (Arising out of the Order dated 23rd July, 2021 passed by the Learned Adjudicating Authority (National Company Law Tribunal, Division Bench, Delhi, Bench - III), in I.A. No.1606/2021 in C.P. (IB)- 1348(ND)/2019) IN THE MATTER OF: 2. Beacon Trusteeship Limited Having its Registered Office at:

4C & D, Siddhivinayak Chambers, Gandhi Nagar, Opposite MIG Cricket Club, Bandra (East), Mumbai – 400051.

Maharashtra (India) Through its Director.

…Respondent No. 2. 3. Gaurav Katiyar, Resolution Professional of Earthcon Universal Infratech Private Limited Having Office at: D-32, East of Kailash, New Delhi – 110065.

…Respondent No. 3. Sh. Deepak Gupta (IPA Registration No. IBBAI/IPA-001/IP- P01340/2018-2019/12235) The AR of Financial Creditors in Class (Home Buyers).

…Appellant Versus 1. Nisus Finance and Investment Managers LLP -12- Comp. App. (AT) (Ins.) Nos. 593, 656, 659, 694, 703 With Comp. App. (AT) (Ins.) No. 736/2021 & I.A. No. 647/2022 With Comp. App. (AT) (Ins.) No. 912/2021 Present For Appellants: Mr. Sanjay Khanna, Ms. Pragya Bhushan, Mr. Tarandeep Singh & Mr. Karandeep Singh, Advocates. For Respondent No. 1 & 2: Mr. Abhijeet Sinha, Mr. Saikat Sarkar, Mr. Shikhil Suri & Ms. Komal Gupta, Advocates for R-1 & R-2. For Respondent No.3: Mr. Rishabh Jain, Advocate for R-3. WITH COMPANY APPEAL (AT) (INSOLVENCY) NO. 912 of 2021 (Arising out of the Order dated 23rd July, 2021 passed by the Learned Adjudicating Authority (National Company Law Tribunal, Division Bench, Delhi, Bench - III), in I.A. No.1606/2021 in C.P. (IB)- 1348(ND)/2019) IN THE MATTER OF: Having its registered office at:

201D, Poonam Chambers A Wing, Dr. Annie Besant Road, Worli, Mumbai – 400018, Maharashtra (India).

…Respondent No. 1. 2. Beacon Trusteeship Limited Having its Registered Office at:

4C & D, Siddhivinayak Chambers, Gandhi Nagar, Opposite MIG Cricket Club, Bandra (East), Mumbai – 400051.

Maharashtra (India).

…Respondent No. 2. 3. Gaurav Katiyar, Resolution Professional of Earthcon Universal Infratech Private Limited (CD in CIRP) Having Office at: D-32, East of Kailash, New Delhi – 110065.

…Respondent No. 3. 1. Rajesh Kumar Bhandula S/o. Ashok Raj Bhandula, R/o. D-603, Casa Royal, Plot No. GH-10, Sector-1, Greater Noida West, Gautam Buddha Nagar, -13- Comp. App. (AT) (Ins.) Nos. 593, 656, 659, 694, 703 With Comp. App. (AT) (Ins.) No. 736/2021 & I.A. No. 647/2022 With Comp. App. (AT) (Ins.) No. 912/2021 U.P. 201309. …Appellant No. 1. 2. Hayat Karim Khan, S/o. Lt. Shujat Karim Khan, R/o. 1214, Tower – VII, Purvanchal Royal Park, Sector 137, Noida – 201305, U.P. …Appellant No. 2. 3. Abhinav Jain S/o. Santosh Kumar Jain R/o. E-81/A, Ganesh Nagar, Pandav Nagar Complex, New Delhi – 92.

…Appellant No. 3. 4. Anil Kumar S/o. Mitthan Singh, R/o. 134, Global City, IIMT College, Ganganagar, Meerut, Defence Colony, Mawana, U.P. – 250001. …Appellant No. 4. 5. Faizan Khan, C/o. Amar Khan, R/o. A-801, 8th Floor, Kalyani Heights, 100ft Road, Dayal Bagh, Agra, U.P. – 282005. …Appellant No. 5. 6. Neeta Singh, W/o. Kashinath Singh, R/o. 17, Neel Vihar, Near Sector 14, Power House, Indira Nagar, Lucknow (U.P.) – 226016. …Appellant No. 6. 7. Shagufta Jamal W/o. Jamal Rizvi R/o. Modern School, Kot – Garbi, Sambhal, U.P. – 244302. …Appellant No. 7. 8. Dhruv Kumar S/o. Radhey Shyam R/o. 172, Girdhar Enclave, Near IME College, Sahibabad, Ghaziabad, U.P. 201005. …Appellant No. 8. 9. Shadab Hussain S/o. Ausaf Hussain R/o. 64-D, Near Police Station, Kisrol, Moradabad, U.P. – 244 001. …Appellant No. 9. -14- Comp. App. (AT) (Ins.) Nos. 593, 656, 659, 694, 703 With Comp. App. (AT) (Ins.) No. 736/2021 & I.A. No. 647/2022 With Comp. App. (AT) (Ins.) No. 912/2021 10. Andleeb Khan W/o. Inamul Ghani Khan, R/o. 33, Shadab Colony, Mahanagar, Lucknow, U.P. 226006. …Appellant No. 10. 11. Raj Kumar Singh S/o. Indradev Verma R/o. 2/42, Rajendra Nagar, Sector 5, Sahibabad, Ghaziabad, U.P. – 201005. …Appellant No. 11. 12. Jodha Singh, S/o. Bahadur Singh Negi, R/o. 68-Naula Kote, Awam Chakra, Deodhar, Almora, Uttarakhand – 263621. …Appellant No. 12. 13. Prathiba Agarwal, W/o. Ashok Kumar Agarwal, R/o. 103/2, National Chemical MBD Road, Sambhal, U.P. – 244302. …Appellant No. 13. 14. Atesham Khaliq, S/o. Shri. Abdul Khaliq, R/o. 5896/51, Basti Harphool Singh, Sadar Bazar, Sadar Thana, Quraish Nagar, North Delhi – 110006.

…Appellant No. 14. 15. Mahendra Vyas, S/o. Shr. Krishna Ballabh Vyas, R/o. H. No. 600, Ist Floor, Sector 45, Gurugram, Haryana – 122003.

…Appellant No. 15. 16. Aditya Verma, S/o. Shri Braj Pal Verma, R/o. Flat No. 246, Ekta Apartment, Pocket – 1 & 2, Near DPS Sector – 3, Dwarka Sector 6, South West Delhi – 110075.

…Appellant No. 16. 17. Gazala Saad C/o. Ahmad Saad, R/o. 5132/1 SF, Sharif Manzil Ballimaran, VTC, Delhi, GPO, North Delhi – 110006.

…Appellant No. 17. -15- Comp. App. (AT) (Ins.) Nos. 593, 656, 659, 694, 703 With Comp. App. (AT) (Ins.) No. 736/2021 & I.A. No. 647/2022 With Comp. App. (AT) (Ins.) No. 912/2021 18. Islam Ahmad Khan S/o. Nafis Ahmad Khan, R/o. 36, Reli, Near Moti Lawn, Bareilly City, Bareilly, U.P. – 243 003. …Appellant No. 18. 19. Sarita Sharma W/o. Mahesh Chandra Sharma, R/o. B-18, Paper Mill Road, Himmat Nagar, Saharanpur, U.P. – 247 001. …Appellant No. 19. Versus 1. Nisus Finance and Investment Managers LLP Having its registered office at:

201D, Poonam Chambers A Wing, Dr. Annie Besant Road, Worli, Mumbai – 400018, Maharashtra (India).

…Respondent No. 1. 2. Beacon Trusteeship Limited Having its Registered Office at:

4C & D, Siddhivinayak Chambers, Gandhi Nagar, Opposite MIG Cricket Club, Bandra (East), Mumbai – 400051.

Maharashtra (India).

…Respondent No. 2. 3. Gaurav Katiyar, Resolution Professional of Earthcon Universal Infratech Private Limited (CD in CIRP) Having Office at: D-32, East of Kailash, New Delhi – 110065.

…Respondent No. 3. 4. Shadab Khan, Erstwhile Promoter, Earthcon universal Infratech Private Limited, Having Office at:

B-1, Sector 4, Noida – 201010, Uttar Pradesh.

…Respondent No. 4. 5. Greater Noida Industrial Development Authority (GNIDA), -16- Comp. App. (AT) (Ins.) Nos. 593, 656, 659, 694, 703 With Comp. App. (AT) (Ins.) No. 736/2021 & I.A. No. 647/2022 With Comp. App. (AT) (Ins.) No. 912/2021 Present For Appellants: For Respondent No. 1 & 2: Mr. Abhijeet Sinha, Mr. Saikat Sarkar, Mr. Shikhil Suri & Ms. Komal Gupta, Advocates for R-1 & R-2. For Respondent No.3: Mr. Rishabh Jain, Advocate for R-3.

JUDGEMENT

[Per; Shreesha Merla, Member (T)] Comp. App. (AT) (Ins.) No. 593/2021 1. Challenge in this Appeal, is to the Impugned Order dated 23.07.2021, passed by the Learned Adjudicating Authority (National Company Law Tribunal, Division Bench, Delhi, Bench – III) in I.A. No. 1606/2021 in C.P. (IB) No.1348/ND/2019, whereby the Adjudicating Authority has directed the Resolution Professional (‘RP’) to exclude 205 Flats from the pool of the Assets of the ‘Corporate Debtor’.

2. Facts in brief are that I.A.1606/2021 was preferred by the Applicants namely Nisus Finance and Investment Managers LLP (hereinafter referred to as ‘Nisus Finance’) and Beacon Trusteeship Limited (hereinafter referred to as ‘Beacon’) seeking the following reliefs:

    Having its Office at:
    Plot No. 01, Knowledge Park – 04, Greater Noida, Gautam Buddha Nagar, Uttar Pradesh 201308.
    …Respondent No. 5. 6. Punjab & Sind Bank Having its Office at:

1st Floor, 21, Rajendra Palace, New Delhi – 110008.

…Respondent No. 6. -17- Comp. App. (AT) (Ins.) Nos. 593, 656, 659, 694, 703 With Comp. App. (AT) (Ins.) No. 736/2021 & I.A. No. 647/2022 With Comp. App. (AT) (Ins.) No. 912/2021 (a) direct the RP to amend the Information Memorandum so as to exclude 268 Flat Units in the Real Estate Project Casa Royal Sanskriti from the agents of the ‘Corporate Debtor’.

(b) declare that 268 Units which are Mortgaged in favour of the Appellants are within the exclusive charge of the Applicants, and hence not available to any other Creditor during the CIRP and further direct the RP, not to include these 268 Flats in the pool of the ‘Corporate Debtor’.

3. It was averred that Nisus Finance and Beacon are ‘Financial Creditors’ and claim their rights by virtue of the Debenture Trust Deed (‘DTD’) dated 13.06.2017, executed between Nisus Finance as facility Agents/Debenture Holders, Beacon as ‘Debenture Trustee’, M/s. Earthcon Infracon Private Limited, (‘EIPL’) and the capacity of the ‘Issuer Company/Principal Borrower’ and the ‘Corporate Debtor’, Earthcon Universal Infratech Private Limited as a Corporate Guarantor as Issuer Company was to raise funds upto Rs.30Crs./-. It was averred that the DTD was amended on 20.12.2017 and on 24.12.2018 and the Principal Borrower raised an additional Rs.20Crs./- and Rs.2.5Crs./- for which additional 2,250 Debentures were issued. It is stated that the purpose of raising funds by the Issuer Company/EIPL was to purchase and acquire the units in the Real Estate Project developed by the ‘Corporate Debtor’. It is averred that in the event the Issuer Company had failed to fulfil its obligations under the DTD then the ‘Corporate Debtor’ would be liable to fulfil the financial obligations as the guarantor under the DTD. It was stated in the Application that from the money raised from the DTD, the Issuer Company had paid a sum of Rs.51,79,00,000/- to the ‘Corporate Debtor’ and acquired substantial rights of 268 Units in the Project developed -18- Comp. App. (AT) (Ins.) Nos. 593, 656, 659, 694, 703 With Comp. App. (AT) (Ins.) No. 736/2021 & I.A. No. 647/2022 With Comp. App. (AT) (Ins.) No. 912/2021 by the ‘Corporate Debtor’. Initially Builder Buyers Agreement (‘BBA’) were executed for 205 Units out of the 268 Units between the ‘Corporate Debtor’, and the Issuer Company, for which irrevocable Power of Attorney was also executed in favour of the Applicants/Nisus and Beacon authorising them to endorse such sale for and on behalf of the ‘Corporate Debtor’ in favour of the third-party purchaser. For the balance 63 Units, it is stated that they were assigned to the Issuer Company from the inventory Casa Royal on the assurance that these units would be sold in the market and due approval from G.NOIDA would be obtained. To give effect to the rights of the EIPL as 63 Units, a Deed of Mortgage was executed in favour of the Debenture Trustee, wherein the ‘Corporate Debtor’ confirms the rights of the EIPL and became a co-Mortgagee.

4. It is averred t























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