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NATIONAL COMPANY LAW APPELLATE TRIBUNAL
ASHOK BHUSHAN, J
Anjani Kumar Prashar – Appellant
Versus
Manab Datta & Ors. – Respondent
| Table of Content |
|---|
| 1. background facts of land purchase and ownership. (Para 2) |
| 2. timeline of events in relation to land acquisition and insolvency. (Para 3 , 4 , 5 , 8) |
| 3. arguments regarding the status of financial debt. (Para 16 , 17) |
| 4. court analysis of construction obligations and defaults. (Para 18 , 19 , 20 , 21 , 22 , 23) |
| 5. finding of financial obligations for corporate debtor. (Para 27) |
JUDGMENT
ASHOK BHUSHAN, J.
This Appeal by Suspended Director of the Corporate Debtor has been filed challenging the order dated 26.09.2023 passed by National Company Law Tribunal, New Delhi Bench, Court-V admitting Section 7 Application filed by Respondents – allottees herein. The Appellant aggrieved by the order admitting Section 7 Application has come up in this Appeal.
2. Brief facts of the case, necessary for deciding this Appeal are:
(i) On 31.10.2003, the land in question was purchased by one M/s Subros Ltd. from various land holders. On 27.08.2004, a Notification under Section 4 of Land Acquisition Act, 1894 was issued by the Govt. of Haryana, proposing to acquire certain land for setting up Industrial Township. The land in question was initially part of the above Notification, however, M/s
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