Development rights extinguish upon termination of the agreement prior to CIRP commencement, and no valid agreement was in force at that time.

ORDER

1. This Application No.2784 of 2024 is filed by Chaitanya Nagar Omkar Co - operative Housing Society Limited (“Applicant”) in the Corporate Insolvency Resolution Process of A A Estates Private Limited to seek direction to the Resolution Professional in terms of Section 60(5) of Insolvency and Bankruptcy Code, 2016. The Applicant seeks the following relief:

a. Declare that the development rights of land bearing no. 06, Survey No. 383, C.T.S No. 154 (pt) of ViHage Bandra (East), I ward, admeasuring 760.24 sq. mtrs., lying, being and situated at Chaitanya Nagar, Vakola Bridge, Santacruz (East), Mumbai - 400 055 do not form the part of the assets of the Corporate Debtor;

b. Direct the Respondent to cause the exclusion of the Applicant and its land being land bearing no. 06, Survey No. 383, C.T.S No. 154 (pt) of Village Bandra (East), I ward, admeasuring 760.24 sq. mtrs., lying, being and situated at Chaitanya Nagar, Vakola Bridge, Santacruz (East), Mumbai - 400 055 from the Form G (Invitation for Expression of Interest) or any other document as may be addressed to prospective resolution applicant;

c. For costs;

d. For such other and further reliefs as this Hon'ble Court may consider fit and proper in the facts and circumstances of the present case.

2. The Applicant is a Co-Operative Society registered under the Maharashtra Co-operative Society Act, 1960, bearing registration no. BOM/ (W) Mumbai/ HSQ (T.C)/9851197-98, situated on all that piece and parcel of land bearing C.T.S No. 154 (pt) of Village Bandra (East), I ward, admeasuring 760.24 mts. situated at Chaitanya Nagar, Vakola Bridge, Santacruz East, Mumbai- 400 098.

3. The Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor i.e. A A Estates Private Limited and the Respondent herein was appointed as the Interim Resolution Professional to conduct the Insolvency Resolution Process vide order of this Tribunal dated 06.12.2022.

4. A development agreement dated 10^th February, 2007 ("Development Agreement") came to be executed by and between the Applicant and the Corporate Debtor. The aforesaid Development Agreement was registered on 20^th April, 2007 with the office of the Sub-Registrar of Assurances at Andheri - I under the registration no. BDR-1-0 3483-2007. With the Development Agreement, a power of attorney dated 20^th June, 2007 ("Power of Attorney") was also executed by the Applicant in favor of the Corporate Debtor to enable it to apply for various permissions from the statutory authorities to successfully carry out redevelopment of the said Property.

5. In terms of clause 12 of said Development Agreement, the Corporate Debtor was to complete the construction of building meant for rehabilitation of existing 20 members with all respects within Eighteen (18) months from the date of receiving the commencement certificate from Municipal Authorities.

MHADA issued its NOC on 15th October, 2007 allowing the Applicant to carry out redevelopment of the said Property. On 31" October, 2007. an application for issuance of Intimation of Disapproval (“IOD") was submitted and the same is in the process of being issued.

6. .In and around April, 2008, draft supplementary development agreement was exchanged between the parties to the extent of enhancement of the monthly rental compensation payable to the members of the Applicant in lieu of in their alternate accommodation as per the prevailing market rate and for giving a timeline to obtain IOD, however, neither the supplementary development agreement was executed (which was finally executed on 4.6.2010 and yet to be registered) nor the Corporate Debtor could obtain IOD with