ORDER

PER- RAHUL BHATNAGAR, MEMBER (TECHNICAL) Order Pronounced on: 11.03.2024

1. This application has been filed under Section 60 (5) read with Section 65 (1) of the Insolvency and Bankruptcy Code , 2016 read with Rule 11 of the National Company Law Tribunal Rules, 2016 seeking dismissal of the captioned Petition CP (IB) 888/PB/2022.

2. The applicant in the present application has prayed for the following reliefs: -

a) Delete Applicants 5, 85, 90 and 100 from the Memo of Parties for not being a part of the class of “allottees under a real estate project” since they had already withdrawn from the Project by approaching UPRERA for cancellation of their allotments, and which relief was duly granted by UPRERA; and being guilty of concealment and suppression;

b) Delete Applicants 27, 37, 78, 81, 86 and 89 from the Memo of Parties for being guilty of forum shopping by initiating multiple remedies simultaneously and being guilty of concealment and suppression;

c) Consequently, dismiss the captioned Petition under Section 7 IBC, i.e., CP(IB) No. 888 of 2022 for not meeting the mandatory requirement of the minimum number of allottees under the second proviso to Section 7 (1) IBC;

d) Impose co