O R D E R

1. The present Application has been filed by Nova Castle Apartment Owner’s Association, under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, and Rules 11 and 32 of the NCLT Rules,2016, seeking the following reliefs:

1. To declare that the Project Loan sanctioned by Respondent No.3 is illegal and fraudulent as it had failed in its duty to ensure that the loan amount was used for the purpose of sanctioning the loan.

2. To declare that the dues of Respondent No.3 cannot be recovered from the assets of the Homebuyers as the same was not utilised in the construction of the project.

3. To direct Respondent No.3 to recover its dues from the other assets of Respondent No.2, which were created using the loan amount syphoned off, and from the other securities held by Respondent No.3.

4. To declare that the Applicants, having entered into the Agreements for Sale and Agreements for Construction, have created a prior charge over the assets of the Nova Castle Project.

5. To direct Respondent No.1 to recalculate the asset list of the project, by removing the security interest of Respondent No.3 over the 45 cents of the project land.

6. To declare that the apartments allotted to the