Specific performance claims cannot proceed outside the insolvency framework once a claim related to the transaction is filed and admitted in CIRP.

ORDER

1. The present applications i.e. IA No. 469 of 2024 and IA No. 35 of 2025 have been filed against the Interim Resolution Professional (hereinafter referred to as “IRP/RP”) of Jaiprakash Associates Limited (hereinafter referred to as the “Corporate Debtor/JAL”).

2. IA No. 469 of 2024 has been filed on 02.09.2024 under Section 60 (5) of the Insolvency and Bankruptcy Code, 2016 (hereinafter referred to as “the Code/IBC”) by Mr. Harish Kumar, (hereinafter referred to as the “Applicant”) seeking directions against the IRP/RP of the Corporate Debtor for completion of requisite formalities and execution of the sub-lease deed in respect of Plots No. C-3F and C-3G measuring approximately 4.08 acres situated at Jaypee Greens Wishtown, Sector-129, Noida, Uttar Pradesh in favour of M/s K8 Developers Private Limited.

3. Subsequently, IA No. 35 of 2025 has been filed on 10.01.2025 in I.A. No.469 of 2024 seeking to place on record the order restoring the name of M/s K8 Developers Private Limited (hereinafter referred as “Applicant Company”) and for substitution of the said company in place of the original Applicant in IA No. 469 of 2024 which has not been objected by the Learned Counsel representing the Resolution Professional and therefore, IA No. 35 of 2025 is allowed.

4. The Applicants have made the following prayers in the aforesaid applications:

IA No.469/202

a. Allow the present Application;

b. Issue necessary directions to the Respondent-Interim Resolution Professional of M/s Jaiprakash Associates Limited to complete the requisite formalities and execute the sub-lease deed of Plots No. C 3-F and C 3-G, measuring approximately 4.08 acres, situated at Jaypee Greens Wishtown, Sector 129, Noida, Uttar Pradesh in favour of M/s K8 Developers Private Limited (presently struck off, revival petition thereof bearing Appeal No. 5/252/ND/2024 is pending before the Hon'ble NCLT, Delhi bench); OR in the alternative

c. Issue necessary directions to the Respondent-Interim Resolution Professional of M/s Jaiprakash Associates Limited to complete the requisite formalities and execute the sub-lease deed of Plots No. C 3-F and C 3-G, measuring approximately 4.08 acres, situated at Jaypee Greens Wishtown, Sector 129, Noida, Uttar Pradesh in favour of the shareholders of K8 Developers Private Limited, in the event the aforesaid Company is not revived, in proportion to their shareholding;

d. Pass such other and further orders as are deemed necessary in the facts and circumstances of the case.

IA No.35/2025

I. Allow the present Application and take on record the Order of the NCLT, Delhi bench restoring the status of the company as well as the Amended Memorandum of Parties (Annexure A-1 and A-2);

II. Allow substitution of name of Company i.e. K8 Developers Private Limited in place of the present applicant i.e. Harish Kumar;

5. IA No. 469 of 2024 was initially filed by Mr. Harish Kumar, who claims to be a majority shareholder holding 60% shareholding in M/s K8 Developers Private Limited. It has been averred that at the time of filing of the Application, the name