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NATIONAL COMPANY LAW TRIBUNAL
Praveen Gupta, Member (Judicial), Ashish Verma, Member (Technical)
ATUL SOOD – Appellant
Versus
MR. BHUVAN MADAN (RESOLUTION PROFESSIONAL) – Respondent
| Table of Content |
|---|
| 1. initial facts regarding applicants and project. (Para 1 , 2 , 4) |
| 2. project completion timelines and agreements. (Para 5 , 6 , 7) |
| 3. regulatory authority involvement and decisions. (Para 10 , 11 , 12) |
| 4. response by the resolution professional to applicants' claims. (Para 21 , 22 , 23) |
| 5. court's observations on process note and acceptance. (Para 24 , 25 , 26 , 27) |
| 6. court's reasoning on jurisdiction and dismissed claims. (Para 28 , 30 , 31 , 32) |
ORDER
1. The instant Application has been filed by Applicants, who are homebuyers/allottees of residential apartments in the project “Knight’s Court” situated at J.P. Greens, Sector-128, Noida, developed by the Corporate Debtor, M/s Jaiprakash Associates Limited (JAL). (hereinafter referred as “Applicants”) on 16.08.2025 under Section 60 (5) of the Insolvency and Bankruptcy Code, 2016 (hereinafter referred as “the Code”) read with Rule 11 of the National Company Law Tribunal Rules, 2016, seeking inter alia the following prayers:
a. To allow the present Application;
b. To Declare the Process Note issued by the RP for handing over possession as illegal, arbitrary and contrary to the provisions of the Conciliation Agreement, Legal
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