National Company Law Appellate Tribunal
Jm Financial Asset Reconstruction ... vs Ask Trusteeship Services Private ... on 14 November, 2025
NATIONAL COMPANY LAW APPELLATE TRIBUNAL,
PRINCIPAL BENCH, NEW DELHI
I.A. No. 2641, 4617, 5424 of 2025
IN
Comp. App. (AT) (Ins) No. 912 of 2024
In the matter of:
JM Financial Asset Reconstruction Company Ltd. ....Appellant
Vs.
ASK Trusteeship Services Pvt. Ltd. & Ors. ...Respondents
For Appellant Mr. Dhruv Dewan, Mr. Vaijayant Paliwal, Mr. Nikhil
Mathur, Ms. Kirti Gupta, Advocates for IRP
For Respondents Mr. Atuv Mathur, Mr. Jagriti Ahuja, Mr. Geetansh
Kathuria, Mr. Somesh Goel, Advocates for Kotak
Mahindra Bank
Mr. Rachit Mittal, Mr. Parish Mishra, Mr. Kanishk
Raj, Mr. Adarsh Srivastava, Mr. Abhishek Sinha,
Mr. Shivansh Bansal, Advocates for Noida
Authority.
I.A. No. 2637 of 2025
IN
Comp. App. (AT) (Ins) No. 926 of 2024
In the matter of:
Santosh Kumar ....Appellant
Vs.
ASK Trusteeship Services Pvt. Ltd. & Anr. ...Respondents
For Appellant Ms. Shilpi Satyapriya, Mr. Satyam, Applicant in
person in IA No.2637 of 2025
For Respondents Mr. Dhruv Dewan, Mr. Vaijayant Paliwal, Mr. Nikhil
Mathur, Ms. Kirti Gupta, Advocates for IRP
Mr. Rachit Mittal, Mr. Parish Mishra, Mr. Kanishk
Raj, Mr. Adarsh Srivastava, Mr. Abhishek Sinha,
Mr. Shivansh Bansal, Advocates for Noida
Authority.
ORDER
(Hybrid Mode) 14.11.2025: I.A. No. 2641 of 2025 and IA No. 2637 of 2025 :- Learned Counsel for the Resolution Professional submits that the reply has been e-filed to the IA on 09.11.2025 only. He seeks liberty to file physical copy of the reply which may be done within three days from today.
2. Counsel for the Applicant submits that the Bank has not yet filed the reply. Reply, if any, by the Bank be filed within 10 days.
3. List both the applications 'for orders' on 28.11.2025. I.A. No. 4617 of 2025:-
This application has been filed by the IRP praying for following reliefs:-
"a. Allow the present Application; and b. Direct UP RERA to urgently/expeditiously decide the application dated 17.03.2025 filed by the Applicant and take requisite steps for granting extension for completion of the Project in an expeditious and timely manner and to extend full support and cooperation for ensuring the development of the Project in view of orders dated 09.05.2024 and 11/07.2025 passed by this Hon'ble Tribunal, C. Direct NOIDA to urgently/expeditiously issue the revalidated map/building plan submitted for the Corporate Debtor:
d. Permit the Applicant to create an interest bearing fixed deposit for the funds of the Corporate Debtor present in the Separate Account of the Project bearing number 2611833589 in the interim till the time the Applicant gains access to the deposits for amounts post 29.03.2025: and e. Pass any other order in the facts and circumstances of the present application that this Hon'ble Tribunal may deem fit and proper."
2. It is submitted that although UP RERA has been served but no one has been appeared nor filed reply whereas reply has been filed by Respondent No.2, New Okhla Industrial Development Authority (NOIDA). Counsel for the Applicant submits that RERA registration has lapsed on 29.03.2025 and application for revival of the registration has been filed on 17.03.2025 which has been rejected by RERA on the ground that there is no validation of sanction map. Counsel for the Applicant submits that Applicant has applied with NOIDA Authority for revalidation of building map on which letter dated 29.09.2025 has been received from NOIDA stating following:-
"New Okhla Industrial Development Authority Department of Architecture & Planning Main Administrative Building, Sector 6, District Gautam Buddh Nagar Letter No: Noida/MuzaNi/2025/2113 Date: 29/09/2025 M/s ATS Heights Pvt. Ltd.
ATS Tower, Plot No. 16, Sector-135, NOIDA Subject. Regarding approval of revalidation of building map layout for Commercial Plot No. A-01A, Sector-124, NOIDA.
With reference to the application dated 17.09.2025 for approval of revalidation of building map layout for Commercial Plot No. A-01A, Sector-124, NOIDA, the documents submitted have been reviewed, and the following objections have been noted
1. Copy of previously approved original building map layout has not been submitted.
2. Documents relating to Labour Cess have not been submitted.
3. Valid extension letter from the concerned department has not been obtained and submitted.
4. No-Dues Certificate issued by the Accounts Department has not been submitted.
5. Copy of RERA registration has not been submitted.
6. Affidavit regarding solid waste management at the site is to be submitted
7. Revalidation fee as per rules is to be deposited.
Kindly address the above objections in accordance with the NOIDA Building Regulations and inform the Authority. Only thereafter, action regarding approval of the revalidation of the building map layout for the mentioned project shall be taken.
General Manager (Planning) NOIDA"
3. Counsel for the Appellant submits that the Appellant has submitted the relevant document on 30.10.2025 except No Dues Certificate issued by the account officer as mentioned in Item No.4. It is further submitted that the Applicant has also not been able to submit valid extension letter of the concerned department.
4. Counsel for the NOIDA submits that for extension of the timeline for completion of construction Appellants are liable to pay necessary charges as per policy.
5. Be that as it may, the application having already submitted for revalidation of the building plan which is under process and according to Appellant he has submitted certain documents and for further document, if required he shall also be take further steps. We are of the view that NOIDA Authority after considering all issues may take decision on the said request for approval of building plan at an early date in accordance with law. In event, revalidation of building plan map is received by the Applicant, it shall be open for the Applicant to make a fresh application before the UP RERA.
6. With the above direction, the application is disposed of. I.A. No. 5424 of 2025:-
This is an application praying for following reliefs:-
"a. Allow the present Application;
b. Permit the Applicant to appoint a new statutory auditor for the Corporate Debtor for a fresh tenure (as contemplated under the provisions of the Companies Act, 2013) or for such other period as this Hon'ble Tribunal may deem appropriate;
c. Pass any order in the facts and circumstances of the present application that this Hon'ble Tribunal may deem fit and proper."
2. Learned Counsel for the Applicant submits that although IRP is functioning as per the order of this Tribunal but there is no CoC being in place. A prayer is sought from this Tribunal to permit the IRP to issue necessary request for appointment of statutory auditor whose term has expired on 31.03.2025.
3. In view of the aforesaid, we permit the Applicant to appoint new statutory auditors for the Corporate Debtor for a fresh tenure subject to further orders passed in this Appeal.
4. Application is disposed of.
[Justice Ashok Bhushan] Chairperson [Barun Mitra] Member (Technical) Anjali/md