National Company Law Appellate Tribunal
Rajiv Sood vs Pankaj Narang Resolution Professional ... on 6 May, 2025
Author: Ashok Bhushan
Bench: Ashok Bhushan
NATIONAL COMPANY LAW APPELLATE TRIBUNAL
PRINCIPAL BENCH, NEW DELHI
Company Appeal (AT) (Insolvency) No. 686 of 2025
IN THE MATTER OF:
Rajiv Sood ...Appellant
Versus
Pankaj Narang
(RP in CIRP of JBK Developers Pvt. Ltd.) ...Respondent
Present:
For Appellant: Mr. Sumit Shukla, Mr. Sanjeev Panda, Advocates.
For Respondent: Mr. Harish Taneja, Ms. Parul, Advocates for R-1 (RP).
ORDER
(Hybrid Mode) 06.05.2025: This appeal has been filed against order dated 03.04.2025 passed by the Adjudicating Authority (National Company Law Tribunal), New Delhi, Court-IV in IA No.1499/ND/2025. IA was filed by 5 homebuyers seeking to place resolution for replacement of Resolution Professional in the meeting of the CoC. The Adjudicating Authority took the view that the Authorized Representative having already appointed, the application filed by 5 homebuyers out of 900 homebuyers is not maintainable, hence, rejected the application.
2. Learned counsel for the Appellant referring to email dated 17.03.2025, which was sent by the Authorised Representative of JBK Developers Pvt. Ltd. to the Resolution Professional informing that 42.08% homebuyers have requested to place resolution for change of Resolution Professional in the meeting of the CoC.
Cont'd.../ 2
3. We are of the view that the Authorised Representative has already sent an email. It is open for the Authorised Representative to file an application before the Adjudicating Authority for appropriate directions. In so far as application filed by five homebuyers, we do not find any error in the order of the Adjudicating Authority rejecting the application. However, there shall be liberty to the Authorised Representative to file an application in continuation to the email dated 17.03.2025 before the Adjudicating Authority. If any such application is filed, the Adjudicating Authority shall endeavour to decide the same in accordance with law at an early date. With these observation, we dispose of this appeal.
[Justice Ashok Bhushan] Chairperson [Barun Mitra] Member (Technical) [Arun Baroka] Member (Technical) Archana/nn Company Appeal (AT) (Ins.) No.686 of 2025