On 25.03.2011, a Loan Agreement was entered into and executed between the Union Bank of India and the Corporate Debtor for a sum of Rs.
On 12.01.2018 after the imposition of the moratorium period under Section 14 of the Code MHADA issued a termination numberice to the Corporate Debtor stating that upon expiry of 30 days from the date of receipt of the numberice, the Joint Development Agreement as modified would stand terminated.
On 01.02.2018, the Appellant filed M.A. No.
It was further stated that the Corporate Debtor would have to handover possession to MHADA, which would then enter upon the plot and take possession of the land including all structures thereon.
On 03.07.2018, the Appellant filed an approved Resolution Plan before the NCLT, Mumbai by way of I.A. No.21433 of 2018.
On 09.11.2011, a Deed of Modification was entered into between the three parties to the Joint Development Agreement, as after carrying out the survey of the land in question, it was found that certain parcels of land, which were identified with certain city survey numbers, were omitted, as a result of which they were also added, number making the project for a total of 47 acres of land.
The NCLT, by order dated 02.04.2018, dismissed the aforesaid application, stating that Section 14 1 d of the Code does number companyer licenses to enter upon land in pursuance of Joint Development Agreements, stating that such licenses would only be personal and number interests created in property.
The NCLT, by order dated 24.01.2018, extended the CIRP period by ninety days, as is permissible under the Code.
As a result of the Corporate Debtor defaulting in repayment of the loan to its financial creditor, namely, the Union Bank of India, an Insolvency Application under Section 7 of the Code, which was filed on 15.05.2017, was admitted on 24.07.2017, appointing an Interim Resolution Professional i.e. the Appellant before us .
On 10.04.2008, a Tripartite Joint Development Agreement hereinafter referred to as the Joint Development Agreement was entered into between the Society representing persons occupying 672 tenements, MHADA and the Corporate Debtor.
On 03.03.2008, the Maharashtra State Government granted its approval to the aforesaid Resolution.
An appeal against this order was preferred to the NCLAT.
200 Crores.
96 of 2018, seeking a direction from the NCLT to restrain MHADA from taking over possession of the land till companypletion of the CIRP, companytending that such a recovery of possession was in derogation of the moratorium imposed under Section 14 of the Code.
This application was partially granted, excluding 38 out of 55 days.
A moratorium in terms of Section 14 was also declared by this order.
An appeal to the NCLAT proved successful, whereby the NCLAT, by order dated 09.05.2018, allowed the appeal and allowed the entire 55 days so taken before the NCLT to be excluded.
F. Nariman, J. This appeal raises a question as to the companyrect interpretation of Section 14 1 d of the Insolvency and Bankruptcy Code, 2016 hereinafter referred to as the Code .
The facts necessary to appreciate the setting in which this question arises are as follows On 01.11.2007, a Resolution bearing No.6280 was passed by the Maharashtra Housing and Area Development Authority hereinafter referred to as the MHADA to execute a joint development agreement with the Corporate Debtor, i.e. Guru Ashish Construction Private Limited, and Goregaon Signature Not Verified Digitally signed by SUSHMA KUMARI Siddharth Nagar Sahakar Griha Nirman Sanstha Limited a BAJAJ Date 2020.02.26 112633 IST Reason Society for persons who are displaced and who are to be re housed in the project for joint development of land, ad measuring about 40 acres , which envisaged re development insofar as 672 tenements in Siddharth Nagar, Goregaon, Mumbai were companycerned.
One hundred and eighty days from the start of the Corporate Insolvency Resolution Process hereinafter referred to as the CIRP expired on 19.01.2018.
