ANAND MURTI Vs. SONI INFRATECH PRIVATE LIMITED

JUDGEMENT

(1.) The present appeal challenges the order passed by the National Company Law Appellate Tribunal, Principal Bench, New Delhi (hereinafter referred to as "the NCLAT") dtd. 22/11/2021, in I.A. No.1115 of 2020 in Company Appeal (AT) (Insolvency) No. 1507 of 2019, thereby rejecting the Modification Application filed by the appellant herein. Vide the impugned order, the NCLAT observed that, in the meantime, if settlement takes place between the parties for completion of the housing project, the same can be filed under Sec. 12A of the Insolvency and Bankruptcy Code, 2016 (hereinafter referred to as "the IBC") before the Adjudicating Authority. The NCLAT also directed the Interim Resolution Professional ("IRP" for short)/Resolution Professional ("RP" for short) to hold the meeting of the Committee of Creditors (hereinafter referred to as "CoC") within ten days from the date of order and decide the future course of action about a resolution for completion of the Corporate Insolvency Resolution Process (hereinafter referred to as "CIRP") of the respondent No.1­company (hereinafter referred to as "the Corporate Debtor").

(2.) The facts in brief giving rise to the present appeal are as under:

(3.) The appellant herein is the Suspended Director of the Corporate Debtor. The respondent No.2 herein had booked a flat in the housing project launched by the Corporate Debtor. Subsequently, vide a letter dtd. 31/7/2018, the respondent No.2 cancelled the booking and demanded refund of the amount of Rs.32,27,591.00 from the Corporate Debtor.