K.H. Khan vs Mr. Udayraj Patwardhan

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This judgment disposed of connected matters. The same reasons were delivered in the following case.

Kh Khan vs Art Constructions Private Limited

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These two appeals arose from a common set of facts involving a dispute over a real estate development project on land owned by the Appellants in Bangalore. The Appellants had entered into a Collaboration Agreement with M/s. Era Landmarks (India) Ltd. for development of their land, which was subsequently assigned to M/s. Parinda Buildcon Private Limited. Following termination of the Collaboration Agreement and ensuing arbitration proceedings, the Corporate Debtor was subjected to insolvency proceedings before the National Company Law Tribunal (NCLT), New Delhi, culminating in the appointment of a Resolution Professional and approval of a Resolution Plan by M/s. Art Constructions Pvt. Ltd. as the Successful Resolution Applicant.

The Adjudicating Authority by its order dated 30.04.2024 disposed of IA No. 4648 of 2020 (filed by the Appellants) and allowed the Intervention Application (IA No. 58 of 2023) filed by M/s. Art Constructions Pvt. Ltd. The Appellants challenged both orders before the National Company Law Appellate Tribunal on grounds relating to their rights as landowners, the impact of the Resolution Plan on their property rights, and the propriety of the intervention being allowed in the insolvency proceedings.

The National Company Law Appellate Tribunal heard both appeals together, arising out of common facts, and proceeded to consider the pleadings in Company Appeal (AT) (Insolvency) No. 1117 of 2024 for the purposes of deciding both appeals by a common judgment.

Catchwords: Insolvency Resolution Process Corporate Debtor Resolution Plan Successful Resolution Applicant Landowners' Rights Collaboration Agreement Assignment Agreement Intervention Application NCLT NCLAT Arbitration Real Estate Development