Non-Consideration of Objection from Allottee of Land: NCLAT directs to Approve Resolution Plan after giving Opportunity to File Objection [Read Order]

The National Company Law Appellate Tribunal(NCLAT) directed to approve resolution plan after giving the opportunity to file objection to the allottee of land.

UTI Employees Sai Samruddhi Cooperative Housing Society, the Appellants submitted that the Appellants during the hearing of the matter served a copy of the Resolution Plan, the Appellant being allottee of the land on which development is being carried out are entitled to raise an objection to the Plan. The Adjudicating Authority observed that Applicant has no locus to oppose the Plan.

It was argued that the Appellants being stakeholders are entitled to raise objections to the

. Since their rights shall be affected by the Resolution Plan.  The Appellant shall be satisfied if the Appellant is given an opportunity to file an objection to the Resolution Plan and they are heard by the Adjudicating Authority at the time of consideration of the approval of the Resolution Plan.  A Coram comprising Justice Ashok Bhushan,  Chairperson and Naresh Salecha, Member (Technical)  allowed two weeks’ time to file objection to the Resolution Plan. Further held that “the Application for approval of the Resolution Plan being already filed pending the same shall be considered by the Adjudicating Authority along with the objections.”

To Read the full text of the Order CLICK HERE

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