The National Company Law Appellate Tribunal (NCLAT), New Delhi bench comprising the Judicial Member Justice Jarat Kumar Jain and the Technical Member Dr. Ashok Kumar Mishra was hearing a case where the bench held that the Resolution Professional (RP) RP has no ground to doubt the transaction which was more than 2 years prior to commencement of CIRP.
Admittedly, the transfer of a portion of a plot by sub-lease was affected on 27.09.2016 whereas CIRP was initiated after more than two years i.e. on 26.11.2018. The RP has no ground to doubt the transaction which was more than two years prior to commencement of CIRP. The association had not raised any plea of fraud in transferring the plot by sub-lease to R-1 and the RP had failed to make out a case that the sub-lease was executed for depriving the rights of homebuyers.
Therefore, the Appellate Authority found no substance in the argument of Counsel for the Appellant that the sub-lease was actuated by fraud, therefore, no limitation had applicable to such transaction.
As the Appellate Tribunal had already held that before initiation of CIRP, the members of the association had arrived at a settlement with the Corporate Debtor and in the suit they had not claimed any reliefs for cancellation of the sub-lease deed dated 27.09.2016. Thus, the plea of RP that he had filed the Application for protecting the rights of homebuyers is not correct.
With the aforesaid discussion, the Appellate Authority were of the view that the RP has no locus standi to file the Application before the Adjudicating Authority claiming the relief and found no ground to interfere in the impugned order. Thus, the Appeal was dismissed.