SUPREME COURT UPDATE

LATEST UPDATE ON CASE

As per the latest update it is to inform you all that:

A resolution plan of Alpha Corp Development Pvt Ltd was passed by CoC in 2019 for the Project.

This plan was approved by NCLT in 2021.

As there were dues of Greater Noida Authority so Greater Noida Authority had challenged this plan in NCLAT in 2022.

This plan was having some provisions against Insolvency code so it was rejected by NCLAT on 30 January 2023 and ordered for inviting fresh resolution plans from builders for the project.

Now the plan rejection order has been challenged by Alpha Corp in the Supreme Court on 1st March 2023 which was listed on 17th March 2023.

17/03/2023: Supreme Court has not granted any stay on current process for invitation of new resolution plans. Next date given is 14 April, 2023.

14/04/2023: Supreme Court ordered to complete the pleadings in the case and list the matter on 9th May, 2023 with status quo.

09/05/2023: The Case was listed today but due to hearing in Constitutional Bench, the matter was adjourned to 11th July, 2023

11/07/2023: The case was called but GNIDA lawyers requested for adjournment due to change in CEO of GNIDA. Next date given is 12/09/2023.

17/07/2023:

Our Supreme Court Appeal was listed separately. Our legal team represented the Techone Project Association-UTOPIA & Sapphire Project Association-SPICA. Find the detailed update of hearing in points below:

1.       Hon’ble Supreme Court heard the arguments and scolded the GNIDA for not taking serious actions against the developer in time.

2.       Hon’ble Court also clearly noted that for all these years GNIDA was sleeping and not taking any actions against the developer so they are not eligible for any Interest or penalty on the dues.

3.       It was also noted that GNIDA is not eligible to charge any dues after the appointment of IRP on the developer.

4.       Hon’ble Court especially mentioned that protecting the interests of they buyers is the ultimate responsibility of GNIDA/UP Government and they have done nothing till now in this direction.

5.       Hon’ble Court also directed GNIDA to file an affidavit stating the reasons that why this project is not being taken over and developed by GNIDA themselves.

6.       After hearing all the arguments, Hon’ble Supreme Court allowed the appeal filed by our Association and condoned the delay of over a month.

7.    Kindly note that after a detailed research, We did not find a single case where Hon'ble Supreme Court had condoned a delay in filing an appeal under Insolvency and Bankruptcy Code. So it may be the first time where a delayed appeal is allowed by the Hon’ble Supreme Court under Insolvency and Bankruptcy Code. It shows that due to seriousness of the issues raised by our Associations in this matter, Hon'ble Supreme Court condoned the delay and allowed our appeal to be heard in detail in upcoming hearings.

8.       Hon’ble Court directed to list our appeal with all other appeals on 12/09/2023.

9. Case was not heard on 12/09/2023, Next date given in Supreme court is 31/10/2023.

10. The Tentative date of 31/10/2023 was changed to 07/11/2023 and again changed to 05/12/2023.

11. The case was listed for 05/12/2023 but not heard and new date given is 09/01/2024.

No hearing took place on 09/01/2024, Next date given 23/01/2024

No hearing took place on 23/01/2024, Next date given 13/02/2024

No hearing took place on 13/02/2024, Next date given 19/02/2024

No hearing took place on 19/02/2024, Next date given 08/05/2024

No hearing took place on 08/05/2024, Next date given 15/07/2024

No hearing took place on 15/07/2024, Next date given 22/07/2024

No hearing took place on 22/07/2024, Next date given 02/09/2024

No hearing took place on 02/09/2024, Next date given 17/10/2024

No hearing took place on 17/10/2024, Next date given 12/11/2024

No hearing took place on 12/11/2024, Next date given 10/12/2024

No hearing took place on 10/12/2024, Next date given 17/12/2024

17/12/2024:

1. HON'BLE CHIEF JUSTICE acknowledged the pain of the thousands of home buyers, who have been suffering for the last 14 years.

2. That, the chief justice scolded the Greater Noida authority and gave warning for CBI enquiry into the entire mess created by the Gnida.

3. That, the chief justice of India directed the Gnida to remove all the penalties, interest and delay penalties within the next 10 days and submit the report before the court.

4. That, the CJI was not happy with the conduct of GNIDA  and imposed a penalty of 5 lacs rupees on GNIDA for non-compliance with the order of the Supreme Court in our appeal(case) passed on 17/07/2023.

5. That, it was also acknowledged by the CJI that the prices in the area are already multifold, therefore the bench is inclined to bring fresh resolution plans for all the Noida projects.

The next date of hearing is 21/01/2025

We are very thankful to our Founder Members Smt. Ranjana Saxena (President), Shri A K Awasthy (Vice-President), Shri Shashank Raghav (General Secretary), Shri Ankur Saraswat, and our beloved Late Shri Vaibhav Saxena for their tremendous efforts done continuously since year 2016 for revival of this project and save Crores of Investment done by our thousands of Sapphire Buyers.

WE WILL FIGHT & WE WILL WIN

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