Decision Of Homebuyers As A Class Is Binding On Every Homebuyer: NCLAT, Delhi
National Company Law Appellate Tribunal (NCLAT), Principal Bench New Delhi in a recent case of Sandeep Kumar Jain versus Anil Tayal held that decision taken by the homebuyers as a class is binding on every single homebuyer. The bench comprising of Justice Ashok Bhushan and Ms. Shreesha Merla was hearing the appeal filed by two homebuyers against the order of NCLT New Delhi...
National Company Law Appellate Tribunal (NCLAT), Principal Bench New Delhi in a recent case of Sandeep Kumar Jain versus Anil Tayal held that decision taken by the homebuyers as a class is binding on every single homebuyer.
The bench comprising of Justice Ashok Bhushan and Ms. Shreesha Merla was hearing the appeal filed by two homebuyers against the order of NCLT New Delhi which rejected the Appellant's intervention application on the basis that the class of homebuyers is already being represented before NCLT.
It was contended by the Appellants that there are certain facts and material which is not brought by the class of homebuyers and therefore, intervention application by appellants is justified.
NCLAT rejected the contention of appellants by stating that appellants are homebuyers and have to go with the class of homebuyer. The decision taken by the class of homebuyers will be binding on the homebuyers.
NCLAT also observed that the Authorized representative of class of homebuyers can always approach the Resolution Professional and the adjudicating authority in case of any difficulty.
NCLAT dismissed the appeal but removed the cost imposed on the appellants by NCLT.
Case Title: Sandeep Kumar Jain v. Anil Tayal
Counsel for Appellant: Mr. Harshit Aggarwal
Counsel for Respondent: Mr. Abhishek Anand, Mr. Karan Kohli