AMIT NEHRA Vs. PAWAN KUMAR GARG

JUDGEMENT

(1.) This Civil Appeal under Sec. 62 of the Insolvency and Bankruptcy Code, 2016 (the "IBC") is filed against the judgment and final order dtd. 10/1/2025 passed by the National Company Law Appellate Tribunal, New Delhi (the "NCLAT") in Company Appeal (AT) (Insolvency) No. 1365 of 2023, whereby the NCLAT affirmed the decision of the National Company Law Tribunal, Principal Bench, New Delhi (the "NCLT") rejecting the Appellants claim for possession of their residential apartment in the real estate project of M/s Puma Realtors Private Limited (the "Corporate Debtor").

(2.) The erstwhile Corporate Debtor, M/s Puma Realtors Private Limited, an IREO Group company, undertook development of integrated residential townships in Punjab, including the project IREO Rise (Gardenia) situated in Sector 99, SAS Nagar, Mohali. The project, conceived as a modern residential complex, envisaged delivery of multiple residential blocks with allied amenities and facilities.

(3.) The Appellants both residents of Bengaluru, booked an apartment in the said project in the year 2010. On 27/5/2011, they executed an Apartment Buyer's Agreement with the Corporate Debtor for purchase of Apartment No. GBD-00-001 in Block D. Against the total sale consideration of Rs.60,06,368.00, the Appellants paid Rs.57,56,684.00, constituting almost the entirety of the contractual amount, the balance being agreed to be adjusted on account of delay in delivery of possession.