WRIT - C No. 21238 of 2024 at Allahabad

Neutral Citation No. - 2025:AHC:25734-DB AFR Reserved on : 21.11.2024 Delivered on : 24.02.2025 Court No. - 42 Case :- WRIT - C No. - 21238 of 2024 Petitioner :- M/s Sequel Buildcon Private Limited Respondent :- State of U.P. and another Counsel for Petitioner :- Gaurang Kulshreshtha, Rohan Gupta, Shikhar Kaushal Counsel for Respondent :- C.S.C., Kaushalendra Nath Singh Hon'ble Mahesh Chandra Tripathi,J. Hon'ble Prashant Kumar,J. TABLE OF CONTENTS S.No. HEADING Page nos. 1 Facts of the case 02-14 2 Arguments on behalf of petitioner 14-20 3 Arguments on behalf of respondents 21-28 4 Insolvency proceeding 28-29 5 Reverse CIRP is not applicable & Piercing of Corporate 29-31 Veil 6 Reverse piercing of Corporate Veil 32-33 7 Non-development of the sports facilities 34 8 Interest of Homebuyers 34-35 9 Notices for payment of instalments 35 10 Change in shareholding of various companies 35-40 11 Rejoinder arguments on behalf of the petitioner 41-43 12 Analysis by the Court 43 13 A. Scheme-2010-2011 for development of Sports City in 43-44 NOIDA 14 B.Allotment to a Consortium & Sub-division 44-47 15 C. Insolvency 47-48 16 D. Reverse Insolvency 48-50 Writ C No.-21238 of 2024 M/s Sequel Buildc