NCLAT sets aside NCLT order to de-seal property, ruling UPAVP's land confiscation for unauthorized construction was pre-CIRP.
Tribunal dismisses appeals by CD's RP and homebuyers, remands resolution plan to CoC for excluding third-party UPAVP land.
NCLAT clarifies CD held contractual development rights, not ownership, and these rights constitute assets under IBC if subsisting.
UPAVP's claim of Rs. 139 crore is acknowledged, but resolution plan cannot compel land transfer or automatic regularization of illegal construction.