# In the matter of Bulland Realtors Private Limited vs. State Of U.P. And 4 Others

> HC judgment dated 2025-10-30. Citation: TCN-2025-HC-00078. M/s Bulland Realtors Private Limited, a real estate company, was allotted a plot by respondent no.2…

- **Court:** HC
- **Order date:** 30 Oct 2025
- **Citation:** TCN-2025-HC-00078
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/bombay-high-court-panaji/bulland-realtors-private-limited-vs-state-of-up-and-4-others-ebec45a7

## Summary

### Background

M/s Bulland Realtors Private Limited, a real estate company, was allotted a plot by respondent no.2 under a tripartite sub-lease. The company defaulted on lease rent payments, leading to the cancellation of the sub-lease by respondent no.3. A financial creditor, Nimble Credit Cooperative Society Limited, initiated CIRP against the company under Section 7 of IBC. An Interim Resolution Professional was appointed, and claims were invited from creditors. The Committee of Creditors (CoC) was constituted, and a resolution plan submitted by respondent no.4 was approved by the CoC and placed before the NCLT for approval.

## Facts

Bulland Realtors Private Limited is a real estate company incorporated in 2013.

The company was allotted a plot no.GH-02B-1, Sector 10, Greater Noida, Gautam Buddh Nagar, under a tripartite sub-lease dated 01.07.2014.

The company defaulted in payment of lease rent, leading to the cancellation of the sub-lease.

Nimble Credit Cooperative Society Limited filed a petition under Section 7 of IBC against the company.

An Interim Resolution Professional was appointed on 31.07.2023.

The Committee of Creditors (CoC) was constituted on 01.09.2023.

A resolution plan submitted by respondent no.4 was approved by the CoC on 28.03.2024 and placed before the NCLT for approval.

The Resolution Professional challenged the order cancelling the lease deed.

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## Issues and analysis

### Issue 1: Whether the cancellation of …

**Ratio:** The Government Order dated 21.12.2023, laying down the guidelines of the Amitabh Kant

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**Reasoning:** The court found that the respondent no.1 did not consider the effect of the Government

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**Interpretation:** The court interpreted that the Government Order should have been considered

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**Application:** The court set aside the order of respondent no.1, dated 18.11.2024, dismissing

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## Parties

- **Judges:** Arun K…
- **Appellants:** Bulland Realtors…; Tushar Kanti…; +1 more
- **Respondents:** M/s Bulland…; State Of…
- **Other parties:** Kalabu…; Nimble Credit…
- **Advocates:** Tarun Ag…; Prakhar Saran…; +10 more

## Timeline

- **2014-07-01 — Sub-Lease…**: Tripartite sub-lease executed between respondent no.2, the petitioner, and M/s Echo Green…
- **2015-05-27 — Possessio…**: Possession of the plot handed…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 60(5) — Adjudicating Authority for corporate persons](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-60)

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