# In the matter of V. Jaisankar vs. Mahalingam Suresh Kumar & Ors.

> NCLAT judgment dated 2025-10-10. Citation: TCN-2025-NCLAT-00517. The Appellant challenged the validity of an order by NCLT, Chennai, concerning three…

- **Court:** NCLAT
- **Order date:** 10 Oct 2025
- **Citation:** TCN-2025-NCLAT-00517
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-chennai/v-jaisankar-vs-mahalingam-suresh-kumar-ors-4fc9cef6

## Summary

### Background

The Appellant challenged the validity of an order by NCLT, Chennai, concerning three Interlocutory Applications related to CIRP proceedings against M/s. Ganga Foundations Private Limited.

## Facts

CIRP proceedings were initiated against M/s. Ganga Foundations Pvt. Ltd. based on a Section 7 application by State Bank of India.

The Corporate Debtor was admitted into CIRP on 10.01.2022.

Due to the non-receipt of a resolution plan, the CIRP process was terminated, and the Corporate Debtor was directed to be placed under liquidation.

Mr. Mahalingam Suresh Kumar was appointed as the Liquidator on 15.03.2023.

The Liquidator conducted multiple e-auctions, with the 5th e-auction on 11.01.2024 receiving a response from Shri. A.M. Ganesh.

The Appellant, V. Jaisankar, claims to be a bona fide purchaser based on a registered Agreement for Sale dated 30.11.2020 and an unregistered MoDT.

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## Issues and analysis

### Issue 1: Whether the unregistered …

**Ratio:** No charge over the Liquidation Estate can be created until and unless it has been duly

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**Reasoning:** The MoDT, being an unregistered document, cannot be used to establish ownership over the

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**Interpretation:** Section 77(3) of the Companies Act, 2013, read with Section 2(16), mandates the

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**Application:** The Appellant's claim of being a secured creditor based on the unregistered

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## Parties

- **Judges:** Sharad Kumar…; Jatindranat…
- **Appellants:** V. Jais…
- **Respondents:** Ganga Foundations…; Mahalingam Suresh…; +2 more
- **Other parties:** State Bank of…
- **Advocates:** Aditya Sarangaraja…; Abhineeth…; +2 more

## Timeline

- **2020-11-30 — Agreement f…**: Registered Agreement for Sale executed between…
- **2020-12-30 — MoDT…**: Unregistered Memorandum of Deposit…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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