# In the matter of Indiabulls Housing Finance Ltd. vs. Kalpataru Properties Pvt. Ltd., Company Appeal (AT)(Ins) No. 880 of 2021

> NCLAT judgment dated 2023-01-03. Citation: TCN-2023-NCLAT-00795. This case involves a Company Appeal (AT) filed by Indiabulls Housing Finance Limited…

- **Court:** NCLAT
- **Order date:** 3 Jan 2023
- **Citation:** TCN-2023-NCLAT-00795
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/indiabulls-housing-finance-ltd-vs-kalpataru-properties-pvt-ltd-company-appeal-5965afdc

## Summary

### Background

This case involves a Company Appeal (AT) filed by Indiabulls Housing Finance Limited challenging an order dated 08.10.2021 passed by the National Company Law Tribunal (NCLT), Mumbai Bench. The NCLT order pertained to I.A. No. 1921 of 2021 filed by Kalpataru Properties Pvt. Ltd. seeking directions to Respondent No. 2 (Resolution Professional) to execute a conveyance deed. The dispute originates from a Memorandum of Understanding (MoU) dated 28th June, 2004, between Shree Ram Urban Infrastructure Ltd. (Corporate Debtor) and Kalpataru Properties for the sale of property. Kalpataru Properties paid Rs. 30 Crores towards the sale consideration. The Corporate Debtor failed to complete the sale, leading to arbitration. An arbitral award was passed in favor of Kalpataru

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## Facts

Indiabulls Housing Finance Ltd. filed an appeal challenging the order dated 08.10.2021 passed by the NCLT Mumbai in I.A. No. 1921 of 2021 filed by Kalpataru Properties Pvt. Ltd. The dispute arose from an MoU dated 28.06.2004 between Shree Ram Urban Infrastructure Ltd. (Corporate Debtor) and Kalpataru Properties for the sale of property. Kalpataru Properties paid Rs. 30 crores towards the sale consideration. The Corporate Debtor failed to complete the sale, leading to arbitration. An arbitral award was passed in favor of Kalpataru Properties on 29.08.2016. The Corporate Debtor challenged the award under Section 34 of the Arbitration and Conciliation Act, 1996, before the Bombay High Court. The Bombay High Court appointed an official liquidator in a winding-up petition

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## Issues and analysis

### Issue 1: Whether Applicant who has not filed any Appeal against the Order dated 08.10.2021, can claim for …

**Ratio:** An intervener cannot seek reliefs that they could have sought through a direct appeal.

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**Reasoning:** The NCLAT reasoned that allowing an intervener to seek reliefs that they could have

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**Interpretation:** The interpretation emphasizes the importance of adhering to statutory timelines

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**Application:** In this case, SREI Equipment Finance Ltd. did not file an appeal against the

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## Parties

- **Judges:** Ashok Bh…; Barun M…
- **Appellants:** Indiabulls…
- **Respondents:** Shree Ram Urban…; Kalpataru…

## Timeline

- **2004-06-28 — MoU Exec…**: Memorandum of Understanding executed between Shree Ram Urban Infrastructure Ltd. and…
- **2016-08-29 — Arbitral…**: An arbitral award was passed in favour…

## 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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