This case involves an appeal against an order by the National Company Law Tribunal (NCLT), Bengaluru Bench, which dismissed an application filed by the Appellants/Petitioners. The Appellants, who are bona fide home buyers, challenged the NCLT's order dated 25.05.2023, which pertained to IA No. 343 of 2021 in CP (IB) No. 189 / BB / 2018. The NCLT had observed that the applicant has prayed to exclude Schedule B property from the Liquidation Estate of the Corporate Debtor. However, it is pertinent to note that only the assets which is charged as security interest will fall outside the purview of Liquidation proceedings. Section 3 (31) of the IBC defines security interest as right, title or interest or a claim to property, created in favour of, or provided for a secured
…Mr. K. Jayant Prabhu and Mrs. Juhi Santani (Appellants/Petitioners) filed an appeal against the order of the National Company Law Tribunal (NCLT), Bengaluru Bench, dated 25.05.2023. The Appellants claimed to be bona fide home buyers of a villa (Plot No. 51 of Schedule A Property) in the 'Samruddhi Lake Drive' project developed by M/s. Samruddhi Realty Limited (Corporate Debtor). They had entered into an Agreement of Sale and Construction Agreement dated 12.07.2011, paid the full sale consideration, and secured possession of the property. However, a registered sale deed was not executed in their favor. The NCLT dismissed their application to exclude the property from the liquidation estate of the Corporate Debtor, stating that no security interest was created in favor
…Sign in to view the parties.
Appellants entered into an Agreement of…
Appellants took physical possession of the…
This case involves an appeal against an order by the National Company Law Tribunal (NCLT), Bengaluru Bench, which dismissed an application filed by the Appellants/Petitioners. The Appellants, who are bona fide home buyers, challenged the NCLT's order dated 25.05.2023, which pertained to IA No. 343 of 2021 in CP (IB) No. 189 / BB / 2018. The NCLT had observed that the applicant has prayed to exclude Schedule B property from the Liquidation Estate of the Corporate Debtor. However, it is pertinent to note that only the assets which is charged as security interest will fall outside the purview of Liquidation proceedings. Section 3 (31) of the IBC defines security interest as right, title or interest or a claim to property, created in favour of, or provided for a secured
…Mr. K. Jayant Prabhu and Mrs. Juhi Santani (Appellants/Petitioners) filed an appeal against the order of the National Company Law Tribunal (NCLT), Bengaluru Bench, dated 25.05.2023. The Appellants claimed to be bona fide home buyers of a villa (Plot No. 51 of Schedule A Property) in the 'Samruddhi Lake Drive' project developed by M/s. Samruddhi Realty Limited (Corporate Debtor). They had entered into an Agreement of Sale and Construction Agreement dated 12.07.2011, paid the full sale consideration, and secured possession of the property. However, a registered sale deed was not executed in their favor. The NCLT dismissed their application to exclude the property from the liquidation estate of the Corporate Debtor, stating that no security interest was created in favor
…Appellants entered into an Agreement of…
Appellants took physical possession of the…