# Maharashtra Airport Development Company Ltd. vs. Vinod Kumar Kothari & Anr.

> NCLAT judgment dated 2026-07-14. Citation: TCN-2026-NCLAT-00230. Maharashtra Airport Development Company Ltd. (MADCL) challenged two NCLT orders related to…

- **Court:** NCLAT
- **Order date:** 14 Jul 2026
- **Citation:** TCN-2026-NCLAT-00230
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/maharashtra-airport-development-company-ltd-vs-vinod-kumar-kothari-anr-hrce0

## Summary

### Background

Maharashtra Airport Development Company Ltd. (MADCL) challenged two NCLT orders related to the insolvency and liquidation of Abhijeet MADC Nagpur Energy Pvt. Ltd. (AMNEPL/CD). MADCL, a Government Company, had a concession agreement with AMNEPL (a joint venture where MADCL held 26% equity for land contribution) for a power project on a Build, Operate and Transfer (BOT) basis. The CD's assets and legal entity were sold via slump sale and standalone auction to Respondent No. 2 (Successful Auction Purchaser) during liquidation. MADCL argued that its pre-existing rights under the concession agreement and lease deeds were violated, and the sale was illegal, especially regarding the transfer of leasehold land and its 26% shareholding.

## Facts

Maharashtra Airport Development Company Ltd. (MADCL) is a Government Company formed in 2002 for airport project development in Maharashtra, including MIHAN in Nagpur.

MADCL floated an advertisement on 02.01.2007 for a joint venture partner to develop a coal-based thermal power plant on 62.50 hectares in MIHAN SEZ on a Build, Operate and Transfer (BOT) basis.

M/s Abhijeet Infrastructure Nagpur was selected as the successful bidder, leading to the incorporation of Abhijeet MADC Nagpur Energy Pvt. Ltd. (AMNEPL/CD) as a joint venture SPV.

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## Issues and analysis

### Issue 1: Whether the liquidator could sell the project assets, including leasehold land, and the legal …

**Ratio:** Leasehold rights, even if the land is owned by a third party, constitute

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**Reasoning:** The court found that the concession agreement, lease deeds, and shareholders' agreement

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**Interpretation:** Section 3(27) of the IBC broadly defines "property" to include

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**Application:** The NCLAT applied the principles from Victory Iron Works Ltd. vs. Jitendra

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## Parties

- **Judges:** Mohd. Faiz Alam…; Naresh Sa…
- **Appellants:** Maharashtra…
- **Respondents:** Abhijeet MADC…; Vinod Kumar…; +1 more
- **Other parties:** CoC…
- **Advocates:** Tishampat…; Santosh…; +16 more

## Timeline

- **2002 — Formation o…**: Maharashtra Airport Development Company Ltd. (MADCL) constituted by the Government of…
- **2007-01-02 — Advertisement for JV…**: Advertisement floated by Appellant for a joint…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 61(1) — Appeals and Appellate Authority](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-61)

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