# In the matter of Mantri Developers Pvt. Ltd. vs. Ace Enviro Tech Pvt. Ltd.

> NCLAT judgment dated 2025-03-07. Citation: TCN-2025-NCLAT-00177. This case involves a Company Appeal before the National Company Law Appellate Tribunal…

- **Court:** NCLAT
- **Order date:** 7 Mar 2025
- **Citation:** TCN-2025-NCLAT-00177
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/mantri-developers-pvt-ltd-vs-ace-enviro-tech-pvt-ltd-91ace2de

## Summary

### Background

This case involves a Company Appeal before the National Company Law Appellate Tribunal (NCLAT) at Chennai. The appeal concerns a recall application against an earlier order dated 14.10.2024, where the Tribunal had vacated an interim order granted on 18.04.2024. The initial appeal was filed by M/s. Tarun Realtors Private Limited, aggrieved by an order passed on 20.07.2023, related to an application under Section 9 of the I&B Code, 2016. The applicant, M/s. Mantri Developers Pvt. Ltd., a shareholder of the Corporate Debtor, argued that multiple litigations were ongoing between the shareholders. The suspended director, Mr. S. Baaskaran, resigned on 12.08.2024, leading to the vacation of the interim order. The financial creditor, M/s. Asset Care and Reconstruction

…

## Facts

M/s. Tarun Realtors Private Limited filed an appeal against an order dated 20.07.2023, which was passed in CP(IB) No.72/BB/2021, concerning an application under Section 9 of the I&B Code, 2016. M/s. Mantri Developers Pvt. Ltd., holding 49.99% shares, is a shareholder of the Corporate Debtor. The Corporate Debtor has three shareholders: Mantri Developers (49.99%), Virtuous Retail Pte. Ltd. (50%), and Moribus Holdings Pte. Ltd. (0.01%). Mr. S. Baaskaran, the Suspended Director, resigned on 12.08.2024. An interim order was initially granted on 18.04.2024 but was later vacated on 14.10.2024 due to the director's resignation. The applicant filed a Writ Petition before the Karnataka High Court, being W.P. No.29488/2024. The Financial Creditor, M/s. Asset Care and

…

## Issues and analysis

### Issue 1: Whether the recall application against the order dated 14.10.2024 is maintainable after the …

**Ratio:** The power of recall is not a power specifically vested with the Appellate Tribunals,

…

**Reasoning:** The Tribunal reasoned that since Mr. S. Baaskaran had resigned as a director from the

…

**Interpretation:** The interpretation is that the resignation of the director who initially filed

…

**Application:** Since Mr. S. Baaskaran, who filed the Company Petition, had resigned, the

…

## Parties

- **Judges:** Sharad Kumar…; Jatindranat…
- **Appellants:** M/s. Mantri…
- **Respondents:** M/s. Tarun…; Ravi Sankar…

## Timeline

- **2023-07-20 — Impugned…**: Order passed in CP(IB) No.72/BB/2021,…
- **2024-04-18 — Interim Order…**: An Interim Order was granted…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 9 — Application for initiation of corporate insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-9)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclat-new-delhi/mantri-developers-pvt-ltd-vs-ace-enviro-tech-pvt-ltd-91ace2de