# Mr. Shailendra Ravi & Ors. vs. Mr. Surender Devasani, Liquidator of M/s Vikram Structures Pvt. Ltd.

> NCLT judgment dated 2026-07-13. Citation: TCN-2026-NCLT-00768. The Corporate Debtor, M/s. Vikram Structures Pvt. Ltd., underwent Corporate Insolvency…

- **Court:** NCLT
- **Order date:** 13 Jul 2026
- **Citation:** TCN-2026-NCLT-00768
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-bengaluru/mr-shailendra-ravi-ors-vs-mr-surender-devasani-liquidator-of-ms-vikram-structure-rfe2h

## Summary

### Background

The Corporate Debtor, M/s. Vikram Structures Pvt. Ltd., underwent Corporate Insolvency Resolution Process (CIRP) initiated on 17.02.2022, which subsequently led to liquidation. The Applicants, Mr. Shailendra Ravi & Ors., are bona fide purchasers of commercial units in the Corporate Debtor's "VSPL Pinnacle" project, holding registered sale deeds executed prior to the CIRP commencement. Their claims were rejected by the Interim Resolution Professional/Liquidator on 16.05.2022, on the premise that title had already passed to them. Despite this, the Liquidator initiated avoidance proceedings under Sections 43, 45, and 66 of the IBC, including transactions related to VSPL Pinnacle, which the Applicants viewed as inconsistent. The Applicants filed IA No.

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## Facts

M/s. India Asset Growth Fund & M/s. Vistra (ITCL) India Ltd. filed a petition under Section 7 of the I&B Code, 2016 against M/s. Vikram Structures Pvt. Ltd.

Corporate Insolvency Resolution Process (CIRP) was initiated against M/s. Vikram Structures Pvt. Ltd. (Corporate Debtor) on 17.02.2022.

Mr. Surendar Devasani was appointed as Interim Resolution Professional, then Resolution Professional, and subsequently Liquidator of the Corporate Debtor.

The Corporate Debtor developed a commercial project named "VSPL Pinnacle" under a Joint Development Agreement.

Mr. Shailendra Ravi, Mrs. Meghana T.V, Ms. Hannah Afthia Hector, and Mr. Harshan Goodwin Hector (Applicants) are bona fide purchasers of commercial units in the VSPL Pinnacle project.

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## Issues and analysis

### Issue 1: Whether the Applicants, as bona fide purchasers with registered sale deeds, should be impleaded as …

**Ratio:** The NCLT found that the Liquidator was unable to segregate claims related to various

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**Reasoning:** The Liquidator's inability to clearly distinguish transactions across different projects

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**Interpretation:** Section 66 of the IBC deals with fraudulent trading or wrongful trading. When

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**Application:** The NCLT partly allowed IA No. 640/2025, directing the impleadment of the

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## Parties

- **Judges:** Shri. Sunil Kumar…; Shri. Radhakrishna…
- **Appellants:** Shailendr…; Meghana…; +4 more
- **Respondents:** M/s. Vikram…; Surender Devasani,…
- **Other parties:** CoC…; Essel Fi…; +3 more
- **Advocates:** P. Chitra N…; Maitreyi…; +2 more

## Timeline

- **2013-09-11 — Joint Development…**: Joint Development Agreement executed between the Corporate Debtor and the landowners for…
- **2015-02-05 — Supplementary…**: Supplementary Agreement executed between…

## 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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