# M/s. India Asset Growth Fund & M/s. Vistra (ITCL) India Ltd. vs. M/s. Vikram Structures Pvt. Ltd.

> NCLT judgment dated 2026-07-13. Citation: TCN-2026-NCLT-00672. The Applicant, Sri. Manish Kapoor, filed IA 173/2025 seeking directions to the Liquidator of…

- **Court:** NCLT
- **Order date:** 13 Jul 2026
- **Citation:** TCN-2026-NCLT-00672
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-bengaluru/ms-india-asset-growth-fund-ms-vistra-itcl-india-ltd-vs-ms-vikram-structures-pvt-uqp0i

## Summary

### Background

The Applicant, Sri. Manish Kapoor, filed IA 173/2025 seeking directions to the Liquidator of M/s Vikram Structures Private Limited (Corporate Debtor) regarding a commercial unit in the "VSPL Pinnacle" project. The Applicant claims ownership through a registered Sale Deed dated 16.12.2019 but has not received physical possession. His claim was rejected by the Interim Resolution Professional/Liquidator on 16.05.2022. The Applicant alleges overselling of units, improper exclusion of the project from the liquidation estate, and fraudulent transactions by the Corporate Debtor and the Liquidator, seeking various reliefs including a forensic audit and setting aside the Corporate Debtor's auction sale.

## Facts

Sri. Manish Kapoor filed IA 173/2025 on 02.01.2025, seeking directions to the Liquidator of M/s Vikram Structures Private Limited.

The application concerns a commercial unit in the "VSPL Pinnacle" project, located at Hebbal, Kodigehalli Circle, Bangalore.

The Applicant entered into an Agreement for Sale on 04.01.2019 with the Corporate Debtor for a 4,000 sq. ft. commercial unit.

A registered Sale Deed for the unit was executed in favour of the Applicant on 16.12.2019.

Physical possession of the property was not handed over to the Applicant despite the Sale Deed.

Disputes arose between the landowners and the Corporate Debtor, leading to several civil proceedings affecting the project.

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## Issues and analysis

### Issue 1: Whether the Liquidator should be directed to take custody of assets, complete post-sale …

**Ratio:** The Liquidator no longer retains custody or management of the Corporate Debtor after its

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**Reasoning:** The Corporate Debtor was sold as a going concern, and a Sale Certificate was issued to

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**Interpretation:** Once the Corporate Debtor is sold as a going concern and control is

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**Application:** The directions sought by the Applicant cannot be granted as the Liquidator is

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## Parties

- **Judges:** Shri. Sunil Kumar…; Shri. Radhakrishna…
- **Appellants:** Sri. Manish…; M/s. India Asset…; +1 more
- **Respondents:** M/s. Vikram…; Surender Devasani,…; +1 more
- **Other parties:** Committee of…; Stakeholders…; +3 more
- **Advocates:** L. Harish S…; Arjun…; +2 more

## Timeline

- **2015-02-05 — Supplementary…**: A Supplementary Agreement was executed, allotting 50% of the constructed area in 'VSPL…
- **2019-01-04 — Agreement f…**: The Applicant, Sri. Manish Kapoor, entered into an Agreement for Sale with the Corporate…

## 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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