# In the matter of Anandram Developers Private Limited MA-150-2019 in CP-603-IB-2017

> NCLT judgment dated 2020-01-20. Citation: TCN-2020-NCLT-02272. Hybrid Financial Services Ltd. filed an application under Section 60(5) of the Insolvency and…

- **Court:** NCLT
- **Order date:** 20 Jan 2020
- **Citation:** TCN-2020-NCLT-02272
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/anandram-developers-private-limited-ma-150-2019-in-cp-603-ib-2017-9e461e3d

## Summary

### Background

Hybrid Financial Services Ltd. filed an application under Section 60(5) of the Insolvency and Bankruptcy Code (IBC), 2016, seeking reliefs related to a property dispute with Anandram Developers Private Limited. Hybrid Financial Services had extended credit facilities to Ravishankar Industries Private Limited, which led to a Memorandum of Understanding where Ravishankar Industries agreed to convey a property to Hybrid Financial Services. A Sale Deed was executed, conveying an undivided share of land to Hybrid Financial Services. Subsequently, Anandram Developers entered into a Joint Venture Agreement with Konark Civil Constructions, allotting built-up area to Hybrid Financial Services. Due to non-approval of building plans, Anandram Developers re-allotted the space.

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## Facts

Hybrid Financial Services Ltd. (formerly Mafatlal Finance Company Limited) extended credit facilities of Rs.1,50,10,000/- to Ravishankar Industries Private Limited against plant and machinery. Due to the inability to repay, a Memorandum of Understanding (MoU) was entered on 2001-11-30, where Ravishankar Industries agreed to convey property to Hybrid Financial Services. A Sale Deed was executed on 2001-12-12, conveying 2120 sq. ft. of undivided land to Hybrid Financial Services. Anandram Developers Private Limited (Corporate Debtor) entered into a Joint Venture Agreement with Konark Civil Constructions Private Limited. Hybrid Financial Services was allotted 5300 sq.ft. in 'Anandram Enclave' on the eighth floor, as per a letter dated 2003-04-24. Due to non-approval of

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## Issues and analysis

### Issue 1: Whether the Applicant, Hybrid Financial Services Ltd., is entitled to the reliefs sought concerning …

**Ratio:** The liquidation order passed by the Tribunal necessitates that all claims against the

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**Reasoning:** The Tribunal reasoned that with the initiation of liquidation, the focus shifts to the

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**Interpretation:** This implies that the applicant's rights and interests must be evaluated in the

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**Application:** The applicant is directed to submit their claim to the liquidator, who will

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## Parties

- **Judges:** R. VARADH…; Anil Ku…
- **Appellants:** M/s. Hybrid…
- **Respondents:** Anandram Developer…; Gopal Krish…

## Timeline

- **2001-11-30 — Memorandum of…**: Ravishankar Industries agreed to convey property to Hybrid Financial Services due to…
- **2001-12-12 — Sale Deed Ex…**: Sale Deed executed, conveying 2120 sq. ft. of…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 60(5) — Adjudicating Authority for corporate persons](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-60)

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