# In the matter of Anandram Developers Pvt. Ltd. MA-151-2019 in CP-603-IB-2017

> NCLT judgment dated 2020-01-20. Citation: TCN-2020-NCLT-02271. Garron Trading Company Pvt. Ltd., an associate of Mafatlal Finance Co. Ltd., extended credit…

- **Court:** NCLT
- **Order date:** 20 Jan 2020
- **Citation:** TCN-2020-NCLT-02271
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/anandram-developers-pvt-ltd-ma-151-2019-in-cp-603-ib-2017-35d6a9d4

## Summary

### Background

Garron Trading Company Pvt. Ltd., an associate of Mafatlal Finance Co. Ltd., extended credit facilities to Ravishankar Industries Private Limited against plant and machinery. Ravishankar Industries expressed inability to repay, leading to a Memorandum of Understanding on 2001-10-11, agreeing to convey property. A Sale Deed was executed on 2001-12-12, conveying 1040 sq. ft. of undivided land. A Joint Venture Agreement was entered into between Anandram Developers Private Limited (Corporate Debtor) and Konark Civil Constructions Private Limited to develop a residential cum commercial complex, allotting the applicant 2600 sq.ft. in 'Anandram Enclave'. Due to non-approval of the building plan, the Corporate Debtor re-allotted the space in the third floor on 2010-10-30. The

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## Facts

Garron Trading Company Pvt. Ltd. extended credit facilities to Ravishankar Industries Private Limited. Due to Ravishankar Industries' inability to repay, a Memorandum of Understanding was signed on 2001-10-11, agreeing to convey property. A Sale Deed was executed on 2001-12-12, conveying 1040 sq. ft. of undivided land in Bharani Colony, Saligramam Village, Saidapet Taluk, Chengalpet District. A Joint Venture Agreement was entered into between Anandram Developers Private Limited (Corporate Debtor) and Konark Civil Constructions Private Limited to develop a residential cum commercial complex, allotting the applicant 2600 sq.ft. in 'Anandram Enclave' on the eighth floor. On 2010-10-30, the Corporate Debtor re-allotted the space in the third floor. The project remains

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## Issues and analysis

### Issue 1: Whether the Applicant's claim for protection of its interest in the property is sustainable during …

**Ratio:** The order of liquidation passed by the Tribunal necessitates that any decision regarding

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**Reasoning:** The Tribunal reasoned that with the initiation of liquidation, the IRP/RP's role is

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**Interpretation:** This implies that the applicant's rights are not extinguished but are to be

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**Application:** The Applicant must now present its claim to the Liquidator, who will assess

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## Parties

- **Judges:** R. VARADH…; Anil Ku…
- **Appellants:** M/s. Garron…
- **Respondents:** Anandram Developer…; Gopal Krish…
- **Advocates:** V. Suth…; K.S. Viswa…; +7 more

## Timeline

- **2001-10-11 — Memorandum of…**: Ravishankar Industries agreed to convey property to Garron Trading Company due to their…
- **2001-12-12 — Sale Deed Ex…**: Execution of a Sale Deed conveying 1040 sq. ft. of undivided land to Garron Trading…

## 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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