# 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-02263. Garron Trading Company Pvt. Ltd., an associate of Mafatlal Finance Co. Ltd., provided credit…

- **Court:** NCLT
- **Order date:** 20 Jan 2020
- **Citation:** TCN-2020-NCLT-02263
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/anandram-developers-pvt-ltd-ma-151-2019-in-cp-603-ib-2017-5d15392e

## Summary

### Background

Garron Trading Company Pvt. Ltd., an associate of Mafatlal Finance Co. Ltd., provided credit facilities to Ravishankar Industries Private Limited. Due to Ravishankar Industries' inability to repay, a Memorandum of Understanding was established on 2001-10-11, where Ravishankar Industries agreed to convey property to Garron Trading. A Sale Deed was executed on 2001-12-12, conveying 1040 sq. ft. of undivided land to Garron Trading. 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 Garron Trading 2600 sq.ft. in 'Anandram Enclave'. Due to the Corporate Debtor's failure to obtain building plan approval, the project

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## Facts

Garron Trading Company Pvt. Ltd. extended credit facilities to Ravishankar Industries Private Limited. As Ravishankar Industries was unable to repay the dues, a Memorandum of Understanding (MoU) was signed on 2001-10-11, agreeing to convey certain property to Garron Trading. A Sale Deed was executed on 2001-12-12, transferring 1040 sq. ft. of undivided land in Bharani Colony, Saligramam Village, Saidapet Taluk, Chengalpet District, to Garron Trading. 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. Garron Trading was allotted 2600 sq.ft. of built-up area in the eighth floor of the complex, named 'Anandram Enclave'. Due

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## Issues and analysis

### Issue 1: Whether the Applicant's claim should be admitted during the liquidation process of the Corporate …

**Ratio:** The liquidator is required to verify the claims and determine whether to admit or reject

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**Reasoning:** The NCLT directed the applicant to submit its claim to the liquidator, who will then

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**Interpretation:** Section 53 of the IBC, 2016 outlines the order of priority for distribution of

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**Application:** The Applicant must submit its claim to the liquidator, who will then assess the

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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 due to their inability…
- **2001-12-12 — Sale Deed Ex…**: 1040 sq. ft. of undivided land…

## 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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