# In the matter of Anandram Developers Pvt. Ltd. MA-569-2018 In CP-603-(CB)-2017

> NCLT judgment dated 2019-03-05. Citation: TCN-2019-NCLT-04591. The case involves an application filed in the Corporate Insolvency Resolution Process (CIRP) of…

- **Court:** NCLT
- **Order date:** 5 Mar 2019
- **Citation:** TCN-2019-NCLT-04591
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/anandram-developers-pvt-ltd-ma-569-2018-in-cp-603-cb-2017-6254eadd

## Summary

### Background

The case involves an application filed in the Corporate Insolvency Resolution Process (CIRP) of Anandram Developers Pvt. Ltd. The applicant, Asset Reconstruction Company (India) Limited, seeks to set aside meetings of the Committee of Creditors (CoC) and declare Respondents 2 and 3 as 'related parties' under the Insolvency and Bankruptcy Code (IBC). The applicant contends that the first respondent, the Resolution Professional (RP), acted improperly by including the claims of Respondents 2 and 3 in the CoC, despite their alleged status as related parties. The applicant also challenges the validity of assignment deeds through which Respondents 2 and 3 acquired their claims, arguing that these deeds are essentially partnership agreements and that the respondents are

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## Facts

The Corporate Debtor, Anandram Developers Pvt. Ltd., availed credit facilities/loans from Indian Overseas Bank and Oriental Bank of Commerce. The Applicant, Asset Reconstruction Company (India) Limited, is the Assignee of the Debts from the said Financial Institutions. The Applicant seeks to recover Rs. 120,03,00,000/- from the Corporate Debtor, as determined by the Debts Recovery Tribunal, Chennai. The CIRP was initiated against the Corporate Debtor on 2018-06-06. Mr. Gopal Krishna Raju was appointed as Interim Resolution Professional (IRP). The IRP made a public announcement on 2018-06-11. The Applicant filed its claim in form C. The IRP constituted the Committee of Creditors (COC) and issued notice on 2018-06-29 for convening the first meeting of the COC on

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## Issues and analysis

### Issue 1: Whether the Respondent no. 2 and 3 are …

**Ratio:** Section 5(24)(a) of the I&B Code defines a related party in relation to a corporate

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**Reasoning:** The NCLT reasoned that the assignment deeds entered into between the suspended

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**Interpretation:** The NCLT interpreted the assignment deeds as not merely transferring debt but

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**Application:** The NCLT applied the definition of 'related party' under Section 5(24)(a) of

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## Parties

- **Judges:** Ch. Mohd Sharief…
- **Appellants:** Asset Reconstructi…
- **Respondents:** Anandram Developer…; Gopal Krish…

## Timeline

- **2018-06-06 — CIRP Init…**: CIRP initiated against…
- **2018-06-11 — Public Annou…**: Public announcement 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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