# In the matter of BCIL Zed Ria Properties Private Limited I.A. No. 285-2019 in C.P. (IB) No. 03-BB-2018

> NCLT judgment dated 2019-07-16. Citation: TCN-2019-NCLT-02490. The document contains multiple orders from the National Company Law Tribunal (NCLT), Bengaluru…

- **Court:** NCLT
- **Order date:** 16 Jul 2019
- **Citation:** TCN-2019-NCLT-02490
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/bcil-zed-ria-properties-private-limited-ia-no-285-2019-in-cp-ib-no-03-bb-2018-654155c9

## Summary

### Background

The document contains multiple orders from the National Company Law Tribunal (NCLT), Bengaluru Bench, regarding the Corporate Insolvency Resolution Process (CIRP) of BCIL Zed Ria Properties Private Limited. These orders address various Interlocutory Applications (IAs) filed within the main Company Petition (CP (IB) No.03/BB/2018). The IAs concern issues such as linking payment schedules for homebuyers, determining the status of financial creditors, investigating fraudulent transactions, and approving the final resolution plan. The CIRP was initiated due to the corporate debtor's inability to complete construction projects, leading to grievances from homebuyers and financial creditors.

## Facts

BCIL Zed Ria Properties Private Limited underwent Corporate Insolvency Resolution Process (CIRP) initiated by Reliance Nippon Life Asset Management Limited. Several Interlocutory Applications (IAs) were filed within the CIRP, addressing issues such as linking payment schedules for homebuyers, determining the status of financial creditors, investigating fraudulent transactions, and approving the final resolution plan. Mr. Senapati Varaha Satyanarayana, representing the homebuyers, filed an IA seeking directions on linking payment schedules. Mr. Akash Gupta claimed to be a financial creditor, seeking inclusion in the Committee of Creditors (CoC). The Resolution Professional (RP), initially Ms. Nidhi Seksaria and later Mr. Amit Chandrakant Shah, was tasked with managing

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## Issues and analysis

### Issue 1: Whether the transactions of the Corporate Debtor may be classified inter alia as fraudulent …

**Ratio:** Section 66 of the IBC allows the Adjudicating Authority to order a director or partner of

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**Reasoning:** The NCLT found that the Resolution Professional's application was based on prima facie

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**Interpretation:** Section 66 requires conclusive proof that fraudulent or wrongful trading has

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**Application:** The NCLT held that the Resolution Professional failed to provide sufficient

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## Parties

- **Judges:** Rajeswara Rao…; Ashok Kumar…
- **Appellants:** Senapati Varaha…
- **Respondents:** BCIL Zed Ria…; Amit Chandrakant…
- **Advocates:** Ms.Mano R…; Amit…; +1 more

## Timeline

- **2018-08-09 — Initiation…**: Tribunal admitted the case and appointed Mrs. Nidhi Seksaria as Interim Resolution…
- **2018-08-11 — Date of receipt…**: Date of receipt 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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