# In the matter of KPG International Pvt. Ltd. IA- 1153-2021 & 2715-2020 & IA- 565 & 687-2021 in IB-2083-ND-2019

> NCLT judgment dated 2021-09-27. Citation: TCN-2021-NCLT-00983. The case involves M/s Modern Credit Pvt Ltd as the applicant and M/s KPG International Pvt Ltd…

- **Court:** NCLT
- **Order date:** 27 Sept 2021
- **Citation:** TCN-2021-NCLT-00983
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/kpg-international-pvt-ltd-ia-1153-2021-2715-2020-ia-565-687-2021-in-ib-2083-nd-2-9191eeb1

## Summary

### Background

The case involves M/s Modern Credit Pvt Ltd as the applicant and M/s KPG International Pvt Ltd as the respondent. The applicant filed an application under Section 7 of the IBC. Several IAs were filed, including IA/1153/2021, IA/2715/2020, IA 687/2021, and IA/565/2021. IA/2715/2020 sought various reliefs, including directing respondents to cooperate with the IRP, preventing suspended directors from leaving the country, and preventing the transfer of certain vehicles. IA/565/2021 sought directions to the Sub-Registrar to register a property in favor of the Corporate Debtor.

## Facts

M/s Modern Credit Pvt Ltd initiated proceedings against M/s KPG International Pvt Ltd under Section 7 of the IBC. Several Interlocutory Applications (IAs) were filed. IA/2715/2020 sought directions for the respondents/suspended directors to cooperate with the IRP, prevent them from leaving the country, and prevent the transfer of certain vehicles (BMW and Mercedes). The applicant's counsel stated that the vehicles had already been handed over and the respondents had left the country. IA/565/2021 was filed by the Resolution Professional (RP) seeking directions to the Sub-Registrar to register a property in favor of the Corporate Debtor, KPG International Pvt. Ltd., based on an agreement dated 16.12.2016. The property was shown as an asset of the Corporate Debtor in the

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## Issues and analysis

### Issue 1: Whether the Sub-Registrar should be directed to register a property in favor of the Corporate …

**Ratio:** A contract for the sale of immovable property does not, by itself, create any interest in

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**Reasoning:** The court reasoned that merely because there was an agreement to transfer the property

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**Interpretation:** Section 54 of the Transfer of Property Act, 1882, requires a registered

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**Application:** The court applied the ratio to the facts of the case, noting that the

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## Parties

- **Judges:** ABNI RANJAN KUMAR…; K.K. V…
- **Appellants:** M/s Modern Credit…
- **Respondents:** KPG International…; M/s KPG Internatio…

## Timeline

- **2021-09-08 — NCLAT Or…**: Hon'ble NCLAT vide order dated 08.09.2021 in Company Appeal No. 693/2021 has allowed the…
- **2021-09-27 — Order Del…**: Order delivered on…

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