# In the matter of Maple Realcon Private Limited CA No. 1415 & 1417-2019 in (IB)-496(ND)-2018

> NCLT judgment dated 2020-02-20. Citation: TCN-2020-NCLT-01873. The case involves the Corporate Insolvency Resolution Process (CIRP) of Maple Realcon Pvt. Ltd.…

- **Court:** NCLT
- **Order date:** 20 Feb 2020
- **Citation:** TCN-2020-NCLT-01873
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/maple-realcon-private-limited-ca-no-1415-1417-2019-in-ib-496nd-2018-702bf4ba

## Summary

### Background

The case involves the Corporate Insolvency Resolution Process (CIRP) of Maple Realcon Pvt. Ltd. initiated by an Operational Creditor. Soho Infrastructure Pvt. Ltd., another entity also undergoing CIRP, filed applications resisting the resolution plan submitted by the Resolution Professional (RP). Soho Infrastructure claimed a construction contract with Maple Realcon and sought possession of equipment at Maple Realcon's project site, 'Misty Heights'. The RP contested Soho Infrastructure's claims, alleging fabricated documents and a mala fide intention to stall the resolution plan. The Committee of Creditors (CoC) approved a resolution plan submitted by Apex Heights Pvt. Ltd.

## Facts

Maple Realcon Pvt. Ltd. (MRPL) is a real estate company undergoing CIRP. The CIRP was initiated by an Operational Creditor. Soho Infrastructure Pvt. Ltd., also under CIRP, filed applications (IA 1415/2019 and 1417/2019) objecting to the resolution plan. Soho Infrastructure claimed a construction contract dated 07.09.2015 with MRPL for the 'Misty Heights' project and filed a claim of Rs. 45,70,80,961/-, which the RP admitted only to the extent of Rs. 17,01,182/-. Soho Infrastructure also sought possession of equipment worth Rs. 6,64,00,000/- lying at MRPL's project site. The RP argued that Soho Infrastructure's claim was based on fabricated facts and that the construction agreement was a fabricated document, noting discrepancies in the dates and a denial of execution by

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## Issues and analysis

### Issue 1: Whether the claims of Soho Infrastructure …

**Ratio:** The adjudicating authority should not interfere with the RP's decision in rejecting or

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**Reasoning:** The court found no grounds to interfere with the RP's decision to reject Soho

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**Interpretation:** The RP has the authority to verify and admit claims based on available evidence

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**Application:** The court applied the ratio to the facts by upholding the RP's decision to

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## Parties

- **Judges:** Ina Mal…; L. N. G…
- **Appellants:** M/s. Bindals…
- **Respondents:** Maple Realcon…

## Timeline

- **2018-07-24 — CIRP Admi…**: The CIRP of Maple Realcon Pvt. Ltd. was admitted at the instance of an Operational…
- **2018-07-18 — Moratorium…**: Moratorium imposed vide order dated 18.07.2018…

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