# In the matter of Sarthak Creation Pvt. Ltd. IA 247 of 2021 in CP (IB) No. 85-10-NCLT-AHM-2017

> NCLT judgment dated 2021-10-05. Citation: TCN-2021-NCLT-00855. The case involves an application filed under Section 60(5) of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 5 Oct 2021
- **Citation:** TCN-2021-NCLT-00855
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/sarthak-creation-pvt-ltd-ia-247-of-2021-in-cp-ib-no-85-10-nclt-ahm-2017-68a9b3af

## Summary

### Background

The case involves an application filed under Section 60(5) of the Insolvency and Bankruptcy Code, 2016 (IBC, 2016) read with Rule 11 of NCLT Rules, 2016. The applicant sought a direction from the court to the respondent-liquidator to execute necessary documents for transferring the title/ownership of certain plots (Plot nos. 88 to 97 and 97/1 to 97/4) in favor of the applicant, as agreed upon in agreements dated 05.10.2013 and 10.03.2014. The applicant claimed to be the owner of the property based on an agreement with the Corporate Debtor. Before the title transfer could occur, the Corporate Debtor was admitted into CIRP on 30.08.2017 and subsequently went into liquidation on 27.02.2018. The applicant corresponded with the liquidator, who requested confirmation

…

## Facts

Vivid Prints Pvt. Ltd. filed an application seeking the transfer of title/ownership of Plot nos. 88 to 97 and 97/1 to 97/4. Vivid Prints Pvt. Ltd. entered into an agreement with Sarthak Creation Pvt. Ltd. (Corporate Debtor) on 05.10.2013, with a revised agreement on 10.03.2014, for the purchase of the plots. Sarthak Creation Pvt. Ltd. was admitted into CIRP on 30.08.2017 and subsequently went into liquidation on 27.02.2018. Vivid Prints Pvt. Ltd. made payments to GIDC amounting to Rs. 5,30,11,296/-, and GIDC issued a no dues certificate. The liquidator, Kailash Shah, was requested to execute the necessary documents for the transfer of title. The applicant provided copies of the sale agreement, details of payments, and possession receipt to the liquidator. The

…

## Issues and analysis

### Issue 1: Whether the liquidator should be directed to execute the necessary documents to transfer the …

**Ratio:** Section 35(1)(m) of the IBC, 2016, empowers the liquidator to execute the sale deed.

…

**Reasoning:** The court considered the factual position, the material produced, and the submissions

…

**Interpretation:** The legal issue revolves around the interpretation of the powers and duties of

…

**Application:** The ratio and reasoning were applied to the specific facts of the case, where

…

## Parties

- **Judges:** Madan B.…; Virendra Kumar…
- **Appellants:** Vivid Prints Pvt.…
- **Respondents:** Sarthak Creation…; Kailash Shah…

## Timeline

- **2013-10-05 — Agreement…**: Agreement between Corporate Debtor…
- **2014-03-10 — Revised Agreem…**: Revised agreement between…

## 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)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-chandigarh/sarthak-creation-pvt-ltd-ia-247-of-2021-in-cp-ib-no-85-10-nclt-ahm-2017-68a9b3af