# 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-00849. 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-00849
- **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-2017-9a2951ff

## Summary

### Background

The case involves an application filed under Section 60(5) of the Insolvency and Bankruptcy Code, 2016 (IBC, 2016) r.w. Rule 11 of NCLT Rules, 2016. The applicant sought a direction from the court to the respondent-liquidator to execute necessary documents to transfer the title/ownership of certain plots (Plot no. 88 to 97 and 97/1 to 97/4) in the applicant's favor, 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 could be transferred, 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 that the plots had

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## Facts

Vivid Prints Pvt. Ltd. (the Applicant) entered into an agreement with Sarthak Creation Pvt. Ltd. (the Corporate Debtor) on 05.10.2013 for the purchase of certain plots (Plot no. 88 to 97 and 97/1 to 97/4). A revised agreement was made on 10.03.2014. Before the title could be transferred, the Corporate Debtor was admitted into CIRP on 30.08.2017 and subsequently went into liquidation on 27.02.2018. The Applicant made payments to GIDC (Gujarat Industrial Development Corporation) amounting to Rs. 5,30,11,296/- and received a no dues certificate from GIDC. The Applicant requested Kailash Shah, the Liquidator of Sarthak Creation Pvt. Ltd. (the Respondent), to execute the necessary documents for the transfer of title. The Liquidator requested the Applicant to confirm that

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## Issues and analysis

### Issue 1: Whether the NCLT has the authority under Section 60(5) of the IBC, 2016, to direct the liquidator …

**Ratio:** Section 60(5)(c) of the IBC, 2016, read with Rule 11 of NCLT Rules, 2016, grants the NCLT

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**Reasoning:** The court considered the submissions made by the applicant's counsel, who argued that

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**Interpretation:** Section 60(5) of the IBC provides the NCLT with jurisdiction to entertain or

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**Application:** In this case, the NCLT applied Section 60(5)(c) of the IBC and Rule 11 of the

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## Parties

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

## Timeline

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

## 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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