# In the matter of Southern Investment Pvt. Ltd. MA-330-2019 In CP-202-2018

> NCLT judgment dated 2019-04-05. Citation: TCN-2019-NCLT-04108. The case involves an application (MA/330/2019) filed in CP/202/(IB)/CB/2018 under Section…

- **Court:** NCLT
- **Order date:** 5 Apr 2019
- **Citation:** TCN-2019-NCLT-04108
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/southern-investment-pvt-ltd-ma-330-2019-in-cp-202-2018-a081f0be

## Summary

### Background

The case involves an application (MA/330/2019) filed in CP/202/(IB)/CB/2018 under Section 60(5)(c) of the Insolvency and Bankruptcy Code, 2016. This application was filed by Levantine Heights Apartment Allottees' Association. The corporate insolvency resolution process (CIRP) had been initiated against M/s. Southern Investments Private Limited, but it was mandatorily closed on 20.12.2018 following an order by the Supreme Court. The allottees association had also approached the Supreme Court seeking reliefs. The Supreme Court had directed the NCLT Chennai to hear and decide applications under Section 60 of the IBC filed by the Empress Place Owners Association and Levantine Heights Apartment Allottees' Association.

## Facts

The Levantine Heights Apartment Allottees' Association filed an application (MA/330/2019) under Section 60(5)(c) of the Insolvency and Bankruptcy Code, 2016. A corporate insolvency resolution process (CIRP) had been initiated against M/s. Southern Investments Private Limited (the Corporate Debtor) under CP/202/(IB)/CB/2018. The Supreme Court, in W.P. (C) Nos. 452/2018 and 522/2018, ordered the mandatory closure of the CIRP on 20.12.2018. The allottees association had also approached the Supreme Court seeking reliefs. The Supreme Court directed the NCLT Chennai to hear and decide applications under Section 60 of the IBC. Prior to the Supreme Court order, the Resolution Professional had filed IA/487/IB/2018 seeking permission to hand over incomplete projects to the home

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## Issues and analysis

### Issue 1: Whether MA/330/2019 in CP/202/(IB)/CB/2018 filed under Section 60(5)(c) of the Insolvency and …

**Ratio:** Section 60(5)(c) of the IBC provides jurisdiction to the NCLT to entertain or dispose of

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**Reasoning:** The court reasoned that for invoking Section 60(5)(c), the 'Insolvency Resolution' or

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**Interpretation:** Section 60(5)(c) is interpreted to require an ongoing insolvency resolution or

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**Application:** Since the CIRP against Southern Investments Private Limited was closed by the

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## Parties

- **Judges:** Ch. Mohd Sharief…
- **Appellants:** Levantine Heights…
- **Respondents:** Southern Investmen…; Chitra Srinivas(RP…

## Timeline

- **2018-11-20 — Supreme Cour…**: The Hon'ble Supreme Court passed an order in Writ Petition (Civil) No(s). 452/2018…
- **2018-12-20 — CIRP Clo…**: The Corporate Insolvency Resolution Process (CIRP) against M/s. Southern Investments…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 60 — Adjudicating Authority for corporate persons](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-60)

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