# In the matter of Seelam Infra Developers Limited IA-148-CHE-2021 in CP(IB)-668-2017

> NCLT judgment dated 2022-04-29. Citation: TCN-2022-NCLT-04872. Seelam Infra Developers Limited filed IA/148/CHE/2021 against multiple respondents seeking…

- **Court:** NCLT
- **Order date:** 29 Apr 2022
- **Citation:** TCN-2022-NCLT-04872
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chennai/seelam-infra-developers-limited-ia-148-che-2021-in-cpib-668-2017-a2dcffba

## Summary

### Background

Seelam Infra Developers Limited filed IA/148/CHE/2021 against multiple respondents seeking directions to cancel/withdraw directions issued to Respondent No. 1, allow removal of encumbrances, and cancel mortgage deeds, and remove the Corporate Debtor's name from the list of wilful defaulters.

## Facts

The Applicant, Seelam Infra Developers Limited, filed IA/148/CHE/2021 seeking certain directions against the Respondents.

The Adjudicating Authority approved the Resolution Plan submitted by the Applicant on 11.03.2019.

The Applicant attempted to get encumbrances removed from two immovable properties of the Corporate Debtor.

Respondent No. 1 blocked transactions on the properties based on a letter from Respondent No. 2 dated 18.09.2019, citing an impending investigation.

The investigation was initiated by Respondent No. 2 against the Corporate Debtor under ECIR No. CEZO/Z-1/01/2019 (RK), stemming from FIR No. 21 of 2018 registered by the CBI.

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## Issues and analysis

### Issue 1: Whether the …

**Ratio:** The IA is dismissed as

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**Reasoning:** The court found that the name of the Corporate Debtor had been removed from the wilful

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**Interpretation:** The removal of the Corporate Debtor's name from the wilful defaulters list

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**Application:** Since the main relief sought by the Applicant was achieved, the court deemed

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## Parties

- **Judges:** R. Sucha…; SAMEER…
- **Respondents:** Seelam Infra…; Sub-Regi…; +3 more
- **Advocates:** Mr.Ananth M…; Bhagavath K…

## Timeline

- **2019-03-11 — Approval of Resolution…**: The Adjudicating Authority approved the…
- **2019-09-18 — Letter from Respondent…**: Respondent No. 2 issued a letter directing Respondent No. 1 not to allow further…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 74(3) — Punishment for contravention of moratorium or…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-74)

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