# In the matter of Brajesh Construction Pvt. Ltd. I.A. 2800-2022, I.A. 1541-2021, M.A. 2652 & 2703-2019 in C.P.(IB)-3683(MB)-2018

> NCLT judgment dated 2023-05-10. Citation: TCN-2023-NCLT-03419. The case involves multiple applications related to the insolvency resolution process of Brajesh…

- **Court:** NCLT
- **Order date:** 10 May 2023
- **Citation:** TCN-2023-NCLT-03419
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/brajesh-construction-pvt-ltd-ia-2800-2022-ia-1541-2021-ma-2652-2703-2019-in-cpib-6e79a913

## Summary

### Background

The case involves multiple applications related to the insolvency resolution process of Brajesh Construction Pvt Ltd. Asit C. Mehta Investment Intermediates Ltd, a financial creditor, filed an application (I.A. 2800/2022) seeking directions to the Resolution Professional (RP) to reconstitute the Committee of Creditors (COC). The applicant claimed to be the only financial creditor but alleged that no COC was properly constituted and that they were denied access to information. The RP, however, filed M.A. 2703/2019 for liquidation of the Corporate Debtor, stating that a COC had been duly constituted. Akme Sarvoday Dreamventures & ors. filed I.A. 1541/2021 and M.A. 2652/2019 seeking various reliefs, including declarations against the RP's conduct and directions for

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## Facts

Asit C. Mehta Investment Intermediates Ltd. claimed to be the sole financial creditor of Brajesh Construction Pvt Ltd., asserting a claim of Rs. 4,46,41,226/- based on payments for flats, registration charges, and interest. They alleged that no Committee of Creditors (COC) was properly constituted, and they were denied access to information regarding the Corporate Debtor's proceedings. The Resolution Professional (RP) filed an application for liquidation, stating that a COC had been duly constituted. Akme Sarvoday Dreamventures & ors. claimed to have paid a substantial amount to DHFL on behalf of the Corporate Debtor under an OTS agreement and sought directions for the RP to execute a sale deed for a property in Udaipur. The Corporate Debtor had executed an

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## Issues and analysis

### Issue 1: Whether the application filed by Asit C. Mehta Investment Intermediates Ltd. for reconstitution of …

**Ratio:** The tribunal has the power to oversee the insolvency resolution process and ensure

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**Reasoning:** The tribunal noted that the RP had already filed for liquidation and that Asit C. Mehta's

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**Interpretation:** The tribunal interpreted the facts to mean that the COC was indeed constituted

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**Application:** Given the advanced stage of the proceedings (liquidation) and the applicant's

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## Parties

- **Judges:** H.V. Subb…; Madhu S…
- **Appellants:** Asit C. Mehta…
- **Respondents:** Brajesh Constructi…

## Timeline

- **2018-01-01 — Company Petiti…**: Company Petition No.…
- **2019-01-24 — Agreement for Transfer…**: Corporate Debtor executed an agreement for transfer of the project to the applicant upon…

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