# In the matter of D.S. Kulkarni Developers Ltd. IA No. 1545 of 2021 in CP (IB) 1633-MB-C-I-2019

> NCLT judgment dated 2023-06-23. Citation: TCN-2023-NCLT-02804. The application was moved by a homebuyer seeking direction to the Resolution Applicant to…

- **Court:** NCLT
- **Order date:** 23 Jun 2023
- **Citation:** TCN-2023-NCLT-02804
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/ds-kulkarni-developers-ltd-ia-no-1545-of-2021-in-cp-ib-1633-mb-c-i-2019-13b9c47d

## Summary

### Background

The application was moved by a homebuyer seeking direction to the Resolution Applicant to incorporate a detailed provision securing the rights of the Applicant to receive vacant and peaceful possession of flats. The Applicant had executed a flat booking agreement with the Corporate Debtor, DSK Anandghan. The Corporate Debtor acquired development rights from DSK Global Education and Research Ltd. The Applicant and other flat purchasers filed claims as financial creditors, which were rejected by the Resolution Professional. The proposed Resolution Plan was circulated among stakeholders, and it was noted that the Resolution Applicant included a clause directing the balance unpaid flat purchase consideration to be deposited with the Resolution Applicant but failed to

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## Facts

The Applicant, a homebuyer, entered into a flat booking agreement with DSK Kulkarni Developers Ltd. (Corporate Debtor) for a project named 'DSK Anandghan'. DSK Kulkarni Developers Ltd. had acquired development rights from DSK Global Education and Research Ltd. The Applicant, along with other flat purchasers, filed claims as financial creditors, which were rejected by the Resolution Professional. The Applicant sought a direction to the Resolution Applicant to incorporate a provision securing their right to vacant possession of the flats. The Resolution Professional rejected the objection, stating that the Resolution Plan only pertains to the Corporate Debtor and not DSK Global. The Development Agreement between the Corporate Debtor and DSK Global, dated December 31,

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## Issues and analysis

### Issue 1: Whether the Resolution Professional is obligated to incorporate a provision securing the rights of …

**Ratio:** The Resolution Plan's scope is limited to the Corporate Debtor and does not extend to DSK

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**Reasoning:** The court considered the submissions of the Resolution Professional, who argued that DSK

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**Interpretation:** The Resolution Plan must address the obligations of the Corporate Debtor, but

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**Application:** The court found that the Resolution Plan adequately addresses the concerns of

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## Parties

- **Judges:** H.V. Subb…; Shyam Babu…
- **Appellants:** Santosh Digambar…
- **Respondents:** D.S. Kulkarni…; Manoj Kumar…

## Timeline

- **2021-01-01 — IA No. 1545 of 2021…**: Filing of IA No. 1545…
- **2019-01-01 — CP (IB) 1633/MB/C-I/2019…**: Filing of CP (IB)…

## 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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