# In the matter of Gulls Realtors Private Limited TA (IBC)-66(PB)-2022

> NCLT judgment dated 2023-01-12. Citation: TCN-2023-NCLT-05068. The case involves an application filed by M/s Piramal Capital and Housing Finance Limited…

- **Court:** NCLT
- **Order date:** 12 Jan 2023
- **Citation:** TCN-2023-NCLT-05068
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/gulls-realtors-private-limited-ta-ibc-66pb-2022-97a55d88

## Summary

### Background

The case involves an application filed by M/s Piramal Capital and Housing Finance Limited (formerly known as Devan Housing Finance Corporation Limited) against M/s Gulls Realtors Private Limited under Rule 16(d) of the NCLT Rules, 2016. The applicant sought the transfer of C.P.(IB).No 124(CHE) of 2022 from NCLT BENCH-II of the Hon'ble Tribunal at Chennai to NCLT BENCH-I of Hon'ble Tribunal at Chennai. The applicant had sanctioned a loan to the respondent and other borrowers, who subsequently defaulted on repayments.

## Facts

M/s Piramal Capital and Housing Finance Limited (formerly known as Devan Housing Finance Corporation Limited) filed an application against M/s Gulls Realtors Private Limited under Rule 16(d) of the NCLT Rules, 2016. The applicant sought the transfer of C.P.(IB).No 124(CHE) of 2022 from NCLT BENCH-II to NCLT BENCH-I in Chennai. The applicant had sanctioned a loan to the respondent and 18 other borrowers, evidenced by a sanction letter dated 2014-09-26. A loan agreement was executed on 2014-09-26. The financial creditor sanctioned Rs 20,00,00,000/- and disbursed Rs 19,80,00,000/- on 2014-09-30. The borrowers defaulted starting in 2015, and the account was declared an NPA on 2015-06-30. The applicant filed 19 petitions to initiate CIRP against the borrowers. The corporate

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## Issues and analysis

### Issue 1: Whether the Transfer Application bearing no. TA (IBC)-66(PB)/2022 should be allowed, consolidating …

**Ratio:** In the interest of justice and for better adjudication, matters connected and arising out

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**Reasoning:** The court reasoned that consolidating the matters would prevent conflicting orders and

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**Interpretation:** The principle emphasizes the importance of judicial efficiency and consistency

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**Application:** The court applied this principle to the specific facts of the case, where

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## Parties

- **Judges:** Ramalingam…
- **Appellants:** M/s. Piramal…
- **Respondents:** M/s Gulls…
- **Advocates:** Deepika M…

## Timeline

- **2014-09-26 — Loan Sanction…**: Applicant sanctioned a loan vide sanction letter bearing reference number…
- **2014-09-26 — Loan Agre…**: Borrowers jointly…

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