# In the matter of Housing Development and Infrastructure Limited

> NCLT judgment dated 2024-08-06. Citation: TCN-2024-NCLT-00873. The case involves Interlocutory Applications (IA) 3781/2023 and 4521/2023 filed by the…

- **Court:** NCLT
- **Order date:** 6 Aug 2024
- **Citation:** TCN-2024-NCLT-00873
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/housing-development-and-infrastructure-limited-ec7fafa0

## Summary

### Background

The case involves Interlocutory Applications (IA) 3781/2023 and 4521/2023 filed by the Resolution Professional (RP) of Housing Development & Infrastructure Limited (HDIL), the Corporate Debtor, and Unity Small Finance Bank. The applications seek similar reliefs related to a property in Telangana. The RP aims to protect the Corporate Debtor's rights over the property, stemming from a Joint Venture Agreement (JVA) and subsequent Assignment Agreement. Disputes arose due to developmental agreements executed by Respondents 1&2 in favor of Respondent 3 during the moratorium period. Unity Bank, as a secured creditor, also seeks to nullify these agreements. The Directorate of Enforcement has also observed that certain MoUs related to the property were unregistered and

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## Facts

The case concerns a property dispute involving Housing Development and Infrastructure Limited (HDIL), the Corporate Debtor, and several other parties. My Palace Mutually Aided Cooperative Society and Anish Construction Co. (Respondents 1 and 2) are the owners of a piece of land admeasuring about 100 acres in Telangana. In 2006, Respondents 1 and 2 sold 26 acres of the land. In 2015, a Joint Venture Agreement (JVA) was executed between Respondents 1 and 2 and the Corporate Debtor for the joint development of approximately 73 acres of the land, with the Corporate Debtor entitled to 55% of the total sale receivables. In 2018, the Corporate Debtor assigned its rights under the JVA to Punjab and Maharashtra Cooperative Bank (PMC Bank) as security for a loan. The Corporate

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## Issues and analysis

### Issue 1: Whether the NCLT has the jurisdiction to determine the validity of the Joint Venture Agreement …

**Ratio:** The Tribunal's power to decide contractual disputes is limited to those directly related

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**Reasoning:** The Tribunal noted that determining the conclusivity of the assignment deed and

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**Interpretation:** The NCLT's jurisdiction is confined to matters directly impacting the

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**Application:** The Tribunal refrained from adjudicating the validity of the JVA and Assignment

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## Parties

- **Judges:** LAKSHMI G…; Charanjeet Singh…
- **Appellants:** Abhay Narayan…
- **Respondents:** Housing Developmen…; My Palace…

## Timeline

- **2006-12-19 — Sale Agreement and…**: Respondents 1 & 2 sold an area of 26 acres…
- **2015-09-26 — Joint Venture Agreement…**: The parties agreed to jointly develop a piece and parcel of land admeasuring around 73…

## 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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