# In the matter of JSM Devcons India Pvt. Ltd. TP 230 of 2019

> NCLT judgment dated 2023-01-19. Citation: TCN-2023-NCLT-04985. The case involves Daimler Financial Services Pvt Ltd as the applicant and JSM Devcons India Pvt…

- **Court:** NCLT
- **Order date:** 19 Jan 2023
- **Citation:** TCN-2023-NCLT-04985
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/jsm-devcons-india-pvt-ltd-tp-230-of-2019-0071ecb9

## Summary

### Background

The case involves Daimler Financial Services Pvt Ltd as the applicant and JSM Devcons India Pvt Ltd as the respondent. The proceedings are under Section 7 of the Insolvency and Bankruptcy Code (IBC). Home Buyers/Plot owners filed applications claiming their plots cannot be property/assets of the Corporate Debtor as per Section 18 of the IBC.

## Facts

Daimler Financial Services Pvt Ltd initiated proceedings against JSM Devcons India Pvt Ltd under Section 7 of the IBC. Several applications were filed by Home Buyers/Plot owners who registered before the CIRP, claiming their plots should not be considered assets of the Corporate Debtor as per Section 18 of the IBC. The Resolution Professional (RP) was summoned due to the prolonged pendency of the matters and pending applications for his removal. The court directed counsels to provide details of the debt, agreement, and amount paid to the Corporate Debtor undergoing CIRP. The court issued a notice to the RP through IBBI to ensure his presence.

## Issues and analysis

### Issue 1: Whether the plots owned by Home Buyers/Plot owners, whose registration was done prior to the CIRP, …

**Ratio:** Section 18 of the IBC defines the assets of the corporate debtor that are subject to the

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**Reasoning:** The court needs to determine if the plots in question legitimately belong to the Home

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**Interpretation:** Section 18 of the IBC is interpreted to protect the interests of third parties

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

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## Parties

- **Judges:** Madan B.…; KAUSHALENDRA…
- **Appellants:** Daimler Financial…
- **Respondents:** JSM Devcons India…
- **Advocates:** Anant Kas…; Vijayesh…; +10 more

## Timeline

- **2023-01-19 — Order Del…**: Order delivered by the…
- **2023-02-24 — Next Hearin…**: All applications stand…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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