# In the matter of Kindle Developers Private Limited

> NCLT judgment dated 2024-01-11. Citation: TCN-2024-NCLT-03165. The case involves an application (IA No. 1592/ND/2019) filed by the New Okhla Industrial…

- **Court:** NCLT
- **Order date:** 11 Jan 2024
- **Citation:** TCN-2024-NCLT-03165
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/kindle-developers-private-limited-bff23b9b

## Summary

### Background

The case involves an application (IA No. 1592/ND/2019) filed by the New Okhla Industrial Development Authority (Noida Authority) in an ongoing corporate insolvency resolution process (CIRP) against Kindle Developers Private Limited. The Noida Authority seeks the exclusion of Plot No. SC-01/D1, Sector 79, Noida, from the resolution plan, arguing that the lease for the said plot was cancelled on 13.08.2015, prior to the initiation of CIRP. The corporate debtor, Kindle Developers, is undergoing CIRP based on a petition filed by Amit Kumar Malik. The core issue revolves around whether the cancelled lease can be included in the resolution plan, considering the cancellation occurred before the CIRP commencement.

## Facts

1. Sh. Amit Kumar Malik initiated Corporate Insolvency Resolution Process (CIRP) against M/s Kindle Developers Private Limited under Section 7 of IBC, 2016.
2. The CIRP was admitted on 09.03.2018.
3. New Okhla Industrial Development Authority (Noida Authority) filed IA No. 1592/ND/2019 seeking exclusion of Plot No. SC-01/D1, Sector 79, Noida from the resolution plan.
4. The Noida Authority had allotted the plot to Kindle Developers, but the lease deed was executed on 24.10.2011.
5. A "Correction Deed" was executed on 19.10.2012 due to errors in the original lease deed.
6. The Noida Authority cancelled the allotment on 13.08.2015 due to non-payment of dues.
7. Kindle Developers applied for restoration of the plot on 14.06.2016, which was rejected on 10.11.2020.
8.

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## Issues and analysis

### Issue 1: Whether Plot No. SC-01/D1, Sector 79, Noida, should be excluded from the resolution plan of Kindle …

**Ratio:** The legal principle is that assets that do not belong to the corporate debtor at the time

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**Reasoning:** The court reasoned that the lease was cancelled on 13.08.2015, well before the CIRP

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**Interpretation:** The interpretation is that the cancellation of the lease effectively removed

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**Application:** The court applied the ratio to the facts by stating that since the lease was

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## Parties

- **Judges:** SH. ASHOK KUMAR…; SH. L. N.…
- **Appellants:** Sh. Amit Kumar…
- **Respondents:** Kindle Developers…; M/s Kindle…

## Timeline

- **2011-10-24 — Lease Deed Ex…**: Lease Deed for Plot No. SC-01/D1, Sector 79 was executed between Noida Authority and…
- **2012-10-19 — Correction Deed…**: A 'Correction Deed' was executed between Noida Authority and Kindle Developers Private…

## 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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