# In the matter of Maan Sarovar Properties Development Private Limited

> NCLT judgment dated 2025-02-05. Citation: TCN-2025-NCLT-00525. Sri Brindhavan Brick Works, a partnership firm, filed an application under Section 60(5) of the…

- **Court:** NCLT
- **Order date:** 5 Feb 2025
- **Citation:** TCN-2025-NCLT-00525
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/maan-sarovar-properties-development-private-limited-14ec5f43

## Summary

### Background

Sri Brindhavan Brick Works, a partnership firm, filed an application under Section 60(5) of the IBC, 2016 against Mr. Ashish Vyas, the Resolution Professional of Mann Sarovar Properties Development Private Limited. The applicant sought to direct the RP to recall Form G, which included the applicant's land in Manapakkam Village as part of the corporate debtor's assets. The applicant claimed a Joint Development Agreement (JDA) with the corporate debtor was terminated due to the corporate debtor's failure to develop the land as agreed, and the applicant had cancelled the Power of Attorney (PoA) granted to the corporate debtor. The RP contended that the corporate debtor had invested in the project and had rights under the JDA, which could not be unilaterally terminated.

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## Facts

Sri Brindhavan Brick Works, a partnership firm, entered into a Joint Development Agreement (JDA) with Mann Sarovar Properties Development Private Limited on 14.11.2003 for developing a property in Manapakkam Village. The applicant was to receive 24% of the super built-up area, while the corporate debtor was to retain 76%. The applicant handed over original title deeds and executed a General Power of Attorney (PoA) in favor of the corporate debtor. The corporate debtor was to complete the project within 6 years. The applicant alleged that the corporate debtor failed to take any steps towards performing its obligations for development as stipulated under the JDA. The applicant terminated the JDA on 20.05.2019 and cancelled the PoA on 27.05.2019. The applicant invoked the

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## Issues and analysis

### Issue 1: Whether the unilateral cancellation of JDA and connected PoA in respect of the disputed land by …

**Ratio:** The Hon'ble Supreme Court in the case of Victory Iron Works Limited V. Jitendra Lohia and

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**Reasoning:** The NCLT reasoned that the JDA did not provide for unilateral termination of agreement

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**Interpretation:** The interpretation of the JDA and the rights created thereunder is crucial. The

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**Application:** The ratio and reasoning are applied to the specific facts of the case, where

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## Parties

- **Judges:** JYOTI KUMAR…; RAVICHANDRAN…
- **Appellants:** Brindhavan Brick…
- **Respondents:** Mann Sarovar…; Ashish…

## Timeline

- **1972-01-01 — Partnershi…**: Applicant is a partnership firm originally…
- **2003-11-14 — Joint Development…**: Applicant and Corporate Debtor entered into…

## 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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