# In the matter of Minerva Enterprises Pvt. Ltd. IA Nos.3 & 1115-2022 in CP(IB) No. 250-7-HDB-2021

> NCLT judgment dated 2023-04-27. Citation: TCN-2023-NCLT-03596. The case involves a dispute over land admeasuring Acres 2-2.39 guntas situated in Survey No.104…

- **Court:** NCLT
- **Order date:** 27 Apr 2023
- **Citation:** TCN-2023-NCLT-03596
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/minerva-enterprises-pvt-ltd-ia-nos3-1115-2022-in-cpib-no-250-7-hdb-2021-db9611e0

## Summary

### Background

The case involves a dispute over land admeasuring Acres 2-2.39 guntas situated in Survey No.104 (p) & 134 (p), Gachibowli Village, Serilingampally Mandal, Ranga Reddy District. AGR Constructions Pvt. Ltd. filed an application seeking to exclude this land from the Corporate Debtor's assets and to prevent the Resolution Professional from claiming rights over it. The Financial Creditor, Edelweiss Asset Reconstruction Company, initiated Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor, Minerva Enterprises Pvt. Ltd. AGR Constructions claims that the admission order obtained by the Financial Creditor was fraudulent. The Telangana Housing Board (THB) had initially entered into a Development Agreement with Universal Realtors Pvt Ltd. (URPL), who

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## Facts

M/s. AGR Constructions Pvt. Ltd. filed an application against M/s. Edelweiss Asset Reconstruction Co. Ltd. (Financial Creditor) and M/s. Minerva Enterprises Pvt. Ltd. (Corporate Debtor) seeking to exclude land from the Corporate Debtor's assets. The land in question is Acres 2-2.39 guntas in Survey No.104 (p) & 134 (p), Gachibowli Village. The Financial Creditor initiated CIRP against the Corporate Debtor, which was admitted on 14.07.2022. AGR Constructions claims the admission order was obtained by fraud. The Telangana Housing Board (THB) entered into a Development Agreement with M/s. Universal Realtors Pvt Ltd. (URPL). URPL entered into an agreement for sale with AGR Constructions. AGR Constructions then entered into an agreement of sale with the Corporate

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## Issues and analysis

### Issue 1: Whether the land in question should be excluded …

**Ratio:** A party bound by a mortgage deed cannot later deny the rights of the mortgagee under that

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**Reasoning:** The court found that AGR Constructions, being a party to the Simple Mortgage Deed, cannot

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**Interpretation:** This legal principle emphasizes the binding nature of contractual agreements,

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**Application:** Since AGR Constructions was a party to the Simple Mortgage Deed, they are

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## Parties

- **Judges:** TELAPROLU…; SH. CHARAN…
- **Appellants:** AGR Constructions…
- **Respondents:** Minerva Enterprise…; Edelweiss Asset…

## Timeline

- **2021-01-01 — CP No. 250 of 2…**: The Financial Creditor, M/s. Edelweiss Asset Reconstruction Company, filed CP No. 250 of…
- **2022-07-14 — Admission…**: The Tribunal admitted the application…

## 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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