# In the matter of Nellai Realtors Private Limited TA (IBC)-64(PB)-2022

> NCLT judgment dated 2023-01-12. Citation: TCN-2023-NCLT-05065. Piramal Capital and Housing Finance Limited (formerly known as Devan Housing Finance…

- **Court:** NCLT
- **Order date:** 12 Jan 2023
- **Citation:** TCN-2023-NCLT-05065
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/nellai-realtors-private-limited-ta-ibc-64pb-2022-68bb7001

## Summary

### Background

Piramal Capital and Housing Finance Limited (formerly known as Devan Housing Finance Corporation Limited) filed an application against Nellai Realtors Private Limited under Rule 16(d) of the NCLT Rules, 2016. The applicant sought the transfer of C.P.(IB).No 110(CHE) of 2022 from NCLT BENCH-II of the Hon'ble Tribunal at Chennai to NCLT BENCH-I of Hon'ble Tribunal at Chennai. The applicant had sanctioned a loan to the respondent along with 18 other borrowers, and the borrowers defaulted on repayments, leading to the account being declared an NPA. The applicant filed 19 petitions to initiate CIRP against the borrowers, with cases listed before both NCLT Chennai Bench-I and Bench-II. The applicant also submitted that the corporate debtor and the borrowers jointly deposited

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## Facts

Piramal Capital and Housing Finance Limited (formerly known as Devan Housing Finance Corporation Limited) sanctioned a loan to Nellai Realtors Private Limited along with 18 other borrowers on 26.09.2014. The loan was sanctioned vide sanction letter bearing reference number DHFL/2014-15/PF/PB/921. The Financial Creditor sanctioned Rs 20,00,00,000/- and disbursed Rs 19,80,00,000/- on 30.09.2014. The borrowers started defaulting in repayment in 2015, and the account was declared a Non-Performing Asset (NPA) on 30.06.2015. The Applicant filed 19 petitions to initiate CIRP proceedings against the Borrowers. The Corporate Debtor and the Borrowers jointly deposited the original title documents relating to the properties owned by each of the Borrowers at the branch office of

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## Issues and analysis

### Issue 1: Whether the transfer application bearing no. TA (IBC)-64(PB)/2022 should be allowed to consolidate …

**Ratio:** In the interest of justice and for better adjudication, matters connected and arising out

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**Reasoning:** The court reasoned that since all the matters were connected and arose out of a single

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**Interpretation:** The principle of consolidation is applied to ensure efficiency and consistency

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**Application:** The court applied the principle of consolidation to the present case, where

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## Parties

- **Judges:** Ramalingam…
- **Appellants:** M/s. Piramal…
- **Respondents:** M/s Nellai…

## Timeline

- **2014-09-26 — Loan Sanc…**: Applicant sanctioned a loan to the Respondent…
- **2014-09-30 — Loan Disb…**: Financial Creditor…

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