# In the matter of PSA Impex Pvt. Ltd. IA-2345 & 2427-2022 in IB-11(ND)-2022

> NCLT judgment dated 2022-07-25. Citation: TCN-2022-NCLT-01581. The case involves an application filed by the Interim Resolution Professional (IRP) seeking a…

- **Court:** NCLT
- **Order date:** 25 Jul 2022
- **Citation:** TCN-2022-NCLT-01581
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/psa-impex-pvt-ltd-ia-2345-2427-2022-in-ib-11nd-2022-69593490

## Summary

### Background

The case involves an application filed by the Interim Resolution Professional (IRP) seeking a direction against SLB Welfare Association to handover the peaceful custody and control of a real estate project, "Sampada Livia," which is an asset of the Corporate Debtor, PSA Impex Pvt. Ltd. The IRP also sought directions to the Local District Administration for assistance in taking possession of the project site. The SLB Welfare Association resisted, claiming the project was transferred to them by RERA authorities and that the Corporate Debtor had defaulted in completing the project. The CIRP initiation was also challenged as fraudulent.

## Facts

The Interim Resolution Professional (IRP) for PSA Impex Pvt. Ltd. filed an application seeking possession of the real estate project "Sampada Livia" from SLB Welfare Association. The Corporate Debtor, PSA Impex Pvt. Ltd., owns the project. The SLB Welfare Association refused to handover possession, claiming the project was transferred to them by RERA authorities due to the Corporate Debtor's default. The U.P. RERA had directed revocation of the registration of the promoter under Section 7 of the RERA Act, 2016. The SLB Welfare Association also alleged that the CIRP initiation was obtained fraudulently. The CIRP of the Corporate Debtor commenced on 18.04.2022. An appeal against the CIRP initiation is pending before the NCLAT. The IRP argued that IBC has an

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## Issues and analysis

### Issue 1: Whether the SLB Welfare Association is obligated to handover possession of the real estate project …

**Ratio:** Section 238 of the IBC provides that the IBC has an overriding effect over other

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**Reasoning:** The court reasoned that the IBC has an overriding effect over other laws, including RERA.

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**Interpretation:** The interpretation of Section 238 of the IBC establishes its supremacy over

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**Application:** Given the overriding effect of the IBC and the IRP's duty to take control of

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## Parties

- **Judges:** Satya Ranjan…; BachuVenkatBalaram…
- **Appellants:** Rudra Buildwell…
- **Respondents:** M/s. PSA Impex…; SLB Welfare…

## Timeline

- **2022-04-18 — CIRP Commen…**: CIRP of the Corporate…
- **2022-07-25 — Order Del…**: Order delivered by the…

## 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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