# In the matter of Regen Infrastructure And Services Private Limited

> NCLT judgment dated 2024-06-04. Citation: TCN-2024-NCLT-01236. The document is an attendance cum order sheet from the National Company Law Tribunal (NCLT),…

- **Court:** NCLT
- **Order date:** 4 Jun 2024
- **Citation:** TCN-2024-NCLT-01236
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/regen-infrastructure-and-services-private-limited-a2eaa0a8

## Summary

### Background

The document is an attendance cum order sheet from the National Company Law Tribunal (NCLT), Division Bench II, Chennai, documenting the hearing proceedings held on June 4, 2024. It involves multiple applications (IAs) related to corporate insolvency resolution processes (CIRP) under the Insolvency and Bankruptcy Code (IBC). The cases primarily concern M/s Regen Powertech Pvt Ltd and Regen Infrastructure and Services Pvt Ltd. The document outlines the presence of various counsels, resolution professionals (RPs), and the status of numerous IAs, including those seeking quashing of lease deeds, declarations of fraudulent transactions, and directions to the RP. Several applications are being withdrawn, some are awaiting orders from the National Company Law Appellate

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## Facts

The National Company Law Tribunal (NCLT), Chennai, held a hearing on June 4, 2024, regarding the corporate insolvency resolution processes (CIRP) of M/s Regen Powertech Pvt Ltd (IBA/1099/2019) and Regen Infrastructure and Services Pvt Ltd (CP(IB)/1424(CHE)/2022). Numerous Interlocutory Applications (IAs) were considered. Several counsels and the Resolution Professional (RP), Ms. Renukadevi Rangasamy, were present. IA/IBC/1703/2023, seeking to quash a lease deed dated 18.01.2018, and IA/IBC/345/2022, seeking to declare a lease deed as fraudulent, were allowed. IA/590(CHE)/2021 and CONT.P(IBC)/4(CHE)/2023 were disposed of as withdrawn. IA/IBC/2221/2023, IA/IBC/2211/2023, and IA/IBC/2213/2023 were dismissed as infructuous. Application IVN.P/8(CHE)/2021 was dismissed as

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## Issues and analysis

### Issue 1: Whether IA/IBC/1703/2023 and IA/IBC/345/2022 should be allowed, thereby quashing the lease deed …

**Ratio:** The lease deed was found not to be in terms of commercial propriety and not in the

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**Reasoning:** The NCLT examined the issue and determined that the lease deed was not entered into in

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**Interpretation:** The interpretation of commercial propriety and the interest of CIRP proceedings

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**Application:** Based on the examination of the issue, the NCLT found that the lease deed was

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## Parties

- **Judges:** Shri. JYOTI KUMAR…; SHRI. RAVICHANDRAN…
- **Respondents:** REGEN POWERTECH…

## Timeline

- **2018-01-18 — Lease Dee…**: Date of the lease deed that…
- **2024-01-29 — Dismissal of M…**: Main application MA/40/2020…

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