# In the matter of Reliance Capital Limited

> NCLT judgment dated 2024-01-02. Citation: TCN-2024-NCLT-03354. The Corporate Debtor, through its Administrator, filed an application seeking directions…

- **Court:** NCLT
- **Order date:** 2 Jan 2024
- **Citation:** TCN-2024-NCLT-03354
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/reliance-capital-limited-bfe60ab3

## Summary

### Background

The Corporate Debtor, through its Administrator, filed an application seeking directions against the Respondent (The Imperial Condominium) to facilitate the transfer of shares and record the Corporate Debtor as the owner of a flat, and to restrain the Respondent from interfering with the Corporate Debtor's possession and access to the flat, due to outstanding dues claimed by the Respondent.

## Facts

Reliance Capital Limited, the Corporate Debtor, through its Administrator, Mr. Nageswara Rao Y., filed an application under Section 60(5) of the Insolvency & Bankruptcy Code, 2016 read with Rule 11 of the NCLT Rules, 2016. The application concerns an immovable property, Flat no. 4407, 44th floor, Imperial Towers, Mumbai, and one share (Share Certificate No. 132) of The Imperial Condominium. The Corporate Debtor seeks an order directing The Imperial Condominium (Respondent) to transfer the shares and record the Corporate Debtor as the owner of the flat, and to prevent the Respondent from interfering with the Corporate Debtor's possession and access to the flat. The Corporate Debtor has been the owner of the flat and shares since October 2015, pursuant to a

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## Issues and analysis

### Issue 1: Whether the Respondent can deny the Corporate Debtor's right to transfer shares and access the flat …

**Ratio:** The non-payment of charges cannot result in the forfeiture of ownership rights in a flat,

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**Reasoning:** The NCLT found that **Section 4** and **Section 5** of the Maharashtra Apartment

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**Interpretation:** The court interpreted the MAO Act to mean that ownership rights and access to

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**Application:** The Respondent cannot deny the Corporate Debtor unfettered and unconditional

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## Parties

- **Judges:** Prabhat…; V.G. B…; +1 more
- **Appellants:** Reliance Capital…; Nageswara…
- **Respondents:** Reliance Capital…; The Imperial…
- **Advocates:** For the Applicant:…; Learned Senior…; +8 more

## Timeline

- **June 13, 2014 — Leave and License…**: Barclays Bank PLC was in possession…
- **October 8, 2015 — Sale Dee…**: Mr. Ramesh Vangal sold the flat to 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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