# In the matter of Samruddhi Reality Ltd.

> NCLT judgment dated 2023-05-25. Citation: TCN-2023-NCLT-03185. The applicants, Sri. K. Jayant Prabhu and Smt. Juhi Santani, filed I.A No. 343 of 2021 seeking…

- **Court:** NCLT
- **Order date:** 25 May 2023
- **Citation:** TCN-2023-NCLT-03185
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/samruddhi-reality-ltd-117411c6

## Summary

### Background

The applicants, Sri. K. Jayant Prabhu and Smt. Juhi Santani, filed I.A No. 343 of 2021 seeking directions to the respondent liquidator to exclude Schedule-B property from the Liquidation Estate of the Corporate Debtor (M/s Samruddhi Realty Ltd), to execute a Sale Deed and register Schedule-B property in their favor, to complete the remaining work, and to refund the excess amount of Rs. 65,611 paid towards sale consideration with interest. The applicants had entered into a sale agreement with the Corporate Debtor for a villa (Plot No. 51 of Schedule A property, Samruddhi Lemon Tree Villa No. 51) and paid the entire sale consideration. However, the sale deed was not executed, and the construction was not fully completed. The Corporate Debtor went into CIRP, and

…

## Facts

Mrs. Mahalakshmi Ramakrishnan was the sole owner of land (Schedule-A property). She entered into a Joint Venture Agreement with M/s Samruddhi Realty Ltd (Corporate Debtor) for development. The Corporate Debtor was entitled to 59.79% of the villas/houses/row houses. The Corporate Debtor formulated a scheme for development of the Schedule-A property into a residential complex. The Applicants agreed to purchase a plot (Schedule –B property) and booked the villa on 2021-03-30. They entered into a Sale Agreement dated 2011-07-12 for Rs. 40,82,500/- and a Construction Agreement for Rs. 81,85,993/-. The total consideration was Rs. 1,22,68,493/-, but the applicants paid Rs. 1,34,07,565/- including statutory charges. They paid an excess of Rs. 65,191/-. The applicants became

…

## Issues and analysis

### Issue 1: Whether the Schedule B property should be excluded from the Liquidation Estate of the Corporate …

**Ratio:** Section 3(31) of the IBC defines security interest as a right, title, or interest in

…

**Reasoning:** The tribunal reasoned that since no sale deed was executed, no security interest was

…

**Interpretation:** The interpretation of Section 3(31) of the IBC and Section 54 of the Transfer

…

**Application:** In this case, since the applicants did not have a registered sale deed, they

…

## Parties

- **Judges:** T. Krishn…; Manoj Kumar…
- **Appellants:** Sri. K. Jayant…
- **Respondents:** M/s.Samruddhi…; Pankaj Sriv…
- **Advocates:** S. Srir…; Pankaj Sri…; +1 more

## Timeline

- **2010-07-02 — Joint Venture…**: Land owner and Corporate Debtor entered into a Joint Venture Agreement for development of…
- **2011-07-12 — Sale Agre…**: Applicants entered into a Sale…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 52 — Secured creditor in liquidation proceedings](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-52)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/samruddhi-reality-ltd-117411c6