# In the matter of Satra Properties (India) Limited

> NCLT judgment dated 2024-04-02. Citation: TCN-2024-NCLT-01873. This case involves an application (I.A. 3792/2022) filed by Satra Properties India Limited, the…

- **Court:** NCLT
- **Order date:** 2 Apr 2024
- **Citation:** TCN-2024-NCLT-01873
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/satra-properties-india-limited-67d2e204

## Summary

### Background

This case involves an application (I.A. 3792/2022) filed by Satra Properties India Limited, the Applicant and Resolution Professional, under Section 60(5) of the Insolvency & Bankruptcy Code, 2016, read with Rule 11 of the NCLT Rules, 2016, in the Corporate Insolvency Resolution Process (CIRP) of M/s Satra Properties (India) Limited, the Corporate Debtor. The CIRP was initiated against the Corporate Debtor on August 3, 2020. The Applicant sought the removal of a seal placed by Nagar Nigam Jodhpur (North), the Respondent, on the Corporate Debtor's assets and the release of attachment on those assets, handing over the charge to the Resolution Professional. The Respondent had attached the assets for recovery of city development tax.

## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against M/s Satra Properties (India) Limited on August 3, 2020. Mr. Devarajan Raman was initially appointed as the Interim Resolution Professional and later confirmed as the Resolution Professional. After the initiation of CIRP, Nagar Nigam Jodhpur (North) issued a letter dated November 28, 2020, to the Corporate Debtor demanding payment of city development tax amounting to Rs. 13,03,231/-. The Resolution Professional informed Nagar Nigam Jodhpur (North) about the CIRP and the moratorium under Section 14 of the IBC via email dated December 1, 2020. Despite this, Nagar Nigam Jodhpur (North) issued another letter dated May 12, 2022, demanding Rs. 15,96,834/- and attached the assets of the Corporate Debtor

…

## Issues and analysis

### Issue 1: Whether the attachment of the Corporate Debtor's assets by the Respondent, Nagar Nigam Jodhpur …

**Ratio:** Section 14 of the Insolvency and Bankruptcy Code (IBC) imposes a moratorium on any action

…

**Reasoning:** The court reasoned that the attachment order passed by the Respondent after the

…

**Interpretation:** Section 14 is interpreted to provide a shield to the corporate debtor against

…

**Application:** In this case, the Respondent's action of attaching the Corporate Debtor's

…

## Parties

- **Judges:** Prabhat…; V.G. B…
- **Appellants:** Satra Properties…
- **Respondents:** M/s Satra…; Nagar Nigam…

## Timeline

- **2020-08-03 — CIRP Init…**: CIRP was initiated…
- **2020-11-28 — Demand for Tax…**: The Respondent addressed a letter to the Corporate Debtor calling for payment of city…

## 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)

---

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/satra-properties-india-limited-67d2e204