# In the matter of Shree Ram Urban Infrastructure Limited

> NCLT judgment dated 2024-09-04. Citation: TCN-2024-NCLT-00676. This case involves an application (IA No. 614/2023) filed by IIRF India Realty XII Ltd. and…

- **Court:** NCLT
- **Order date:** 4 Sept 2024
- **Citation:** TCN-2024-NCLT-00676
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/shree-ram-urban-infrastructure-limited-71c8e9ba

## Summary

### Background

This case involves an application (IA No. 614/2023) filed by IIRF India Realty XII Ltd. and Vistra ITCL (India) Ltd. (formerly known as IL&FS Trust Co. Ltd.) in the Corporate Insolvency Resolution Process (CIRP) of Shree Ram Urban Infrastructure Ltd. The applicants are seeking a declaration that the rejection of their claims by the Resolution Professional (RP) was illegal, a direction that the RP not interfere with their claim, ad-interim reliefs, and a declaration that they are financial creditors with a legitimate claim of Rs. 1486,12,03,644/-.

## Facts

The Corporate Debtor, Shree Ram Urban Infrastructure Ltd., was admitted into CIRP on 06.11.2019. IIRF India Realty XII Ltd. and Vistra ITCL (India) Ltd. (the Applicants) invested Rs. 299,99,99,777/- between 2009 and 2012 for the construction of the Corporate Debtor's Palais Royale Project. This investment was made through subscription of 550 equity shares and 5,09,318 preference shares of SRM Sites Pvt. Ltd., a 100% subsidiary of the Corporate Debtor. The funds were channelled as private equity investment under four Share Subscription Agreements (SSHAs) and four Transfer Options Agreements (TOAs). The Applicants filed a claim for Rs. 1486,12,03,644/- with the RP on 06.12.2020, which was rejected on 17.06.2022. The Applicants invoked their put option on 07.01.2013, but

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## Issues and analysis

### Issue 1: Whether the Applicants' …

**Ratio:** Regulation 12(1) of the Insolvency And Bankruptcy Board Of India (Insolvency Resolution

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**Reasoning:** The tribunal found that the request for resolution plan had not yet been issued.

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**Interpretation:** This regulation provides a window for creditors to submit claims even after the

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**Application:** Since the request for a resolution plan had not been issued, the Applicants'

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## Parties

- **Judges:** V.G. B…; Prabhat…
- **Appellants:** IIRF India Realty…
- **Respondents:** Shree Ram Urban…; Srigopal Ch…

## Timeline

- **2019-11-06 — CIRP Admi…**: The Corporate Debtor…
- **2020-10-07 — CoC Consti…**: The Resolution Professional constituted the Committee of Creditors (CoC) of the Corporate…

## 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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