# In the matter of SPG Global Distribution Private Limited

> NCLT judgment dated 2023-06-02. Citation: TCN-2023-NCLT-03095. The case involves applications IA 937/2020 and IA 958/2020 filed in CP (IB) No.…

- **Court:** NCLT
- **Order date:** 2 Jun 2023
- **Citation:** TCN-2023-NCLT-03095
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/spg-global-distribution-private-limited-e2d33153

## Summary

### Background

The case involves applications IA 937/2020 and IA 958/2020 filed in CP (IB) No. 254/Chd/Hry/2019 under Section 60(5) of the Insolvency and Bankruptcy Code (IBC), 2016. IA 937/2020 was filed by the Resolution Professional (RP) of SPG Global Distribution Private Limited against Sh. Ramesh Singh Rawat, seeking direction to vacate a property. IA 958/2020 was filed by the same RP against DCB Bank Limited, seeking the release of fees for the RP, law retainer, and other professionals. The corporate debtor, SPG Global Distribution Private Limited, had entered into an agreement to sell with Ramesh Singh Rawat for a property, but disputes arose regarding the completion of the sale and payment. After the initiation of CIRP, Rawat filed a claim, which was rejected. The RP sought

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## Facts

SPG Global Distribution Private Limited (Corporate Debtor) entered into an Agreement to Sell dated 2018-03-31 with Sh. Ramesh Singh Rawat (Respondent) for properties consisting of the entire first floor (Property No. 1) and a room on the third floor (Property No. 2) at Nehru Ground, NIT, Faridabad, for a total consideration of Rs. 75,00,000. A Memorandum of Understanding (MoU) dated 2018-09-05 extended the deadline for full payment, failing which the agreement would terminate. After the initiation of CIRP, Rawat filed a claim of Rs. 60,80,000, which was rejected by the Resolution Professional (RP). The RP sent a notice dated 2020-09-23 for the vacation of the premises, but Rawat failed to comply. Rawat claimed possession based on the Agreement to Sell and alleged that

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## Issues and analysis

### Issue 1: Whether the respondent, Sh. Ramesh Singh Rawat, should be directed to vacate the properties in …

**Ratio:** Section 25 of the Insolvency and Bankruptcy Code (IBC), 2016, mandates the Resolution

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**Reasoning:** The court reasoned that the agreement to sell between the corporate debtor and the

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**Interpretation:** Section 25 of the IBC grants the RP broad powers to manage and protect the

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**Application:** Given that the sale was incomplete and the respondent's possession hindered the

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## Parties

- **Judges:** Harnam Singh…; SUBRATA KUM…
- **Appellants:** Abhimanyu J…
- **Respondents:** SPG Global…

## Timeline

- **2018-03-31 — Agreement t…**: SPG Global Distribution Private Limited entered into an Agreement to Sell with Ramesh…
- **2018-09-05 — Memorandum of…**: An MoU was executed extending 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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