# In the matter of Unishire Housing LLP

> NCLT judgment dated 2023-09-14. Citation: TCN-2023-NCLT-01612. The document pertains to applications filed under the Insolvency and Bankruptcy Code, 2016 (I&B…

- **Court:** NCLT
- **Order date:** 14 Sept 2023
- **Citation:** TCN-2023-NCLT-01612
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/unishire-housing-llp-2bbe3eb3

## Summary

### Background

The document pertains to applications filed under the Insolvency and Bankruptcy Code, 2016 (I&B Code) before the National Company Law Tribunal (NCLT), Bengaluru. The applications relate to the liquidation process of M/s Unishire Housing LLP and involve the sale of assets and development rights to realize the dues of creditors and homebuyers. The case involves multiple IAs, including I.A No. 122/2023 and I.A No. 306/2023, filed by the Liquidator seeking permission to sell properties and cancel agreements.

## Facts

M/s. VSL Securities Private Limited filed a petition against M/s Unishire Housing LLP under Section 7 of the I&B Code, 2016. The Liquidator filed I.A No. 122/2023 seeking permission to sell 58% development rights owned by Unishire Housing LLP in the Xelix Hennure project, free from encumbrances, to Respondents NO.1 to 9, based on a sale notice dated 2.10.2020. The Liquidator also sought directions for Respondents No.1 to 9 to cooperate in realizing the development rights and to cancel agreements between Xelix Hennur homebuyers and the Corporate Debtor/Landowners. The Liquidator also filed I.A No. 306/2023 seeking permission to sell property bearing Sy. No.11/2, 11/4, 11/5 & 11/6 situated at Gottigere Village, Uttarahalli Hobli, Bengaluru South Taluk,

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## Issues and analysis

### Issue 1: Whether the Liquidator should be permitted to sell the 58% Development rights owned by M/s. …

**Ratio:** Section 35(1)(f) of the I&B Code empowers the liquidator to sell the immovable and

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**Reasoning:** The NCLT considered the facts and circumstances of the case and the submission made by

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**Interpretation:** Section 35(1)(f) of the I&B Code grants broad powers to the liquidator to

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**Application:** The NCLT applied the provisions of Section 35(1)(f) to the facts of the case

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## Parties

- **Judges:** (Retd.) T.…; Manoj Kumar…
- **Appellants:** M/s. VSL Securitie…
- **Respondents:** Unishire Housing…; M/s Unishire…

## Timeline

- **2020-10-02 — Sale Notic…**: Sale notice date for the 58% Development rights owned by Unishire Housing LLP in the…
- **2015-05-14 — Joint Development…**: Date of the Joint Development Agreement (JDA) registered as document bearing No.…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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