# In the matter of Unishire Lifestyle Dwellings LLP

> NCLT judgment dated 2024-01-31. Citation: TCN-2024-NCLT-02838. Parag Finlease Pvt. Ltd. filed an application against the Resolution Professional (RP) of…

- **Court:** NCLT
- **Order date:** 31 Jan 2024
- **Citation:** TCN-2024-NCLT-02838
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/unishire-lifestyle-dwellings-llp-087c93f4

## Summary

### Background

Parag Finlease Pvt. Ltd. filed an application against the Resolution Professional (RP) of Unishire Lifestyle Dwellings LLP, seeking to set aside the approval of a resolution plan and to admit its entire claim. Parag Finlease had invested in Unishire's 'Unishire Triumph' project, with agreements entitling them to a minimum dividend and security in the form of residential units. Disputes arose when Unishire failed to pay dividends, and cheques issued were dishonored. Parag Finlease filed a claim in the CIRP, but the RP admitted only a partial amount, leading to the application to the NCLT.

## Facts

Parag Finlease Pvt. Ltd. invested in Unishire Lifestyle Dwellings LLP's 'Unishire Triumph' project based on agreements dated 23.02.2016, entitling them to a 2% monthly compounded quarterly dividend and security in residential units. The total investment was Rs. 50,00,000 initially, later increased by another Rs. 50,00,000. Unishire failed to pay dividends, and cheques issued in 2019 were dishonored. Other financial creditors initiated insolvency proceedings, leading Parag Finlease to file a claim of Rs. 2,55,99,013 as of 08.03.2022. The RP admitted only Rs. 1,13,92,008, rejecting a significant portion. Parag Finlease claimed an additional Rs. 50,00,000 cash payment made on 19.01.2016, supported by promissory notes and cheques, but the RP rejected this claim, citing

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## Issues and analysis

### Issue 1: Whether the Resolution Professional (RP) was justified in rejecting a portion of the claim …

**Ratio:** The RP has a duty to verify claims based on the books of accounts of the Corporate Debtor

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**Reasoning:** The NCLT found that the RP had undertaken an examination of the books of accounts of the

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**Interpretation:** This highlights the importance of maintaining accurate and verifiable records

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**Application:** In this case, the RP's decision to reject the claim was upheld because the cash

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## Parties

- **Judges:** K. Bi…; Manoj Kumar…
- **Appellants:** M/s. Parag…
- **Respondents:** M/s. Unishire…; Ratnakar…

## Timeline

- **2016-02-23 — Agreements between Parag…**: Two Memorandum of Understanding were executed between Parag Finlease and Unishire…
- **2019-01-15 — Cheques issued by…**: The Corporate Debtor issued five cheques…

## 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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