# In the matter of Vikram Structures Pvt. Ltd.

> NCLT judgment dated 2023-12-07. Citation: TCN-2023-NCLT-00384. Seven petitioners filed a petition on 2021-12-06 under Sections 213 and 221 of the Companies…

- **Court:** NCLT
- **Order date:** 7 Dec 2023
- **Citation:** TCN-2023-NCLT-00384
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/vikram-structures-pvt-ltd-6ac819f6

## Summary

### Background

Seven petitioners filed a petition on 2021-12-06 under Sections 213 and 221 of the Companies Act, 2013, seeking an investigation into the affairs of Vikram Structures Pvt. Ltd. and related parties. The company was incorporated in 2008 and entered into an arrangement in 2013 with landowners to develop a commercial building (VSPL Pinnacle). A Joint Development Agreement (JDA) was executed, granting the company 50% of the built-up area. A supplementary agreement in 2015 defined the shares. The company allegedly sold more area than it was entitled to, collecting a substantial sum. The petitioners allege fraud, cheating, and violation of an interim restraint order. A CIRP application against the corporate debtor is pending.

## Facts

Vikram Structures Pvt. Ltd. (VSPL) was incorporated on 2008-09-29. In 2013, VSPL entered into a Joint Development Agreement (JDA) with landowners, including B.N. Narayanaswamy and his family, to develop a commercial building named 'VSPL Pinnacle' on a parcel of land measuring 41,702.873 Sq. ft. VSPL was entitled to 50% of the built-up area. A supplementary agreement dated 2015-02-05 defined the shares. VSPL allegedly sold 2,43,037 Sq. Ft. of area, which is almost three times the 82,216.30 Sq. Ft. area it was entitled to sell, collecting Rs. 136,50,19,085. VSPL allegedly executed 164 Sale Deeds or Agreements to Sell. The company is also alleged to have collected huge amounts in cash. VSPL, along with Innovent Spaces Pvt. Ltd. (R-16), entered into a Lease Agreement dated

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## Issues and analysis

### Issue 1: Whether an investigation under Section 213 of the Companies Act, 2013, is possible in respect of a …

**Ratio:** The NCLT can recommend to the Central Government to get the affairs of the company

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**Reasoning:** The NCLT relied on the judgment of Hon'ble NCLAT in Vijay Pal Garg & Ors. Vs. Pooja

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**Interpretation:** Section 213 of the Companies Act, 2013, allows for investigation into a

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**Application:** The NCLT applied this interpretation to the case at hand, determining that

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## Parties

- **Judges:** T. Krishn…; Manoj Kumar…
- **Appellants:** Tahera…
- **Respondents:** Vikram Structures…

## Timeline

- **2008-09-29 — Incorporation of Vikram…**: Vikram Structures Pvt. Ltd. was incorporated…
- **2013-01-01 — Arrangement with…**: The Company entered into an arrangement with owners of a parcel of land to develop a…

## 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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