# In the matter of Worlds Window Infrastructure & Logistics Private Limited IA. No. 3114-ND-2023 in Company Petition No. (IB)-943-(PB)-2020

> NCLT judgment dated 2023-07-04. Citation: TCN-2023-NCLT-02694. The case involves an application (IA No. 3114/ND/2023) filed in connection with a corporate…

- **Court:** NCLT
- **Order date:** 4 Jul 2023
- **Citation:** TCN-2023-NCLT-02694
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/worlds-window-infrastructure-logistics-private-limited-ia-no-3114-nd-2023-in-com-301e216c

## Summary

### Background

The case involves an application (IA No. 3114/ND/2023) filed in connection with a corporate insolvency resolution process (CIRP) initiated against Worlds Window Infrastructure & Logistics Private Limited. The applicant, Srei Infrastructure Finance Limited, raised concerns about the sale of equity shares held by the Corporate Debtor (Worlds Window) in Sanjvik Terminals Private Limited by Respondent No. 2, alleging that the sale occurred during a moratorium period imposed by the Adjudicating Authority. The applicant contends that Respondent No. 2 did not inform the Committee of Creditors (CoC) about the sale of these shares. The applicant sought directions from the Adjudicating Authority to compel Respondent No. 2 to hand over the sale proceeds of the shares.

## Facts

Srei Infrastructure Finance Limited filed an application (IA No. 3114/ND/2023) concerning the corporate insolvency resolution process (CIRP) of Worlds Window Infrastructure & Logistics Private Limited. Srei Infrastructure Finance Limited, as the applicant, alleged that Respondent No. 2 sold equity shares held by the Corporate Debtor in Sanjvik Terminals Private Limited during the moratorium period imposed by the Adjudicating Authority. The applicant claimed that Respondent No. 2 did not inform the Committee of Creditors (CoC) about the sale of 4,52,809 equity shares. The sale allegedly violated Section 14 of the IBC, 2016, which prohibits the enforcement of security interests created by the Corporate Debtor during the moratorium. Respondent No. 2 argued that they

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## Issues and analysis

### Issue 1: Whether the sale of equity shares held by the Corporate Debtor in Sanjvik Terminals Private Limited …

**Ratio:** Section 14 of the IBC, 2016, imposes a moratorium on the enforcement of security

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**Reasoning:** The Adjudicating Authority considered the provisions of Section 14 of the IBC, 2016,

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**Interpretation:** Section 14 of the IBC is interpreted to provide a general prohibition on the

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**Application:** In this case, the Adjudicating Authority found that the MCA order and the terms

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## Parties

- **Judges:** Sh. Ashok Kumar…; L. N. G…
- **Appellants:** SREI Infrastructur…
- **Respondents:** Worlds Window…

## Timeline

- **2020-01-30 — SO 464(E) issu…**: The Ministry of Corporate Affairs (MCA) issued order SO 464(E), which was cited by the…
- **2022-03-07 — Moratorium…**: Order passed by the Adjudicating Authority imposing a moratorium under Section 14 of the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 74 — Punishment for contravention of moratorium or the…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-74)

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