# In the matter of Kranthi Edifice Private Limited

> NCLT judgment dated 2025-03-10. Citation: TCN-2025-NCLT-01088. The case involves an application filed by the Resolution Professional (RP) of Kranthi Edifice…

- **Court:** NCLT
- **Order date:** 10 Mar 2025
- **Citation:** TCN-2025-NCLT-01088
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-hyderabad/kranthi-edifice-private-limited-6510b616

## Summary

### Background

The case involves an application filed by the Resolution Professional (RP) of Kranthi Edifice Private Limited, a Corporate Debtor, under Section 60(5) of the Insolvency and Bankruptcy Code, 2016 (IBC), seeking attachment of the bank accounts of the respondents, Sri Bhagawan Mahaveer Educational & Cultural Trust and Mr. Suresh Kumar Reddy, for non-payment of lease rentals.

## Facts

The Corporate Debtor, Kranthi Edifice Private Limited, was admitted into Corporate Insolvency Resolution Process (CIRP) on 27.06.2022.

Kalpana G is the Resolution Professional of Kranthi Edifice Private Limited.

Sri Bhagawan Mahaveer Educational & Cultural Trust (Respondent No. 1) operates a school named 'Jain Heritage - A Cambridge School' on the Corporate Debtor's property.

Respondent No. 1 had leased the property from the Corporate Debtor vide lease deed dated 04.11.2009 at a monthly rent of Rs. 4,00,000/-.

Respondent No. 1 claimed to have invested Rs. 10 crores in developing the property and that the Corporate Debtor agreed to deduct this investment from the payable rent.

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## Issues and analysis

### Issue 1: Whether the relief as sought by the applicant to create a lien/attachment over the bank accounts of …

**Ratio:** Section 424(3) of the Companies Act, 2013, allows the Tribunal to enforce its orders in

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**Reasoning:** The respondents failed to comply with previous orders to deposit outstanding lease

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**Interpretation:** The Tribunal has the power to enforce its orders by attaching the bank accounts

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**Application:** The Tribunal directed the attachment of the bank accounts of the respondents

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## Parties

- **Judges:** Venkata Ramakrishn…; SH. CHARAN…
- **Appellants:** Syndicate…; Ms.Kalp…
- **Respondents:** Kranthi Edifice…; M/s Kranthi…; +2 more
- **Advocates:** Mummaneni Vazra…; Bokaro Lokeshwar…

## Timeline

- **2009-11-04 — Lease De…**: Lease deed between Corporate Debtor and Respondent No. 1 at a monthly rent of Rs.…
- **2022-06-27 — CIRP Admi…**: Corporate Debtor admitted into Corporate…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 14 — Moratorium](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-14)

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