# In the matter of Phadnis Properties Ltd.

> NCLT judgment dated 2025-07-11. Citation: TCN-2025-NCLT-00801. The applicant, Prabhat Ranjan, filed an application under Section 60(5) of the Insolvency and…

- **Court:** NCLT
- **Order date:** 11 Jul 2025
- **Citation:** TCN-2025-NCLT-00801
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-mumbai/phadnis-properties-ltd-d363063c

## Summary

### Background

The applicant, Prabhat Ranjan, filed an application under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, seeking a declaration that a specific plot of land (Plot No. R-05) is not part of the liquidation estate of Phadnis Properties Limited (Corporate Debtor). The applicant had entered into a Development Agreement with the Corporate Debtor for the development of the property.

## Facts

Mr. Prabhat Ranjan filed an application seeking a declaration that a specific plot of land is not part of the liquidation estate of Phadnis Properties Limited.

The applicant had entered into a Development Agreement with the Corporate Debtor for the development of the property.

The Corporate Debtor was admitted into CIRP, and subsequently, liquidation proceedings were initiated.

The applicant issued a notice for termination of the Development Agreement during the liquidation period.

The Corporate Debtor had mortgaged the property in favor of Respondent No.3.

The applicant claims that the property is still owned by him and should not be included in the liquidation estate.

…

## Issues and analysis

### Issue 1: Whether the land at Plot No. R-05 forms part of the liquidation estate of the Corporate Debtor, …

**Ratio:** The right remaining with the Applicant is a restricted ownership which is not sufficient

…

**Reasoning:** The Applicant granted development rights on the said Property to the Corporate Debtor.

…

**Interpretation:** Development Rights are covered by the definition of Property under Section 3

…

**Application:** The NCLT applied the definition of 'property' under Section 3(27) of the IBC to

…

## Parties

- **Judges:** ANIL RAJ C…; K. R. SAJI…
- **Appellants:** Prabhat R…
- **Respondents:** M/s. Phadnis…; Milind Kas…; +2 more
- **Other parties:** Pramod Kapse and…
- **Advocates:** Punit Dutt…; Smriti…; +4 more

## Timeline

- **16.06.2011 — Development A…**: Applicant entered into a Development…
- **14.09.2017 — CIRP Admi…**: Corporate Debtor was admitted into Corporate…

## 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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