# In the matter of Sincere Securities Private Limited & Ors. vs. Chandrakant Khemka & Ors.

> SC judgment dated 2025-08-05. Citation: TCN-2025-SC-00084. The case involves a dispute over the possession of property owned by Sincere Securities Private…

- **Court:** SC
- **Order date:** 5 Aug 2025
- **Citation:** TCN-2025-SC-00084
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/supreme-court-of-india/sincere-securities-private-limited-ors-vs-chandrakant-khemka-ors-b87857ca

## Summary

### Background

The case involves a dispute over the possession of property owned by Sincere Securities Private Limited & Ors. (appellants) which was leased to Nandini Impex Private Limited (corporate debtor). Nandini Impex Private Limited defaulted on loan repayments, leading to conveyance deeds transferring the property to the appellants. Subsequently, a corporate insolvency resolution process (CIRP) was initiated against Nandini Impex Private Limited by UCO Bank.

## Facts

On 13.02.2019, Nandini Impex Private Limited executed a Memorandum of Understanding with Noble Dealcom Private Limited and Jodhpur Properties and Finance Private Limited for financial assistance of ₹3 crores, secured by deposit of title deeds.

On 15.02.2019, Nandini Impex Private Limited executed a Memorandum of Understanding with Sincere Securities Private Limited for a loan of ₹3 crores, secured by deposit of title deeds.

Nandini Impex Private Limited defaulted on loan repayments, leading to conveyance deeds transferring the property to the appellants on 27.02.2020.

UCO Bank initiated CIRP against Nandini Impex Private Limited under Section 7 of the IBC, admitted on 20.09.2022.

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## Issues and analysis

### Issue 1: Whether Section 14(1)(d) of the IBC bars the return of property to the appellants when the CoC and …

**Ratio:** Section 14(1)(d) of the IBC prohibits the recovery of any property by an owner or lessor

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**Reasoning:** The court reasoned that this was not a simple case of the owner seeking recovery of

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**Interpretation:** The court interpreted Section 14(1)(d) in light of the specific circumstances

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**Application:** The court held that the moratorium under Section 14(1)(d) should not be applied

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## Parties

- **Judges:** Sanjay…; SATISH CHANDRA…
- **Appellants:** Sincere Securities…; Noble Dealcom…; +1 more
- **Respondents:** Nandini Impex…; Chandrakant…; +1 more
- **Other parties:** Over Tu…; PratimB…

## Timeline

- **2019-02-13 — MOU Exec…**: Nandini Impex Private Limited executed a Memorandum of Understanding with Noble Dealcom…
- **2019-02-15 — MOU Exec…**: Nandini Impex Private Limited executed a Memorandum of Understanding with Sincere…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 62 — Appeal to Supreme Court](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-62)

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