Dismissed

In the matter of Indu Projects Limited Intervention Petition No. 30 of 2023 in Ia No. 305-HDB-2023 in Cp (Ib) No. 372-7-HDB-2018

NCLT5 Jul 2023

Case brief

AI extract

What is this about?

In a company insolvency matter, the Tribunal dismissed an intervention petition filed by the Government Corporation. The petitioners sought to exclude specific government-allotted lands from the asset list and cancel the resolution process, but raised no specific prayer for intervention and failed to establish locus standi.

What did the court decide?

The application to intervene and the prayers to exclude land and cancel resolution process were dismissed.

In the matter of Indu Projects Limited Intervention… — Insolvency and Bankruptcy | NCLT (2023)

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NATIONAL COMPANY LAW TRIBUNAL HYDERABAD BENCH, HYDERABAD COURT No.II

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Intervention Petition No. 30 of 2023 in IA No. 305/HDB/2023

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IN CP (IB) No. 372/7/HDB/2018 [ 60(5) of Insolvency and Bankruptcy Code, 2016 r/w rule 11 of the NCLT Rules, 2016)

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In the matter of Indu Projects Limited

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Between The Andhra Pradesh Industrial Infrastructure Corporation Ltd., Represented by its Vice Chairman and Managing Director, APIIC Towers, Plot No. CFC-1,IT Park, Manglagiri, Guntur - 522503

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… Petitioner

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And

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Indu Projects Limited Represented through the Resolution Professional Mr. Anup Kumar Singh Ideal Plaza, S-405, 4^th Floor, 11/1 Sarat Bose Road, Kolkata - 700 020 West Bengal, India.

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M/s Lepakshi Knowledge Hub Ltd., Sy.No. 35/2, 35/1, (Part), 1^st Cross, Ananthapura Village, Singanaykanahalli, Yalahanka, Bengaluru, Karnataka - 500 064, India M/s Earthin Projects Ltd., Address: H.No. 1-1867(B) Velamapalem Chittor AP 517 640 Represented by its Managing Director

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… Respondents

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Date of order : 05/07/2023

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Coram:

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Hon’ble Justice Mrs. Telaprolu Rajani, Member (Judicial) Hon’ble Shri Charan Singh, Member (Technical )

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IA No. 30 of 2022 in I.A No. 305 of 2023 in CP No. 372/7/HDB/2018

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Parties / counsels present :

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For petitioner : Mr. P.H. Pannagasai, Advocate

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For respondent: : Mr. V.V.S.N. Raju

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ORDER

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This application is filed by the Applicant, who is Andhra Pradesh Industrial Infrastructure Corporation Ltd. seeking to a) direct the Respondent No. 1 to exclude the land which was previously allotted to Respondent No. 2in Chilamathur Mandal, AP by the GO A/APIIC from the Asset/Information Memorandum of the Corporate Debtor and the Liquidation Estate of Respondent No. 1/Corporate Debtor and further to restrain the Resolution Professional/Corporate Debtor from dealing with the subject lands in any manner including entering the land and b) to cancel and set aside the Resolution Process, in so far it relates to the subject lands and any Resolution Plan including the transfer of the said land and to effect such deletion in changed Resolution Plan also from Resolution Process carried out afresh in terms of the order passed by this Tribunal, to the extent the same included the subject assets and to pass any necessary orders in the interest of justice.

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It can be seen that though the application is captioned as Intervention Petition, no prayer for intervention is made. At the time of hearing, the applicant did not press for relief against the 3^rd Respondent and the application filed against the Respondent No.3 is dismissed by this Tribunal by virtue of order dated 22/06/2023. The applicant is not a party in I.A. No. 305 of 2023, but, it seeks relief with respect to I.A. No. 305 of 2023, which is not sustainable.

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2.1 We do not opine that traversing to the entire facts is required as the relevant facts would be discussed during the process of adjudicating the issues. The Government authorities allotted some land to the Respondent No. 2 for specific purpose of project implementation within the prescribed

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IA No. 30 of 2022 in I.A No. 305 of 2023 in CP No. 372/7/HDB/2018

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period under SEZ. Even though NOC documents dated 05/09/2009 and 12/05/2020 were withdrawn by the applicant, following the breach of the terms and conditions of MoA, the Government of AP cancelled the allotment of subject assets to Respondent No. 2 vide order in GO MS 44 dated 13/02/2014 and the same was challenged by the Respondent No. 2 in a WP No. 5028 of 2014, which is pending for disposal before the Hon’ble High Court.

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The applicant is trying to mislead the Tribunal by contending that Respondent No. 1 is trying to sell those lands. From the argument of the Resolution Professional and the categorical statement made before the Tribunal that Respondent No. 1 is not trying to sell the lands which are the subject matter of I.A. No. 30 of 2023, we do not find any reason to allow the prayer of the applicant to implead it in I.A. No. 305 of 2023, which is not a prayer in the application. The application itself has not properly formatted and, hence, we dismiss the application.

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Accordingly, I.A. No. 30 of 2023 in IA No. 305/2023 in CP(IB) No. 372/7/Hyd/2018 is dismissed and stands disposed of.

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Sd/Sd/-

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CHARAN SINGH JUSTICE TELAPROLU RAJANI MEMBER (TECHNICAL) MEMBER (JUDICIAL)

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In the matter of Indu Projects Limited Intervention Petition No. 30 of 2023 in Ia No. 305-HDB-2023 in Cp (Ib) No. 372-7-HDB-2018

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In the matter of Indu Projects Limited Intervention Petition No. 30 of 2023 in Ia No. 305-HDB-2023 in Cp (Ib) No. 372-7-HDB-2018

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