Allowed

In the matter of Mkhs Realty LLP Rst.a (Ib) No.8-KB-2023 in C.P (Ib) No.1878-KB-2019

NCLT11 May 2023

Case brief

AI extract

What is this about?

Reliance Home Finance Limited filed an application to revive a dismissed corporate insolvency resolution process against MKHS Realty LLP following a prior recall order that had freed the debtor from CIRP due to a settlement between other parties. The Tribunal allowed the application, granted revival and substitution of the interim resolution professional, and listed the main case for hearing.

What did the court decide?

Revival of C.P. (IB) No. 1878/KB/2019; substitution of Mr. Gautam Singhal as Interim Resolution Professional; disposal of the revival application.

In the matter of Mkhs Realty LLP Rst.a (Ib) No.8-KB-2023… — Insolvency and Bankruptcy | NCLT (2023)

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IN THE NATIONAL COMPANY LAW TRIBUNAL, KOLKATA BENCH- II

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KOLKATA

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RST.A (IB) No.8/KB/2023

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C.P (IB) No.1878/KB/2019

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In the matter of

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An application under Section 11 of the National Company Law Tribunal Rules, 2016 .

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And

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In the matter of :

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Reliance Home Finance Limited … Financial Creditor Applicant

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Versus

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MKHS Realty LLP … Corporate Debtor/Respondent

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Date of hearing :24/04/2023 Order Pronounced on :11/05/2023

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Coram:

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Mrs. Bidisha Banerjee, Member (Judicial) Mr. Balraj Joshi, Member (Technical)

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Counsels appeared through Physically/ Video Conference

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Mr.Ajit Kumar Mishra, Adv. ] For the Applicant/ Petitioner Mr.Abhishek Dey,Adv. ] Mr.Bhishma Pratap Singh,Adv. ]

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IN THE NATIONAL COMPANY LAW TRIBUNAL, KOLKATA BENCH, KOLKATA

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RST.A(IB) No. 8/KB/2023

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C.P (IB) No.1878/KB/2019

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O R D E R

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Per: Bidisha Banerjee, Member (Judicial)

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Heard Ld. Counsel for the parties.

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On 07/06/2022, this Adjudicating Authority in CP(IB) No. 1878/ KB/2019 passed the following order:

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“ It is submitted that the Corporate Debtor, MKHS Realty LLP is undergoing CIRP vide order dated 24/05/2022 passed in CP(IB)/279(KB)/2020 [CBRE South Asia Private Limited- vsMKHS Realty LLP] by Bench No.1. In view of this, the present petition cannot be proceeded with. The Financial Creditor, in this petition, may file its claim before the IRP appointed in CP(IB)/279(KB)2020. Therefore, the present petition stands disposed of with liberty to the Financial Creditor to make an application for its revival, in case there is any settlement between the parties in CP(IB)/279(KB)/2020” .

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Vide its order dated 15/06/2022, this Adjudicating Authority was pleased to recall its order dated 24/05/2022 and free the Corporate Debtor from the rigours of the CIRP in view of the fact that parties in C.P (IB)/279(KB)/2020 i.e. M/s CBRE South Asia Private and M/s MKHS Realty LLP had settled the matter. The said CP (IB)/279(KB)/2020 was dismissed as withdrawn, and the IRP discharged.

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Emboldened by the above/said liberty granted on 07/06/2022, this application has been preferred to seek the following reliefs inter alia;

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i. Allow the present application;

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ii. Revive the C.P.(IB) No. 1878/KB/2019 filed by the applicant against the Corporate Debtor i.e. M/s MKHS Realty LLP;

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iii. Substitute the name of Mr. Gautam Singhal, Insolvency Professional having IBBI Regn.No. LBBL/IPA-001/IPP01437/2018-2019/12240 to act as Interim Resolution

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Page 2 of 3

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IN THE NATIONAL COMPANY LAW TRIBUNAL, KOLKATA BENCH, KOLKATA

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RST.A(IB) No. 8/KB/2023

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C.P (IB) No.1878/KB/2019

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Professional In the present matter in place of earlier proposed Insolvency Professional;

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iv. Ad-interim orders in terms of the prayers above.

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Since this Adjudicating Authority had permitted to seek revival of CP (IB)1878/KB/2019, we feel that this application should be allowed.

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Hence, prayers (i) to (iii) are granted.

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Accordingly, RST.A (IB) No.8/KB/2023 is disposed of.

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List the CP for hearing on 02/06/2023.

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(Balraj Joshi) Member (Technical)

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(Bidisha Banerjee) Member (Judicial)

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Order signed on this, the11th day of May , 2023

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PJ.

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Page 3 of 3

In the matter of Mkhs Realty LLP Rst.a (Ib) No.8-KB-2023 in C.P (Ib) No.1878-KB-2019

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In the matter of Mkhs Realty LLP Rst.a (Ib) No.8-KB-2023 in C.P (Ib) No.1878-KB-2019

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