The Tribunal allowed a transfer application seeking consolidation of CIRP proceedings filed against multiple borrowers arising from a single loan facility, which were listed before different benches of the NCLT Chennai to ensure joint adjudication.
Transfer application TA (IBC)-64(PB)/2022 allowed for consolidation of connected CIRP matters.
This page shows the compact analysis of this judgement. The full analysis — procedural history, issue-by-issue holdings with ratio and obiter, advocates, and paragraph-level evidence for every claim — is being added to the record in batches and will appear here when this judgement has been through it.
IN THE NATIONAL COMPANY LAW TRIBUNAL
PRINCIPAL BENCH, NEW DELHI
TA (IBC)-64(PB)/2022
Under Rule 16(d) of the NCLT Rules, 2016.
IN THE MATTER OF:
M/s PIRAMAL CAPITAL AND HOUSING FINANCE LIMITED (formerly known as Devan Housing Finance Corporation Limited) …Applicant
Versus
M/s NELLAI REALTORS PRIVATE LIMITED
…Respondent
Order Pronounced on: 12.01.2023
CORAM:
JUSTICE RAMALINGAM SUDHAKAR, HON'BLE PRESIDENT
PRESENT:
For the Applicant
: Ms. Deepika Murali, Adv
ORDER
Per Oral: JUSTICE RAMALINGAM SUDHAKAR
Page 1 of 4
TA (IBC)-64(PB)/2022.
M/s Piramal Capital and Housing Finance Limited (formerly known as Devan Housing Finance Corporation Limited) versus M/s Nellai Realtors Private Limited
Realtors Private Limited “Respondent” under Rule 16(d) of the NCLT Rules, 2016 seeking the following reliefs:
TA (IBC)-64(PB)/2022.
M/s Piramal Capital and Housing Finance Limited (formerly known as Devan Housing Finance Corporation Limited) versus M/s Nellai Realtors Private Limited
Subsequent to such classification, the Borrowers continued to make payments towards the EMIs for the said Loan Account albeit, not regularly.
Page 3 of 4
TA (IBC)-64(PB)/2022. M/s Piramal Capital and Housing Finance Limited (formerly known as Devan Housing Finance Corporation Limited) versus M/s Nellai Realtors Private Limited
-Sd/-
(RAMALINGAM SUDHAKAR) PRESIDENT
Page 4 of 4
TA (IBC)-64(PB)/2022. M/s Piramal Capital and Housing Finance Limited (formerly known as Devan Housing Finance Corporation Limited) versus M/s Nellai Realtors Private Limited
3 issues framed by the court
Whether a transfer application for consolidation of proceedings before different benches of the NCLT should be allowed in the interest of justice.
Whether connected CIRP matters arising out of a single loan account should be heard together to avoid conflicting orders.
Whether the present transfer application should be allowed to ensure better adjudication of the connected matters.
1 provisions across 1 enactments
M/s PIRAMAL CAPITAL AND HOUSING FINANCE LIMITED
M/s NELLAI REALTORS PRIVATE LIMITED
RAMALINGAM SUDHAKAR
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
