VICTORY IRON WORKS LIMITED Vs. JITENDRA LOHIA

JUDGEMENT

(1.) These appeals arise out of a common Order passed by the National Company Law Appellate Tribunal[1] Principal Bench dismissing two independent appeals filed by the appellants herein, against an Order of the National Company Law Tribunal[2], thereby confirming an order of the Adjudicating Authority, in two applications, in the course of the Corporate Insolvency Resolution Process[3].

(2.) We have heard the learned counsel for the parties.

(3.) The subject matter of controversy in these appeals is the land of an extent of about 10.19 acres at Ramrajatala Station Road, Howrah, West Bengal. M/s Energy Properties Private Limited[4] which is the appellant in CA No.1782 of 2021 is the ostensible owner of the said property, in whose name the title stands. Avani Towers Private Limited, which is the Corporate Debtor in respect of whom CIRP has been initiated, not only provided finance to Energy Properties, for the purchase of the said property, but also holds 40% of the share capital in Energy Properties, apart from holding a Joint Development Agreement with Energy Properties in respect of the property in question.