MANYATA REALLTY Vs. REGISTRAR, NATIONAL COMPANY LAW TRIBUNAL

JUDGEMENT

(1.) The petitioner in W.P.No.26977 of 2023 is a firm - M/s Manyata Reality ('the firm' for short). Petitioners in W.P. No.27032 of 2023 and 27346 of 2023 are the Directors of the said firm. The common stream of challenge in all these petitions is filing of petition before the National Company Law Tribunal ('the Tribunal' for short) invoking Sec. 95 of the Insolvency and Bankruptcy Code ('the Code' for short).

(2.) Heard Sri C.K. Nandakumar and Sri Om Prakash, learned senior counsel appearing for the petitioners, Sri M.S. Shanthi Bhushan, learned Deputy Solicitor General of India appearing for respondent No.1 and Sri M.S. Shyam Sundar, learned senior counsel appearing for respondent No.2.

(3.) The petitioner/firm is a developer/Infrastructure Development business hub. On 23/12/2009 the firm enters into a memorandum of understanding between the land owners of certain properties with the 2nd respondent. The 2nd respondent is Buoyant Technology Constellation Private Limited (hereinafter referred to as 'the Company' for short). Between 2010 and 2015 the respondent/Company appears to have entered into distinct Joint Development Agreements on various dates for implementing the joint development of lands as contemplated under the memorandum of understanding. The dispute arose between the two. The petitioner and Manyata Infrastructure Development, a private entity issues a notice to the respondent/Company regarding termination of Joint Development Agreement, quantifying damages and calling upon the 2nd respondent to pay such damages, in view of the breach of agreement by the respondent/Company and the resultant losses suffered by the petitioners. The petitioner/firm then issues a notice for arbitration to the respondent/Company on 10/10/2022. On 17/10/2022 the respondent/Company replies nominating its Arbitrator for the purpose of arbitration. On 5/12/2022 the petitioner/firm files a claim before the Arbitral Tribunal and on 25/1/2023 the respondent/Company files its counter claim for repayment of the loan with interest in terms of a particular loan agreement of the year 2012. Objections to the counter claim and rejoinder to the objections were all filed before the Arbitral Tribunal.