Comp. CC006000000193846
BEFORE THE MAHARASHTRA REAL ESTATE REGULATORY
AUTHORITY, MUMBAI
Virtual Hearing held through video conference as per
MahaRERA Circular No.: 27/2020

Complaint No. CC006000000193846

1. Pankaj B Panchal

2. Aditi P. Panchal
...Complainants
Vs
Neptune Ventures and Developers Pvt. Ltd.
...Respondent

MahaRERA Project Registration No. P51800007428

I N T E R I M O R D E R
(26.11.2024)
(Date of Hearing: 24.10.2024)

Coram: Shri. Ravindra Deshpande, Hon’ble Member II, MahaRERA

Adv. Jayashri Gilra for Complainants
None for Respondent

1. The Respondent has filed the present application requesting this Authority to
temporarily suspend the matter and/or to keep the matter under abeyance
and to give direction to the Complainants to approach the Insolvency
Professional by submitting their claim in light of admission of the Respondent
herein into Corporate Insolvency Resolution Process (hereinafter referred to as
“CIRP”), vide an order dated 26.08.2022 passed by the Learned National
Company Law Tribunal, Mumbai (hereinafter referred to as “NCLT”) in
accordance with the provisions of the Insolvency and Bankruptcy Code, 2016
(hereinafter referred to as “IBC Code”).

2. The brief facts of the application filed by the Respondent are as follows:-
a. that Company Petition CP(IB) No. 3960/MB/2019 was filed before NCLT
by Kavita Rajesh Chaturvedi against the Respondent herein, under Section
7 of the IBC Code to initiate CIRP. The above said Company petition was
allowed, and initiation of CIRP was ordered against the Respondent herein
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Comp. CC006000000193846
vide Order dated 26.08.2022.
b. that
Central
Bank
of
India
had
filed
an
Application
No.
CP(IB)/230/MB/2022 under section 95 of the IBC Code against Mr. Sachin
Deshmukh, one of the directors of the Respondent and Application No.
CP(IB)/422/MB/2022 under section 95 of the IBC Code against Mr. Nayan
Bheda, one of the directors of the Respondent, wherein, vide Order dated

09. 06.2022 NCLT has admitted the said applications against Mr. Sachin
Deshmukh and Mr. Nayan Bheda, respectively.
c. the provisions of Section 238 of IBC Code overrides other law and shall
have effect, notwithstanding anything inconsistent therewith contained in
any law for the time being in force or any instrument having effect by
virtue of any such Law.

3. The Complainants have filed reply to the said application of the Respondent.
The brief facts of the reply of the Complainants are as follows:-
a. That the Complainants deny to accept and admit the application filed by
the Resolution Professional.
b. that the Resolution Professional failed to serve the published notice on the
Complainants as per the section 13 of IBC Code intimating initiation of
CIRP against the Respondent and to call for the submission of claims under
section 15
c. A

JUDGMENT

of the Hon’ble Bombay High Court dated 09.03.2020 passed in
the Writ Petition No. 3221 of 2020 Marvel Sigma V/s. Rustom Mehta was
relied upon by the Complainants and requested to reject the application
filed by the Resolution Professional and to pass the necessary orders as per
the prayers of the Complainants.

4. The said application was heard by this Authority on 24.10.2024, when, the
advocate for the Complainant appeared and the Respondent remained absent
even though the notice of hearing and the link of hearing was duly served
upon the Respondent.
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Comp. CC006000000193846

5. After perusing the application filed by the Respondent and the reply filed by
the Complainants, a search was undertaken on the website of the Insolvency
and Bankruptcy Board of India, at which time, MahaRERA noticed that vide
an order dated 26.08.2022, NCLT had passed an order in the above mentioned
Company Petition against the Respondent herein, thereby admitting the
Respondent into CIRP in accordance with the provisions of the IBC Code. In
pursuance whereof, the present application was filed by the Respondent
before this Authority in the month of November 2022.

6. This
Authority
has
also
perused
the


JUDGEMENT


relied
upon
by the
Complainants namely Marvel Sigma v/s Rustom Mehta passed by the
Hon’ble Bombay High Court in Interim Application (ST) No. 2044 of 2021 filed
in Writ Petition (L) No. 3221 of 2020, which Application was filed by the
Corporate
Debtor,
the
Respondent
Applicant
therein
challenging
the
maintainability of the Writ Petition inter alia on the ground that the Petitioner
in the Writ Petition had also filed a claim before the NCLT. Whilst deciding the
said application, the Hon’ble High Court has held that the filing of an
Application by the Petitioner – Financial Creditor under Section 7 of the IBC,
which is pending adjudication, does not in any way affect the maintainability
of Writ Petition filed before it and dismissed the application filed by the
Corporate Debtor, the Respondent Applicant therein. Whilst concluding the
issue of maintainability of Writ Petition in light of Petitioner’s therein filing
Section 7 Company Petition under the IBC Code, the Hon’ble Bombay High
Court has held that filing of a Section 7 Petition under the IBC Code by the
Petitioner does not affect its rights to seek monetary reliefs under the Real
Estate (Regulation and Development) Act, 2016 (hereinafter referred to as
“said Act”) and under the Writ Petition which was filed before the Hon’ble
Bombay High Court in view of the alleged failure of the authorities to take
effective steps for recovery of the amount directed to be paid to the Petitioner,
and answered the said issue in negative. The facts in the said case before the
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Comp. CC006000000193846
Hon’ble Bombay High Court and the present case differs since in the case
before the Hon’ble Bombay High Court, Section 7 Company Petition was filed
before the NCLT by the Petitioner in the Writ Petition and was pending
adjudication. However, in the present case, at the very outset, Complainants
herein have not filed the Company Petition under the IBC Code. Secondly,
Section 7 Company Petition filed in the case before the Hon’ble Bombay High
Court was pending adjudication and in the present case, Section 7 Company
Petition filed against the Respondent herein is already adjudicated and
decided by allowing initiation of CIRP process against the Respondent, hence,
the Order dated 26.08.2022 passed by NCLT against the Respondent is
applicable in the present case.

7. However, whilst taking the search on the website of the Insolvency and
Bankruptcy Board of India, it was also noticed that vide an order dated

25. 01.2023, the National Company Law Appellate Tribunal (hereinafter
referred to as “NCLAT”) set aside the order dated 26.08.20222 passed by NCLT
whereby the CIRP process was initiated against the Respondent in terms of the
settlement between the Petitioner therein and Sachin Manohar Deshmukh, one
of the directors of the Respondent herein. The Respondent neither appeared
before this Authority for a single hearing nor disclosed the fact that the order
dated 26.08.2022 passed by the NCLT was set aside by the NCLAT and hence,
on account of setting aside the said order dated 26.08.2022 by NCLAT by
virtue of which the Respondent had filed the present application seeking
temporarily suspension of the matter and/or to keep the matter under
abeyance and to give direction to approach the Insolvency Professional by
submitting their claim in light of admission of the Respondent herein into
CIRP vide an order dated 26.08.2022 passed by the NCLT in accordance with
the provisions of the IBC Code, deserves to be dismissed.

8. Nevertheless, it is also noticed from the website of Insolvency and Bankruptcy
Board of India, that after setting aside the said order dated 26.08.2022, another
Page-4 of 6

Comp. CC006000000193846
Company Petition bearing No. C.P.(IB)-800(MB)/2022 was filed by the
Edelweiss Asset Reconstruction Company Limited against the Respondent
seeking initiation of CIRP against the Respondent as Corporate Debtor by
invoking the provisions of Section 7 of IBC Code read with rule 4 of Insolvency
& Bankruptcy (Application to Adjudication Authority) Rules, 2016 for a
Resolution of a total Financial Debt of Rs. 4,01,98,02,238/- and vide an order

17. 07.2023, the NCLT has allowed the said Company Petition by initiating the
CIRP against the Respondent and vide paragraph No. 7 (iv) of the said order
dated 17.07.2023, NCLT has prohibited the institution of suits or continuation
of pending suits or proceedings against the corporate debtor i.e. the
Respondent herein including execution of any

JUDGMENT

, decree or order in
any court of law, tribunal, arbitration panel or other authority; transferring,
encumbering alienating or disposing of by the corporate debtor any of its
assets or any legal right or beneficial interest therein; any action to foreclose,
recover or enforce any security interest created by the corporate debtor in
respect of its property including any action under the Securitization and
Reconstruction of Financial Assets and Enforcement of Security Interest Act,
2002; the recovery of any property by an owner or lessor where such property
is occupied by or in the possession of the Corporate Debtor. The said order
dated 17.07.2023 is in force today.

9. It would not be out of context to mention here that even the Complainants
have failed to bring before this Authority the order dated 17.07.2023 passed by
the NCLT in the section 7 petition filed by Edelweiss Asset Reconstruction
Company Limited against the Respondent herein.

10. In light of the fact that, a fresh order dated 17.07.2023 is passed by the National
Company Law Appellate Tribunal initiating CIRP and in view of paragraph
7(iv) of the said Order dated 17.07.2023 passed therein, MahaRERA cannot
proceed to decide this complaint against the Respondent at this stage and
hence the present complaint is adjourned sine die. However, liberty is granted
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Comp. CC006000000193846
to the Complainant to approach MahaRERA after final disposal of the said
insolvency proceeding pending against the Respondent if need be.
(Ravindra Deshpande)
Member II, MahaRERA
Date : 26.11.2024
Page-6 of 6
RAVINDRA
PADMAKARAO
DESHPANDE
Digitally signed by
RAVINDRA PADMAKARAO
DESHPANDE
Date: 2024.11.26 14:58:15
+05'30'