Omkara Assets Reconstruction Private Limited vs M/s Incorp Restructing Services LLP

The present applicant i.e. Omkara Assets Reconstruction Private Limited has filed four transfer applications i.e. TA (IBC)- 05(PB)/2025, TA (IBC)-06(PB)/2025, TA (IBC)- 07(PB)/2025 and TA (IBC)- 08(PB)/2025 under Rule l6(d) of the National Company Law Tribunal Rules, 2016 seeking transfer and tagging of Company Petitions which are filed and are pending before different Benches of NCLT, Mumbai. Since similar issues have been raised in all these application, therefore a common order is being passed.

The prayer in these Transfer Applications are as follows:

Before delving into the issue, it is relevant to mention the cause for filing the present application. The Piramal Capital & Housing Finance Ltd. a wholly owned subsidiary of Piramal Enterprises Limited, is registered as a housing finance company and engaged in various financial services businesses.

Sigtia Constructions Private Limited (in short “Sigtia”) was incorporated under Companies Act, `1956 and engaged in Real Estate Business. It is stated that Sigtia undertook a Slum Rehabilitation Scheme for development of land bearing CTS No. 439, 439/1 to 2, 440, 440/1 to 6, 441, 441/1 to 3, 442, 442/1 to 3, 447, 447/1 to 3, 448, 448/1 to 5, 451, 451/1 to 13, 452, 452/1 to 24, 453, 453/1 to 5, 454A of Village Vile Parle (W), Taluka Andheri, situated in Mumbai. In view of which Sigtia was granted a letter of intent dated 25.01.2011 to implement the Slum Rehabilitation Scheme. The construction of rehabilitation premises on the land by utilizing the Floor Space Index would have generated FSI for construction of free sale premises and for sale of such premises in the open market.

In view of which Sigtia assigned the Free Sale FSI Area for development to its group companies namely Notion Real Estate Private Limited, Earleen Real Estate Developers Private Limited, Edweena Real Estate Private Limited and Prashul Real Estate Private Limited.

Based on the same, the group companies of Sigtia was granted credit facilities by the Piramal Capital & Housing Finance Ltd.(“PCHFL”). It is stated that Section 7 Petitioner under IBC, 2016 were filed by the Financial Creditor i.e. PCHFL against the parent company i.e. Sigtia (C.P. (IB) –589/2023 titled as “Omkara Asset Reconstruction Pvt. Ltd. V. Sigtia Constructions Pvt. Ltd. and the has been admitted vide order dated 07.02.2025 and is pending before Court No. III of NCLT, Mumbai) as well as against its group companies which are pending before different benches of NCLT, Mumbai. The list of pending cases against group companies is as follows:

Piramal Capital & Pending before NCLT Seeking transfer to Housing Finance Mumbai, Bench-IV NCLT Mumbai, Ltd. (CIRP was initiated on Bench-III v. 09.02.2024. Annex-Earleen Real Estate 6@Pg. 124-131/Vol-1.) Pvt. Ltd. [CP(IB) 1042/2023] (NDOH: 03.03.2025)

Further, vide assignment deed dated 13.02.2024, “PCHFL” assigned its debt to Omkara Asset Reconstruction Pvt. Ltd and it is stated that Omkara Asset Reconstruction Pvt. Ltd. becomes the Current Section 7 Applicant and an application for substitution was also moved and allowed in [CP(IB)988/2023] and[CP(IB) 1042/2023], however in other cases, the application is still pending for adjudication.

In view of the aforesaid facts and circumstances, it is stated that since Sigtia had assigned the development of the Rehab Component to the group companies and the right to develop the Free Sale Component is inter-linked to the obligation of Sigtia to construct the Rehab Component and that no resolution applicant would be in a position to develop the Rehab Component without being entitled to substantial Free Sale Component. Further since the right, title and interest by Sigtia are intertwined with Group companies, it is stated that for value maximization of the assets, the CIRP proceedings as mentioned above should be before common court and since the financial creditors of Sigtia and its group companies are common and it would be imperative that the creditors and other stakeholders attempt for a resolution of their respective debts in a single consolidated process. Therefore, the applicant is requesting for a transfer to one particular bench so that the applicant can pursue all the matters without any difficulty and also it will enable uniformity in the proceedings.

In this background since these four Companies referred to in the table above forms part of the Sigtia company i.e. the parent company and the Real Estate project appears to be common in all these cases, the present application is filed seeking consolidation so that the entire project can be taken up as a whole and relief can be granted to the beneficiaries keeping in mind the best interest of the object of the Code. Ld. Counsel, Honey Satpal appearing for RP in all these application has no serious objection to the same and she supports the same in the interest of the Corporate Debtors, beneficiaries and the stakeholders.

The reason stated by the Transfer Applicant appears to be appropriate for the reason that if this Real Estate project goes before Court-VI, Court-I, Court - IV and Court- III separately it will not only give rise to unnecessary delay but the underlying Real Estate project will go on different timelines which will not be conducive for an effective adjudication. Therefore, it will be beneficial for all stakeholders to appear before one court and ensure effective adjudication so that the process is taken up by one Court seamlessly and effectively. It is also observed that similar orders have been passed in the matter of "Piramal Capital & Housing Finance Limited v. Darshan Developers Private Limited, TA(Co. Act) 27(PB)/2022"

In view of the above, taking note of the proceedings pending before different courts, in the interest of all the stakeholders and to ensure proper and effective adjudication, it is appropriate to transfer all the cases i.e. [CP(IB)988/2023], [CP(IB)987/2023] and [CP(IB) 1042/2023] (mentioned above) to Court-VI, NCLT, Mumbai for effective and proper disposal. Accordingly, all of the above cases are transferred to Court-VI, NCLT, Mumbai. However, [CP(IB)915/2023] is already pending before Court VI, NCLT, Mumbai, therefore the same remains there only.

In so far as CP(IB)-589/2023 titled as Omkara Assets Reconstruction Pvt. Ltd. Vs. Sigtia Constructions Pvt. Ltd. pending before Court-III, NCLT, Mumbai, Registry is directed to place the file on the administrative side for appropriate directions.

In view of the above, TA (IBC)- 06(PB)/2025, TA (IBC)- 07(PB)/2025 and TA (IBC)- 08(PB)/2025is allowed and stand disposed of as far as TA (IBC)-05(PB)/2025, no relief can be granted as the same is already pending before Court VI, NCLT Mumbai. In terms of the same TA (IBC)- 05(PB)/2025, also stands disposed of. Further, the bench is at discretion to hear the matter independently.