PNB Housing Finance Limited vs Landcraft Projects Private Limited

Mr. Ankit Tripathi Ld. Counsel for the Petitioner appeared.

The Petitioner has sought the following reliefs:

a) Direct the transfer of the present Petition titled PNB HOUSING FINANCE LIMITED VS LANDCRAFT PROJECTS PRIVATE LIMITED C.P. (IB) - 729/2021 before Ld. Adjudicating Authority, Kolkata Bench;

b) pass such further orders as this Hon'ble Tribunal deems fit and proper in the facts, and circumstances of the case.

The Ld. Counsel has referred to para 3 of the Petition, which is reproduced as under:

“3. The Corporate Debtor herein had failed to repay loan facility availed from the Financial Creditor amounting a sum ofRs. 192,25,76,442.13/ - in accordance with the terms and conditions of the Deed of Guarantee executed between Financial Creditor and Corporate Debtor on 03.06.2016 (hereinafter referred to as "Corporate Guarantee") despite the Financial Creditor notified it to the Corporate Debtor invoking the Corporate Guarantee provided by it on 28.08.2021 calling upon the Corporate Debtor to make the payment within a period of 7 days from the date of the said Notice. ”

In the meanwhile, a separate petition under Section 7 of the IBC, 2016, bearing number CP-666/KB/2020, titled IDBI Trusteeship Services Ltd. Vs. Ashiana Landcraft Realty, was filed against the principal borrower before the NCLT Kolkata Bench, The NCLT Kolkata Bench, vide Order dated 11.01.2022, admitted the petition, initiated CIRP proceedings against the principal borrower and the said order of the NCLT Kolkata Bench is placed on record and marked as Annexure-A.

In terms of the Section 60(3) read with Section 60(5) of the IBC, 2016, the Petitioner is seeking transfer of the Section 7 Petition i.e., CP No.729/2021 which was filed and registered on 03.12.2021, wherein the notice was issued on 22.12.2021 and is pending admission.

In view of the above background, this Transfer Petition 10/2022 is allowed.