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Judgment
30.01.2026: IA No. 7983 of 2025- We have heard Ld. Counsel for the applicant as well as Ld. Counsel appearing for Respondent No. 3 and perused the record.
The instant application has been filed on behalf of Ms. Vaishali Patrikar, Chairperson of the Implementation and Monitoring Committee (IMC) of Satra Properties India Ltd. (SPIL/CD) with the following prayer:
“a.Release the FD bearing no. 50301028867206 amounting to Rs. 4,50,65,981/- (Rupees Four Crores Fifty Lacs Sixty-Five Thousand Nine Hundred and Eighty-One Only) deposited as CIRP cost in HDFC Bank, Charni Road Branch dated 30.08.2024 in favour of the Ld. Registrar, NCLAT in compliance of order dated 22.08.2024 passed by this Hon’ble Appellate Tribunal; b.Pass any order/(s) as this Hon’ble Appellate Tribunal deems fir and proper in the interest of justice”.
It is stated in the application that the CA (AT) (Ins) No. 1627 of 2024 was filed by the Suspended Director (Appellant) of the CD challenging the order dated 26.07.2024, passed by Ld. NCLT whereby the Resolution Plan submitted by the Successful Resolution Applicant (SRA) (MJ Shah Consortium) was approved. However, the said appeal was dismissed by this appellate tribunal vide order dated 04.09.2025, and the order of the Ld. NCLT was upheld.
It is further stated that the appellant had preferred an appeal against the order of this appellate tribunal dated 04.09.2025, before the Hon’ble Supreme Court being Civil Appeal No. 12613 of 2025 and the said appeal has also been dismissed vide order dated 07.11.2025 and the judgment of the Ld. Adjudicating Authority has become final.
It is also stated that vide order dated 22.08.2024, this appellate tribunal had directed the SRA (Respondent No. 3) to deposit the CIRP cost by way of a fixed deposit in favour of the Ld. Registrar of this Appellate Tribunal subject to the outcome of the aforesaid appeal and since the judgment of the Ld. Tribunal has become final, the Resolution Plan can now be implemented and the sum of Rs. 4,50,65,981/- (Rupees Four Crores Fifty Lakhs Sixty-five Thousand Nine Hundred and Eighty-One only) deposited towards CIRP cost vide fixed deposit in HDFC Bank Charni Road Branch, Mumbai bearing no. 50301028867206 of date 30.08.2024 may kindly be released in favour of the applicant.
Ld. Counsel for the Respondent No. 3 is not having any objection for the release of the aforesaid amount deposited in fixed deposit made in favour of the Registrar of this appellate tribunal in compliance of the order of this appellate tribunal dated 22.08.2024.
We vide order dated 05.01.2026 have called a report from the office with regard to the averments made in the application and in pursuance of the aforesaid order a report has been submitted by the In charge Registrar of this Appellate Tribunal along with the report of the ‘cash and accounts section’ of date 12.01.2026. The relevant part of the report as submitted by In charge Registrar of this Appellate Tribunal is reproduced as under:
“In this regard, it is to submit that in compliance to Hon’ble NCLAT Order dated 22.08.2024 (Flagged at ‘D’) in the matter CA (AT) (Ins) No. 1627 of 2024 the Respondent No. 3 through Ld. Counsel i.e. Adv. Manisha Ambwani (Vakalatnama Flagged at ‘E’) has submitted a Fixed Deposit Receipt (FDR) with Lien marked in favour of ‘Registrar, National Company Law Appellate Tribunal, New Delhi vide Diary No. 54132 (Flagged at ‘F’) dated 09.09.2024. The detailed description of FDRs is mentioned below:
Sl. No. Deposit Account Number Drawn on Principal Amount Date of Deposit Maturity Amount 1. 50301028867206 (Flagged at ‘G’) HDFC Bank 4,50,65,981/- 30.08.2024 4,50,65,981/- Submitted for necessary compliance please”.
It is therefore, submitted that in light of order dated 22.08.2024 passed by Hon’ble Appellate Tribunal in CA (AT) (Ins) No. 1627 of 2024 recording that “Counsel for the SRA submits that the SRA under the plan has to deposit the CIRP costs within 30 days. He submits that he may be permitted to deposit the amount in the court to avoid any non-compliance of the plan”, the Hon’ble Bench directed “Let SRA deposit the amount as directed in the impugned order by way of Fixed Deposit in favour of “Registrar, National Company Law Appellate Tribunal, New Delhi”. The SRA in CA (AT) (Ins) No. 1627 of 2024 was Respondent No. 3 MJ Shah Group (Consortium of –MJ Shah Enterprise; MJ Shah Realtors LLP; and Centrio Lifespaces Ltd.) had deposited the FDR as noted above. The aforesaid report is submitted for perusal of the Hon’ble Bench in compliance of order dated 09.01.2026, after the same was received on 12.01.2026, with the Registry”.
The aforesaid report of the cash and accounts section of this Appellate Tribunal shows that in compliance of the order dated 22.08.2024, passed in CA (AT) (Ins) No. 1627 of 2024, copy of Fixed Deposit Receipt (FDR) with a lien mark in favour of Registrar, National Company Law Appellate Tribunal, New Delhi was submitted by the Respondent No. 3/SRA on 09.09.2024, vide diary no. 54132 showing the deposit account no. 50301028867206 of date 30.08.2024 drawn on HDFC Bank Charni Road Branch, Mumbai with the Principal amount of Rs. 4,50,65,981/-.
Thus, it is evident that in pursuance of the order of this Appellate Tribunal dated 22.08.2024 deposit account no. 50301028867206 of date 30.08.2024 drawn on HDFC Bank Charni Road Branch, Mumbai was opened and the lien was created in favour of the Registrar, National Company Law Appellate Tribunal, New Delhi.
Perusal of the certificate of date 06.09.2024, issued by the aforesaid branch of the HDFC Bank Ltd. confirms that the aforesaid fixed deposit was opened and the lien was created in favour of the Registrar of this Appellate Tribunal for the amount of Rs. 4,50,65,981/-. A deposit confirmation/renewal advice is also issued by the HDFC Bank which is also been placed on record by the applicant.
Having perused all the facts and circumstances of this case, it is evident that in pursuance of the order of this Appellate Tribunal of date 22.08.2024, the deposit account no. 50301028867206 of date 30.08.2024 of Rs. 4,50,65,981/- was opened in HDFC Bank Charni Road Branch, Mumbai and the lien was created in favour of the Registrar, National Company Law Appellate Tribunal, New Delhi and the said deposit was pertaining to the CIRP Cost. The Resolution Plan as approved by the Ld. NCLT has been approved not only by this Appellate Tribunal but also by the Hon’ble Supreme Court as the Appeal filed by the Appellant i.e. Suspended Director of the CD was dismissed by this appellate tribunal as well as by the Hon’ble Supreme Court. Therefore, there appears no hindrance in releasing the CIRP cost in favour of the account of the CD which would have been monitored and operated by the applicant i.e. The Chairperson of the Implementation and Monitoring Committee (IMC) of Satra Properties India Ltd.
In view of above, Fixed Deposit bearing account no. 50301028867206 of date 30.08.2024 of Rs. 4,50,65,981/- opened in HDFC Bank Charni Road Branch, Mumbai with the lien created in favour of the Registrar, National Company Law Appellate Tribunal, New Delhi is released in favour of the Applicant and the maturity amount of this Deposit Account shall now be credited in the bank account of the CD i.e. Satra Properties India Ltd. within a week from receiving a certified copy of this order by the bank.
Aforesaid application is disposed of in above terms.