ORDER

IA (IBC)/1178/2023 Orders pronounced, recorded vide separate sheets. In the result, this application is dismissed.

Sd/- Sd/-

MEMBER (T) MEMBER (J)

Apoorva NATIONAL COMPANY LAW TRIBUNAL HYDERABAD BENCH-II Under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, read with Rule 11 of the National Company Law Tribunal Rules, 2016 In the matter of M/s.Ravi Cranes and Movers Limited Between:

Mr.K.S.Chowdry, H.No.7-1-639/9, Plot No.9, Model Colony, Sanjeev Reddy Nagar, Near ESI Hospital, Hyderabad – 500 038.

….Applicant A n d

1. Ms.Mummaneni Vazra Laxmi, Resolution Professional for M/s.Ravi Cranes and Movers Limited, Plot No.9, Model Colony, Hyderabad, Telangana.

….Resolution Professional/Respondent

2. Indian Overseas Bank, Asset Recovery Management Branch, Third Floor, IOB Platinum Plaza, Lane Opp to Chandana Brothers, Chikkadpally, Hyderabad – 500 020.

….Respondent No.2/Financial Creditor

3. Union Bank of India, 3^rd Floor, Andhra Bank Building, Sultan Bazar, Koti, Hyderabad – 500 001.

….Respondent No.3/Financial Creditor Date of Order: 27.02.2024 Coram:

Hon’ble Rajeev Bhardwaj, Member (Judicial)

Hon’ble Sanjay Puri, Member (Technical)

Counsel/Parties present:

For the Petitioner : Mr.Y.Suryanarayana, Advocate For the Respondent : Mr.Dishit Bhattacharjee, Advocate Per: [Rajeev Bhardwaj, Member (Judicial)]

O R D E R

1. The instant application has been filed by the promoter and member of suspended Board of M/s.Ravi Cranes and Movers Limited (hereinafter referred as Corporate Debtor) under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, read with Rule 11 of the National Company Law Tribunal Rules, 2016 praying for the following reliefs:

a) To direct the Resolution Professional to include the land situated at Gopanpally Village, Serilingampally Mandal, Ranga Reddy District in the list of assets fresh Information Memorandum and call fresh resolution plans taking into consideration the inclusion of the said land as land of the Corporate Debtor.

b) To direct the Resolution Professional to conduct fresh valuation of the Corporate Debtor taking into consideration the land situated at Gopanpally Village, Serilingampally Mandal, Ranga Reddy District as the land of the Corporate Debtor.

c) To stay the conduct of the meetings of the Committee of Creditors to the extent of consideration of the resolution plan submitted by M/s.Amrutha Constructions Private Limited.

2. The facts necessary to dispose of the present application are that:

i) The Corporate Insolvency Resolution Process (CIRP) was initiated under Section 7 of the Insolvency and Bankruptcy Code, 2016 against the Corporate Debtor vide order dated 26.09.2022.

ii) The Corporate Debtor purchased a part of the open land measuring Ac 1-20 guntas, equivalent to 7260 Sq yards 0r 6096.36 sq.mts in survey No.170, situated at Gopanapally, Serilingampally Mandal, Ranga Reddy District (hereinafter referred as ‘disputed property’) for a sale consideration of Rs.2,25,00,000/-.

iii) Another company M/s.RCM Infrastructure Limited (hereinafter referred as ‘RCM’) availed loan from various banks including the Respondent No.2. The Applicant alongwith other Directors of the Corporate Debtor had given personal guarantee and the ‘RCM’ had given Corporate Guarantee for the loan availed by ‘RMC’.

iv) However, the ‘RCM’ was unable to pay the loan amount and therefore, its account was classified as Non-Performing Asset (NPA) on 13.06.2016 and the said company filed application under Section

10 of IBC, 2016, which was admitted vide order dated 03.01.2019.

v) The Respondent No.2 through e-auction dated 12.12.2018 sold the secured property of the Corporate Debtor/Corporate Guarantor and of ‘RCM’ for a consideration of Rs.32.92 crores and the said sale was subsequently confirmed vide letter 08.03.2019.

vi) As per the balance sheet of the Corporate Debtor, the disputed property is of the Corporate Debtor since the Financial Years 2013-14 till 2021-22.

vii) The disputed property is still reflected in the name of the Corporate