NATIONAL COMPANY LAW TRIBUNAL,

MUMBAI BENCH, COURT – V

IA/3834/2024

IN

C.P. (IB) No. 624/MB-V/2023

[Under Section 60(5) of the Insolvency and Bankruptcy Code, 2016 read with Section 11 of

National Company Law Tribunal Rules, 2016]

Smt. Meenalata Vishwas Nadkarni

Having address at:- Flat No.5, 2nd Floor, Shorewala Sadan, Pandurang Naik Marg, Mahim,

Mumbai 400016.

…Applicant No. 1

Shri Vivek Kamath

Having address at:- Flat No.3, 1st Floor, Shorewala Sadan, Pandurang Naik Marg, Mahim,

Mumbai 400016

…..Applicant No. 2

Dr. Sunil B. Shah

Having address at:- Flat No.4, 1st Floor, Shorewala Sadan, Pandurang Naik Marg, Mahim,

Mumbai

400016

…..Applicant No. 3

Smt. Mandira Santikumar Ghosh

Having address at:- Flat No. 7, 3rd Floor, Shorewala Sadan, Pandurang Naik Marg, Mahim,

Mumbai 400016.

…..Applicant No. 4

Vs.

Mr. Ashok Kumar Golechha Interim Resolution Professional for Meeti Developers Private Limited Having his correspondence address at Flat no. B- 703/704, 7th Floor, River Park CHS Ltd. Dattani Park Road, Thakur Village, opp. Sai Dhaam, Off Western Express Highway, Kandivali (East), Mumbai -400101.

……Respondent no. 1 Municipal Corporation of Greater Mumbai, a statutory body incorporated under the provisions of Mumbai Municipal Corporation Act, 1888.

Having its registered office at Mahapalilka Bhavan, Mahapalilka Marg Opp. C.S.T. Railway Station, Fort, Mumbai 400001 ……Respondent no. 2 Mumbai Building Repairs and Reconstruction Board, a MHADA unit being a statutory body constituted Under The Maharashtra Housing and Area Development Act, 1976, Having Its Office at Sonawala Building, Gr. Floor, 8, Shankar AbajiPalav Marg, Shindewadi, Dadar (E), Mumbai-400014.

……Respondent no. 2 In the matter of Edelweiss Asset Reconstruction Co. Ltd …Petitioner/Financial Creditor Vs.

Meeti Developers Private Limited ... Corporate Debtor Order Dated: 28.05.2025 Coram:

Sh. Sushil Mahadeorao Kochey, Hon’ble Member (Judicial)

Sh. Charanjeet Singh Gulati, Hon’ble Member (Technical)

Appearances:

For the Respondent: Adv. Kunal Kanungo (R-1) (VC)

For the Respondent: Adv. Apurva Shahane (PH) (BMC)

________________________________________________________________

ORDER

1. This is an application by the Applicant Meenalata Vishwas Nadkarni and others who are the tenants of the Residential premises in building standing on plot no. 171 Municipal Shivaji Park Estate, bearing CS No. 1880 of Mahim Division admeasuring approximately 552.68 square meters known as “Shorewala Sadan” lying being and situated at Road No. 5, P. Naik Marg, Shivaji Park, , Dadar West, Mumbai (hereinafter referred as the “Subject Property”), for exclusion of the subject property from the CIRP proceedings of the Corporate Debtor and moratorium under Section 14 of the IBC and for an injunction restraining Respondent no. 1 i.e., the IRP from interfering with or obstructing the redevelopment of the subject property.

2. The relevant facts leading to the filing of this Application are briefly as under:-

Contentions of the Applicant: -

3. The Respondent no. 2 i.e. Municipal Corporation of Greater Mumbai, (hereinafter called as “MCGM”) is the owner of the subject property.

4. On 28.06.1939, MCGM executed an indenture of lease in favour of Bai Ratna Bai Screwvala and others as lessee. In 1940, the building was constructed on the said property. By a registered indenture dated 04.03.1997, one Mr. Santi Kumar Ghosh became entitled to the subject property on leasehold basis. Due to passage of time the said building became dilapidated and was in a ruinous condition. Therefore, MCGM issued notices under Section 354 of the Municipal Corporation Act, 1888 declaring the said building as dilapidated.

5. On 17.03.2011, Mr. Santikumar Ghosh assigned his leasehold rights in the subject property to the Corporate Debtor.

6. On 02.03.2020 a Company Petition No. 783/IBC/NCLT/MB/MAH/2020 was filed by the Petitioners herein against the Corporate Debtor under Section 7 of the IBC by Edelweiss Asset Reconstruction Co. Limited, the Financial creditor of the Corporate