NATIONAL COMPANY LAW TRIBUNAL

DIVISION BENCH, COURT – II

CHENNAI

ATTENDANCE CUM ORDER SHEET OF THE HEARING OF NATIONAL COMPANY LAW TRIBUNAL, CHENNAI BENCH, HELD ON 21.08.2025 AT

10.30 A.M. THROUGH VIDEO CONFERENCING:

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PRESENT: SHRI. JYOTI KUMAR TRIPATHI, HON'BLE MEMBER (JUDICIAL)

SHRI. RAVICHANDRAN RAMASAMY, HON'BLE MEMBER (TECHNICAL)

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IN THE MATTER OF : Real Value Promoters Pvt Ltd

PETITION NUMBER : CP/IB/577/2020

APPLICATION NUMBER : a) IA(IBC)(PLAN)/3/CHE/2024

b) IA(IBC)(PLAN)/6/CHE/2025

c) IA(IBC)/423(CHE)2025 d) IA(IBC)/186/(CHE)2025 e) IA(IBC)/1241(CHE)2024 f) IA(IBC)/1478CHE)2024 g) IA(IBC)/834(CHE)2024 h) IA(IBC)/353(CHE)2024

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ORDER

1.a) IA(IBC)(PLAN)/3/CHE/2024 1.b) IA(IBC)(PLAN)/6/CHE/2025

1.e) IA(IBC)/1241(CHE)2024

Present: Ld. Counsel Mr. A.G.Sathyanarayana for RP.

Ld. Counsel Mr. Arun Karthik Mohan for the applicant in

IA(IBC)/1241(CHE)2024.

Ld. Counsel Mr. Avinash Krishnan Ravi is present.

As the matter is pending before Hon'ble NCLAT, case adjourned to

23.09.2025.

1.h) IA(IBC)/353(CHE)2024 Present : Ld. Counsel Mr. G.B. Sabari Das for the Applicant.

Ld. Counsel Mr. A.G.Sathyanarayana for RP.

Case Heard.

Both the parties may submit written submissions if any of arguments and case laws within 2 weeks.

Reserve for order.

1.d) IA(IBC)/186/(CHE)2025 Present :Ld. Counsel Mr.A.G.Sathyanarayana for the Applicant.

Ld. Counsel Mr.G.Sivashankaran for the Respondent.

Case Heard. The Respondent stated that he is not in possession of the premises and the same is occupied by KazipatturNeelkamal Owner's Association. As this is the asset of the Corporate Debtor the above association / the agents who are representing the association have no locustandi to occupy the assets of the Corporate Debtor and therefore they are directed to vacate the premises immediately as they are tresspassers and file compliance report. RP is directed to seek the help of local SHO, Kelambakkam Police Station for ensuring the eviction of the illegal occupants in O.No.39, N.No.37, OMR Road, Kazhipattur Village, Kancheepuram District, Chennai 603 103. RP is directed to coordinate and file compliance report and all the parties must cooperate else serious view will be taken by this Court.

With the above directions, IA(IBC)/186/(CHE)2025 is disposed of.

1.g) IA(IBC)/834(CHE)2024 Ld. Counsel Mr.A.G.Sathyanarayana for the Applicant / RP.

Ld. Counsel Mr.Raj Jhabakh for the Respondent.

This is a case where the adjustment of refund of Rs.47,43,730/- due to the Corporate Debtor for the assessment year 2023-24 was adjusted in the assement order for the assessment year 2023-24 on 29.11.2023. In this case CIRP process started on 10.05.2023 and moratorium is in operation. Therefore the adjustment of outstanding tax due done during the moratorioum period is not permissible under IBC as the outstanding dues of the Income Tax Department has to follow the process of distribution u/s 53 of IBC, 2016. Counsel for IT Department relied on decision of Hon'ble Supreme Court in the case of Bharti Airtel Limited and others Vs VijayakumarV Iyer and Ors (2024) wherein in para 31, 32, 33 and 34, which is reproduced as under:

31. The foundation of contractual set-off is based on the same ground as in the case of equitable set-off, which is impeachment of title, albeit contractual set-off is a result of mutual agreement that permits set-off and adjustment. Therefore, if a debtor's title to sue is impeached before the Corporate Insolvency Resolution Process is set into motion, so should the title of the Resolution Professional, who in terms of Section 25 of the IBC has the duty to preserve and protect assets of the corporate debtor, including continuing the business operations of the corporate