SL. No.5 NATIONAL COMPANY LAW TRIBUNAL HYDERABAD BENCH COURT HALL NO: II PHYSICAL HEARING CORAM: SHRI. RAJEEV BHARDWAJ – HON’BLE MEMBER (J)

CORAM: SHRI. SANJAY PURI - HON’BLE MEMBER (T)

ATTENDANCE-CUM-ORDER SHEET OF THE HEARING OF NATIONAL COMPANY LAW TRIBUNAL, HYDERABAD BENCH, HELD ON 04.10.2023, At 11:00 AM

TRANSFER PETITION NO.
COMPANY PETITION/APPLICATION NO.	IA (IBC)/456/2022 in CP (IB) No.524/7/HDB/2018
NAME OF THE COMPANY	Minerva Executive Apartment Pvt Ltd
NAME OF THE PETITIONER(S)	Union Bank of India
NAME OF THE RESPONDENT(S)	Minerva Executive Apartment Pvt Ltd
UNDER SECTION	7 of IBC

ORDER IA (IBC)/456/2022 Present: Ld. Counsel for the Petitioner.

Ld. Counsel for the Respondent.

Orders pronounced, recorded vide separate sheets. In the result, this application is declined, and the application is dismissed.

Sd/- Sd/-

MEMBER (T) MEMBER (J)

Vamsi THE NATIONAL COMPANY LAW TRIBUNAL HYDERABAD BENCH – II In the matter of M/s. MINERVA EXECUTIVE APARTMENTS PRIVATE LIMITED (CORPORATE DEBTOR)

Between :

M/s. Virani Capital Services Private Limited, Ghanshyam Shewakramani, Clark House, 2nd Floor, 8th Nathalal Parikh Margh, Colaba, Mumbai – 400 001.

....Applicant/

Successful Bidder And

1. M/s. Neelakanta Enterprises Private Limited, (formerly known as Neelkanta Cold Storage Pvt Ltd.), Madhugri Road, Madakasira Mandal, Anantapur District – 515 301.

2. Mr. Kasa Venkata Ramnaiah Liquidator M/s. Minerva Executive Apartments Pvt. Ltd, Plot No.258, Road No.18, Jubilee Hills, Hyderabad – 500 033.

….Respondents Date of order: 04.10.2023 CORAM Hon’ble Sri Rajeev Bhardwaj, Member (Judicial)

Hon’ble Sri Sanjay Puri, Member (Technical)

Counsels present For the Applicant : Ms. Mummaneni Vazra Laxmi, Advocate For the Respondent : Mr. B. Nitish, Advocate Heard on : 15.09.2023 PER: SANJAY PURI, MEMBER (TECHNICAL)

ORDER

1. This application is filed by the Applicant as a Successful Bidder of the Corporate Debtor (CD) M/s. Minerva Executive Apartments Private Limited, seeking for an order or direction that the Applicant is liable to pay the Lease rentals to the Respondent No.1 from the day of reconstitution of the Board and after changing the status of the CD from `Liquidation’ to `Active’ @ Rs.15.0 lakhs per month and thereafter as per sub-clause 2.1(c) of Clause 2 of the Lease Deed dated

16.04.2008.

Facts of the Case:

2. This Tribunal had passed an order dated 26.11.2019 to liquidate the CD and appointed Respondent No.2 as the Liquidator. Accordingly, the Liquidator issued Sale Notice dated 24.01.2021 for sale of CD as a whole as a going concern with assets including leasehold rights of land and construction on leased land admeasuring 4088 Sq. Meters at Plot No.13, forming part of Sy. No.75 of Sadarmagala (Village) KR Puram, White Fields, Bangalore together with other premises, shed, building, civil works, plant & machinery, equipments, electrical utilities, infrastructure created and intangible assets like brand, trademark, licenses, permissions etc.

3. It is further submitted that against the Sale Notice dated 24.01.2021, the Applicant deposited an Earnest Money Deposit (EMD) of Rs.50,00,000/- and other required documents to the Liquidator on the prescribed date. Accordingly, participated in E-Auction conducted 03.02.2021 and submitted its bid for Rs.9,14,00,000/- and the Liquidator herein declared the Applicant as Successful Bidder on

03.02.2021.

4. It is submitted that the Applicant Successful Bidder had paid the entire sale consideration along with an interest amount of Rs.8,95,035/- for the delay period of 41 days in payment on 20.04.2021 and the Liquidator issued Sale Certificate on 11.05.2021.1

5. It is submitted that since the sale of the CD was, as a whole as a going concern in liquidation process and the Liquidation Regulations does not contemplate any rights/reliefs on the purchasers in the sale as a going concern, but to run/revive the CD certain consequential reliefs are necessary, the Applicant filed an IA No.107/2021, sought directions for t

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