IN TH

in

IBA/23/KOB/2019

(Under Section 42 of Insolvency and

Bankruptcy Code, 2016)

In the matter of:

Leena Sashikumar Vs. CA Jasin Jose

Memo of Parties:

LEENA SASHIKUMAR

W/o Sashi Kumar,

Flat 5C, 5th Floor, Alliance Residency,

Marine Drive, Kochi 682031.

Presently residing at 231C,

Kilpauk Garden Road,

Kilpauk, Chennai-10

.…Appellant

-Vs-

VINOD PADINHARE VEETIL

Liquidator of Dewa Projects Private Limited,

Pulikkal Building, Second Floor,

K K Padmanabhan Road,

Ernakulam North -682018.

…Respondent

Order delivered on: 26.08.2025

Coram:

HON’BLE MEMBER (JUDICIAL) : SHRI. VINAY GOEL HON’BLE MEMBER(TECHNICAL) : SMT. MADHU SINHA Appearances:

For the Appellant : Mr Amrith M J, Advocate For the Respondent : Mr Vinod P V, Advocate

O R D E R

Per Coram:

1. The present Appeal has been filed by M/s Leena Sashikumar, individual homeowner of Dewa Projects Private Limited Apartments, under Section 42 of the Insolvency and Bankruptcy Code, 2016 (hereinafter , seeking the following reliefs:

a) Call for the records and pass an order directing the respondent referred to as the “Code”)

liquidator to accept the claim of the appellant b) Declare that the Appellant is entitled for the claim amount as admitted by the judgment in WA 1041/2018 of Division Bench of Kerala High Court to the tune of an amount of Rs 85,80,384 and to issue appropriate directions in this regard.

c) Pass an order to allow the claim of the appellant, and d) Pass such other orders as this Hon’ble Tribunal may deem fit and thus render justice.

2. Brief facts as stated by the Appellant in the Company Appeal:

a) The Appellant is an allottee/homebuyer of Dewa Projects Apartments being developed by the Corporate Debtor. An agreement for sale and construction was executed between the parties for the purchase of an apartment with parking in the project ‘Dewa Project Apartment’. The Appellant purchased a flat in Tower 2E covering the of Rs. 85,80,384/-.

entire 16th floor of the ‘Dewa Pier 20’ project and paid a total amount b) The CIRP of the Corporate Debtor was initiated by this Adjudicating Authority vide order dated 13.09.2019 in IBA/23/KOB/2019, appointing Mr. Vinod Padinhare Veetil as the Resolution Professional. Subsequently, upon passing of the liquidation order dated 25.11.2021 in IA(IBC)/87/KOB/2021 in IBA/23/KOB/2019, Mr.

Vinod Padinhare Veetil was appointed as the Liquidator.

c) Upon liquidation, the Appellant filed a claim in Form D as directed by the Hon’ble High Court in WP 36086/2023, which was connected to the main case WP(C)14289/2016. And the Respondent/Liquidator rejected the claim for the sole reason of the delay in submission.

d) Despite completion of the auction process, the Respondent has not returned the amount to the Appellant. The Appellant is aggrieved by the securitisation measures initiated by the Respondent without settling amounts due to individual homebuyers. And stated that such proceedings are contrary to the SARFAESI Act and Rules and stand concluded in terms of the judgment in W.A. No.1041/2018 of the Division Bench of the Kerala High Court. The relevant portions of the said judgment are reproduced below:

“12. We have anxiously considered the arguments advanced by the respective counsel. It is true that the bank has advanced substantial amounts of money to the borrowers for implementation of the project. We are reminded of the fact that the money so disbursed form part of public funds, and, therefore, it is imperative that such amounts are recovered in full from the defaulting borrowers. We notice at the same time that the amounts that were advanced by the bank were intended to be utilised for the project that was being implemented by the borrowers. As already noticed, the proposal for which the amount was advanced was for development of the land and construction of buildings and apartments. The buildings and apartments were intended to be sold to third parties. It was with the expectation that the project would be completed successfully and that they would be able to own a home of the