NATIONAL COMPANY LAW TRIBUNAL

INDORE BENCH

COURT NO. 1

ITEM No.4

C.P.(IB)/56(MP)2021

Proceedings under Section 60(5) r.w. Rule 11

IN THE MATTER OF:

M/s Rajasthan Patrika Pvt Ltd ........Applicant

V/s

Chaya Gupta, RP of JSM Devcons Pvt Ltd ........Respondent

Order delivered on 05/04/2024

Coram:

P. Mohan Raj, Hon’ble Member(J)

Kaushalendra Kumar Singh, Hon’ble Member(T)

PRESENT:

For the Applicant : For the Respondent :

ORDER

IA/329(MP)2023

The case is fixed for pronouncement of the order.

The order is pronounced in open Court vide separate sheet.

Sd/- Sd/-

KAUSHALENDRA KUMAR SINGH P. MOHAN RAJ

MEMBER (TECHNICAL) MEMBER (JUDICIAL)

Rohit

ADJUDICATING AUTHORITY NATIONAL COMPANY LAW TRIBUNAL BENCH AT INDORE C.P.(IB)/56(MP)2021 IA/329(MP)2023 [An application filed under Section 60(5) of the Insolvency and Bankruptcy Code, 2016 r.w. Rule 11 of the NCLT Rules, 2016]

M/s Rajasthan Patrika Private Limited CIN No. U22121RJ1974PTC001600, Mr. Amit Vyas Reg Off.: Kesargarh, JLN Marg, Jaipur (Rajasthan)

Off: also at: 07,07 A, 08, 09 C-6^th Floor Central Mail, RNT Marg, Indore (M.P.)

Email: compliance.patrika@gmail.com ……. Applicant Vs.

Chaya Gupta Resolution Professional of JSM Devcons Pvt Ltd

911, Apollo Premier, Near Vijay Nagar Square, Indore, Madhya Pradesh-452010 Email-cirp.jsm@gmail.com ..…. Respondent In the main matter of: C.P.(IB)/56(MP)2021 [An application filed under Section 7 of the Insolvency and Bankruptcy Code, 2016]

Motel Rahans Private Limited Chatak Arch, F-1, 1^st Floor, 7 MG Road, Indore, Madhya Pradesh-452001 ……Financial Creditor Vs.

JSM Devcons Pvt Ltd

306, Orbit Mall, Scheme No. 54, A.B. Road, Indore-Madhya Pradesh-452001 ……..Corporate Debtor Coram: P. Mohan Raj, Hon’ble Member (J)

Kaushalendra Kumar Singh, Hon’ble Member (T)

Appearance:

For Applicant : Ld. Adv. Mr. Shantanu Shrivastava For the Respondent/RP : Ld. Adv. Mr. Sumesh Dhawan a.w.

Ld. Adv. Mr. Abhishek Naik & Ms. Chaya Gupta (in-person)

For the SRA : Ld. Sr. Adv. Mr. Vikram Nankani a.w.

Ld. Adv. Mr. Kunal Kanungo Order Pronounced On 05.04.2024

O R D E R

1. The present application has been filed by the applicant M/s Rajasthan Patrika Private Limited for acceptance of its claim in totality as financial creditor instead as operational creditor.

2. Admittedly, the facts of the case are that the applicant had undertaken to work for media coverage of the Real Estate Projects of the corporate debtor under the Barter Agreement dated 30.09.2014. As per the agreement the applicant was to provide media coverage [publishing advertisements] to the tune of Rs 94,50,000/- from 01.10.2014 to 30.09.2016 and in consideration thereof the corporate debtor agreed to provide flats No.1606 and 1607 in premium tower No. 2 of “Pinnacle D Dreams” at Indore to the applicant. The case of the applicant is that they had published the advertisements of the corporate debtor worth Rs 71,65,000/- in its newspaper from 01.10.2014 to 27.01.2017; and in consideration thereof the corporate debtor had to allot the said two flats; that after follow up and issuance of legal notice dated 14.08.2017, the corporate debtor had issued the possession letters for those flats confirming the delivery of the vacant and on the spot possession. It has been stated that applicant, however, has not received physical possession till date; and that on the initiation of the CIRP against the corporate debtor vide order dated 17.03.2022 in the matter of Section 7 application filed by Motal Rahans Private Limited against the Corporate Debtor, the applicant had submitted its claim in Form No. CA (which is meant for financial creditor in a class that is home buyers) to the erstwhile Insolvency Resolution Professional (IRP), Mr. Sanjay Kumar Singh. However, the then IRP did not accept his claim as of ‘home buyers’ and rather admitted the claim as of ‘operational creditor’. 3. We have heard the learned counsels appearing for both the sides. We have also perused the relevant documents placed on record. As submitted by the learned counsel for the applicant, the clai