Registered sale deeds of fully paid plots pre-CIRP confer third-party ownership excluded from CIRP estate under Section 18(f) IBC; RP must handover possession subject to pre-existing mortgage rights after obtaining bank NOC.

Mr. Man Mohan Gupta, Hon’ble Member (T)

Appearance:

For the Applicant : Ms. Teena Saraswat Pandey, PCA For the Respondent : Mrs. Chhaya Gupta, RP O R D E R

1. The present Application, filed on 15.05.2024, under Section 60(5) of the Insolvency and Bankruptcy Code 2016 read with Rule 11 of the National Company Law Tribunal Rules 2016, by Manoj Jakhetiya (the ‘Applicant’), against Mrs. Chhaya Gupta (the ‘Respondent’) Resolution Professional (RP) of M/s JSM Devcons India Private Limited (the ‘Corporate Debtor’), for seeking directions as given below:

a) To direct the Respondent/RP to handover the possession of plots owned by applicant in view of Sec 18 (f) of IBC 2016, being third party property is not part of assets of the CD. The details of plots are below:

is not part of assets of the CD. The details of plots are below:

is not part of assets of the CD. The details of plots are below:

is not part of assets of the CD. The details of plots are below:

is not part of assets of the CD. The details of plots are below:

[CP (IB) No. 192 (MP) of 2017]

Date of Order: 13.01.2026 b) Pass any further order(s) as this Tribunal deem fit and proper.

2. The Applicant’s case in brief is:

a) This Adjudicating Authority, vide order dated 12.04.2019 passed in TP No. 230 of 2019 [CP (IB) No. 192 of 2017], admitted M/s JSM Devcons India Private Limited (“the Corporate Debtor”) into the CIRP and appointed Mr. Vineet Agrawal as the Interim Resolution Professional (IRP). Further, vide order dated 06.07.2023 passed by this Adjudicating Authority, Mr. Vineet Agrawal was replaced, and Ms. Chaya Gupta was appointed as the Resolution Professional (RP).

b) The Applicant submits that he has purchased residential plot in the project launched by M/s. JSM Devcons India Private Limited in 2016, well prior to the RP appointment. After paying the full agreed consideration, the CD executed and registered sale deeds with the Sub-Registrar Indore, upon payment of requisite stamp duty and charges, thereby the Applicants have become legal owners of their respective plots. Details of the property in a tabular format is below:

[CP (IB) No. 192 (MP) of 2017]

Date of Order: 13.01.2026 (Copy of the registered sale deed duly executed in favour of the Applicant is annexed under ANNEXURE A of the present application.)

c) The Applicant submits that the sale deed in respect of their plot were duly executed and registered more than three years prior to the commencement of the CIRP and the appointment of the IRP. At no point prior to or subsequent thereto has any objection been raised to their ownership. Accordingly, the Applicant are the lawful owner of their respective plot. Reliance is placed on the judgment of the Hon’ble Supreme Court in Prem Singh & Ors. v. Birbal & Ors., (2005) 6 SCC 353, wherein it was held that a registered document carries a presumption of valid execution, and the burden lies on the party disputing it to rebut such presumption. It is further submitted that under Article 59 of the Limitation Act, 1963, any action to set aside a registered sale deed must be initiated within three years from the date of knowledge of the cause of challenge, which period has long expired.

d) The Applicant submits that a claim was duly filed before the IRP on 16.12.2023, which was kept under verification as per the communic