IN THE NATIONAL COMPANY LAW TRIBUNAL MUMBAI BENCH COURT III Company Appeal 10/2024 In C.P. No. 3683/2018 [Under 42 of the Insolvency and Bankruptcy Code, 2016]

Akme Sarvodaya Dreamventures LLP

4/5, C Block, Sub city Centre Savina Circle, Udaipur, Rajasthan- 313001.

…Appellant No.1 Hiraman Developers Private Limited 409, 4^th Floor, Mangalam Fun Square, Durga Nursery Road, Udaipur, Rajasthan- 313001.

…Appellant No.2 HDL Housing Development Company 409, 4th Floor, Mangalam Fun Square, Durga Nursery Road, Udaipur Rajasthan- 313001.

…Appellant No.3 Versus Megha Agrawal Liquidator of Brajesh Construction Pvt Ltd.

001, Shivranjini Apartments, in circle of Congress Nagar Garden, Congress Nagar, Nagpur, Maharashtra- 440012.

…Respondent In the matter of [Under Section 7 of the Insolvency and Bankruptcy Code,2016]

Asit C Mehta Investment Intermediates Ltd.

.… Financial Creditor Vs.

Brajesh Construction Pvt Ltd.

2348/Bldg. No.49, Shree Sai Krupa CHS Ltd., Gandhi Nagar, Near Apna Bazar, Bandra (East), Mumbai- 400051 [CIN: U45201MH1988PTC292521]

…Corporate Debtor Order pronounced on: 20.04.2026 Coram:

Hon’ble Ms. Lakshmi Gurung, Member (Judicial)

Hon’ble Sh. Hariharan Neelakanta Iyer, Member (Technical).

Appearances:

For the Appellants: Adv. Nausher Kolhi, Adv. Krishna Baruah, Adv.

Ankita Yadav, Adv. Devdatta Uchil i/b Link Legal, For the Respondent: Adv. Aniruth Purusotham. PER: MS. LAKSHMI GURUNG, MEMBER (JUDICIAL)

ORDER

1. This appeal has been filed by Akme Sarvodaya Dream ventures LLP (‘Appellant No.1’), Hiraman Developers Private Limited (‘HDPL’/ Appellant No.2’), HDL Housing Development Company (‘Appellant No.3’) hereinafter (Collectively referred as ‘the Appellants’) under Section 42 of the Insolvency and Bankruptcy Code, 2016 (‘the Code’), seeking following reliefs: -

a) This Tribunal may be pleased to condone the delay in filing the present appeal.

b) This Tribunal may be pleased to allow the present Appeal under Section 42 of the Code.

c) This Tribunal may be pleased to set aside and reverse the decision of the Liquidator dated 24.07.2023 and 04.12.2023 in so far as she has:

i. not admitted the Appellants claim to be considered as secured creditors, only admitted their claim as unsecured creditors.

ii. Rejected the Appellants claim for interest.

d) This Tribunal may be pleased to allow the Appellants claim in its entirety i.e.

i. Declare and hold the Appellants are secured financial creditors.

ii. Declare and hold that the Appellants are entitle to admission of their claim for interest at 18% p.a. or such other rate of interest as this Tribunal deems fit.

e) This Tribunal may be pleased to direct the Respondent, Liquidator to amend and publish an updated list of stakeholders to reflect the Appellants' claim as a secured creditor, along with interest and take all such consequential steps including updating /reconstituting the Stakeholders' Consultation Committee.

f) Pending the hearing and final disposal of this Appeal, this Tribunal may be pleased to:

i. Restrain the Liquidator from taking any steps towards the sale of the Subject Property (described in Ex. A herein).

ii. Restrain the Liquidator from taking any material decision in the liquidation process of the Corporate Debtor.

g) For such other reliefs as this Tribunal may deem fit in the facts and circumstances of this case.

Brief Facts

2. Following are the relevant facts set out in the application and required to be noticed for the adjudication of the present application.

2.1. M/s Brajesh Construction Pvt Ltd (‘Corporate Debtor’) owns piece of land described as Plot No. 1-A, situated at Revenue Village Tithardi, Tahasil Girva, District Udaipur (Rajasthan) under Khasra No. 2507 to 2509, 2510 M, 2475, 2476, 3556/2510. The total area of the said plot No. 1A is 4,22,150 sq. ft. (approx. 42,000 sq. meters) by the name of AVL Tivona City (‘Subject Property’)

2.2. The Corporate Debtor had mortgaged the subject property in favour of Dewan Housing Finance Limited (‘DHFL’). Due to default in repayment of loan by the Corp