IN IBA/11/KOB/2020 (Under Section 60(5) of the IBC, 2016 & Rule 11 of the NCLT Rules, 2016)

Date of Institution: 11.09.2024 Order delivered on: 23.04.2026 In the matter of: -

M/s. MIR Realtors Private Limited.

Memo of Parties: - Mr. Tom Thomas Residing at Olakkappady House, Edathua P.O Alappuzha, Kerala -689 573.

… Applicant Vs.

1. Ms. Annie Abraham, Liquidator, (MIR Realtors Private Limited)

IBBINo.IBBI/IPA-00/IP-P-02405/2021

2022/13758, Ann Villa, Fathima Church Lane, Elamkulam, Kadavanthra P. O., Ernakulam, Kerala, 682 020.

Email: abrahamannies@gmail.com.

… Respondent No. 1

2. Mr. Arun Kumar K, Representative of MIR Realtors Private Limited, Address at:41/2030, M M Buildings, 1^st Floor, Kalabhavan Road, Cochin, Kerala- 682 018.

… Respondent No. 2

3. Mr. Subash Chandra Bose Represented by the Legal Representative, Dr Rajesh Subash, Residing at "Vinuraj" Kumarapuram, Cheruvakkal Village, Pedikkattu Muri, Thiruvananthapuram.

… Respondent No. 3

4. Mrs. Santhakumari Subash Residing at "Vinuraj" Kumarapuram, Cheruvakkal Village, Pedikkattu Muri, Thiruvananthapuram.

… Respondent No. 4 5. Dr Vinod Subash Specialist Radiologist, Al Hilal Hospital, Building no. 1579, Road 1129, Block 211, Muharraq, Post Box 23622, Kingdom of Bahrain.

… Additional Respondent No. 5 Coram:

HON’BLE MEMBER (JUDICIAL) : SHRI. VINAY GOEL Appearances:

For the Applicant : Mr. Riji Rajendran, Advocate. For the Respondent No. 1 :Mr. Kevin Thomas, Advocate.

Ms. Annie Abraham, Liquidator For the Respondent No. 2 : Mr. Anil Abey , Advocate.

For the Respondent Nos. 3, 4 & 5 : Mr. Chandapillai Abraham, Advocate.

O R D E R

1. The present application has been filed by the applicant, an allottee of Plot No. 27 with a Type B model villa in the project “MIR Greens,” developed by the Corporate Debtor, M/s. MIR Realtors Pvt. Ltd., which is presently under liquidation. The application has been filed under Section 60(5)(c) of the Insolvency and Bankruptcy Code, 2016, read with Rule 11 of the NCLT Rules, 2016, seeking directions for the execution and registration of the sale deed in respect of the said property.

2. Before proceeding further to examine the issues involved, it is apposite to briefly set out the details of the parties to the present proceedings:

a. The Applicant is the allottee and purchaser of the property^* which is the subject matter of this IA.

b. Respondent No. 1 is the Liquidator of the Corporate Debtor, M/s. MIR Realtors Pvt. Ltd appointed by this Tribunal vide order dated

21.06.2023.

c. Respondent No. 2 is the attorney holder of the landowners, Shri Subash Chandra Bose and Mrs. Santhakumari Subash, and also the authorised representative of M/s. MIR Realtors Pvt Ltd (Corporate Debtor). He executed the sale agreement as attorney of the landowners with the applicant and also executed the construction agreement with the applicant on behalf of the Corporate Debtor. Further, Respondent No. 2 signed the Joint Venture Agreement with the landowners on behalf of the Corporate Debtor.

*The details of the property are as follows: Plot No.27 with a Type B Model Villa in the ‘MIR Greens’ project, having an extent of 2755 sq. ft.,

together with 8.64 cents of land forming part of in Re.Sy. No.233/1 in Block No.34, situated in Nedumangad Taluk, Thiruvananthapuram

District

d. Shri. Subash Chandra Bose and Mrs. Santhakumari Subash (Respondent Nos. 3 and 4) were the original landowners and entered into a Joint Venture Agreement with the Corporate Debtor, and they executed a General Power of Attorney in favour of Respondent No. 2 pursuant to the Joint Venture Agreement, authorising him to execute sale agreements with third parties on their behalf. They also entered into a Joint Venture Agreement with the Corporate Debtor, assigning development rights. After the death of Shri Subash Chandra Bose, he is represented by his legal heir, Dr. Vinod Subash. Mrs. Santhakumari Subash subsequently arrayed Dr. Vinod Subash as Respondent No. 5. Respondent No. 4 is being sued in her individual capacity as a landowner a