TaxTMI 
TaxTMI 
2026 (7) TMI 1194
X X X X Extracts X X X X
X X X X Extracts X X X X
....ted 26.05.2026, given by the Appellant, who happens to be a Successful Resolution Applicant, as it has been passed by the Learned NCLT, Bangalore Bench in IA No.877/2025 in CP(IB) No.124/BB/2017. 2. The Appeal has been preferred by the Appellant, i.e., M/s. Fortuna Buildcon (India) Pvt. Ltd., being the Corporate Debtor now under the management of the Successful Resolution Applicant M/s. Phalada Developers Pvt. Ltd., whose resolution has been approved and has been implemented too. 3. The impugned order, which is under challenge, is an order that, has been passed on IA No.877/2025, that was preferred in the Company Petition, where by the Impleadment Application, preferred by M/s. Fortuna Integral Projects Private Limited, i.e., Respondent No.1, seeking to implead Respondent No.5, i.e., M/s. Tumkur Grain Merchants Co-operative Bank Limited, has been allowed, thereby directing the newly impleaded Respondent No.5 herein, to be made as part of the proceedings of the IA No.382/2021, which is alleged that, the said Impleadment Application ought not to have been allowed because of the fact that the orders on IA No.382/2021 at that point of time already stood reserved. 4. Brief fact....
X X X X Extracts X X X X
X X X X Extracts X X X X
....e sale consideration amount of Rs. 2,17,91,500/- and to execute the registered Sale Deed in respect of the scheduled property in favour of the Applicant company therein, and further to grant any other relief. The relevant relief is extracted hereunder: - "1. Direct the Respondent to receive the balance sale consideration amount of Rs. 2,17,91,500/- (Rupees Two Crores Seventeen Lakhs and Ninety One Thousand Five Hundred Only) and to execute and register the sale deed in respect of the schedule property in favour of the Applicant Company herein, and 2. Grant any other relief deemed fit by this Hon'ble Tribunal, in the interest of justice and equity." 6. This application, IA No.596/2024, preferred by invoking the provisions contained under Section 60(5) of the I & B Code, 2016, was taken up for consideration by the Learned Tribunal and the Learned Tribunal had passed a separate order on 26.05.2026, whereby the Learned Tribunal had proceeded to pass an order, wherein it was observed that the enforcement of the agreement of 2019-2020 by filing an application in 2024, i.e., IA No.596/2024 without any reasonable explanation for the laches, is not permissible under law....
X X X X Extracts X X X X
X X X X Extracts X X X X
....ated the proceedings by issuance of the demand notice under Section 13(2) of the SARFAESI Act in 2019, that in view of recovery proceedings being undertaken under Section 13 of the SARFAESI Act along with the imminent threat of auction of the scheduled property, the Corporate Debtor approached M/s. Fortuna Integral Projects Private Limited for the sale of scheduled property and the agreement of sale pertaining to the sale of the property was said to have been executed, for which the bank, which was the sole secured Financial Creditor, had given no objection on 07.03.2019, permitting the sale of the property, subject to the crediting of the sale proceeds to the loan account and therefore, the transactions should not be treated as a preferential or undervalued transaction as the amount realised from the said transaction was remitted to M/s. Tumkur Grain Merchants Co-operative Bank Limited. The order that was passed on IA No.596/2024 dismissing the same has not been challenged by any of the parties to the proceedings of the instant Company Appeal. 8. In the proceedings of IA No.382/2021, that was preferred in the Company Petition invoking Sections 43, 44, 45, 46 & 49 of the I & B C....
X X X X Extracts X X X X
X X X X Extracts X X X X
....is to be de-reserved so that the newly impleaded M/s. Tumkur Grain Co-operative Bank Limited may be heard prior to passing any orders in the proceedings that were being held under Sections 43, 44, 45, 46 & 49 of the I & B Code. 10. The Learned Counsel for the Appellant has submitted that, the order that has been impugned herein in the instant Company Appeal, being an order of impleadment passed on IA No.877/2025, that cannot be said to have been passed with a rational and judicious application of mind, as the Learned Tribunal has not recorded any finding, nor he was given an opportunity to controvert the contents of the applications IA No.877/2025, necessitating to implead M/s. Tumkur Grain Merchants Co-operative Bank Limited. So far as this complexion of argument as extended by the Learned Counsel for the Appellant is concerned, we may not be required to venture into for the reasons, for the reason being that the Appellant is conscious of the order passed on IA No.596/2024, wherein the status of M/s. Tumkur Grain Merchants Co-operative Bank Limited, was considered while rendering Judgment on 26.05.2026 in IA No.596/2024, and the reasons assigned therein have been derived by Lea....