The National Company Law Tribunal (NCLT) at Mumbai has held that a housing society which has lodged and secured admission of its claim in a corporate debtor’s insolvency proceedings cannot seek to recover the same dues directly from purchasers of the debtor’s property sold during liquidation.
A Bench of Judicial Member Sushil Mahadeorao Kochey and Technical Member Prabhat Kumar passed the ruling while allowing an application filed by auction purchasers Anil Patel, Kiran Patel and Madhav Patel in relation to a flat purchased by them in the liquidation of C. Mahendra Export Ltd.
“Having submitted its claim before the Resolution Professional/Liquidator and having participated in the statutory mechanism prescribed under the Code,…