NCLT Dismisses IBD Universal Landowner's Liquidation Exclusion Plea

NCLT Principal Bench dismissed an application by Shree Narmada Enterprises seeking to exclude a real estate project from IBD Universal Pvt Ltd's liquidation estate.
The applicant sought to terminate a 2005 Joint Venture Agreement and reclaim development rights over 11.03 acres of land in Hoshangabad, Madhya Pradesh.
The tribunal ruled the development rights constitute corporate debtor property under IBC, and termination attempted during liquidation was invalid.
The liquidator's opposition was upheld, preserving the 'IBD Royale Park' project assets for the liquidation process.