Authority: National Company Law Tribunal, Kochi Bench (Shri Vinay Goel, Member (Judicial) and Shri Ravichandran Ramasamy, Member (Technical))

Order Date: 22 June 2026

Case Overview

The National Company Law Tribunal (NCLT) Kochi Bench heard multiple interconnected Interlocutory Applications (IAs) numbered IA(IBC)/375/KOB/2023 and approximately 70 other related applications in the main insolvency case IBA/11/KOB/2020 concerning MIR Realtors Private Limited, which is undergoing liquidation. The parties involved include Bejo Thomas (Petitioner) versus Annie Abraham (Liquidator of MIR Realtors Private Limited) and four other respondents. Multiple advocates represented the parties, including Mr. Mayur Jugtawat, Mr. Nipun Singhvi, Mr. Kevin Thomas (for Liquidator), Mr. Akhil Suresh, and Ms. Loyana among others.

A key dispute emerged between landowners and homebuyers regarding whether the tribunal should proceed with the matter. Counsel for the landowners argued that the proceedings should be halted as the matter is still sub judice before the Hon'ble Supreme Court, and any decision by NCLT would render those proceedings infructuous. Conversely, counsel for the home buyers submitted that there was no impediment to proceeding further, though they indicated they would seek clarification in the pending Supreme Court matter.

The tribunal heard both sides and issued procedural directions rather than making a substantive ruling on the merits. The principal issue was the completion of pleadings and procedural formalities across the numerous interconnected applications.

Final Outcome

The NCLT directed all parties to complete their pleadings within four working days if the right to file such pleadings still subsisted. For any pleadings lying in the Registry with defects, parties were directed to cure those defects within four working days. The tribunal stated it shall proceed further in accordance with law despite the Supreme Court matter. All cases were adjourned to 09.07.2026 for further hearing, with some specific applications adjourned to 30.06.2026. The liquidator reserved rights to argue against relief claims without filing formal replies, while home buyers indicated they would adopt existing reply affidavits across multiple applications through adoption memos.

Topics: Insolvency Proceedings, Real Estate Liquidation, NCLT Adjudication