NCLT Kochi Directs Deposit Of Due Security And Revenue Shares In Jatayupara Tourism Project Escrow Account
The National Company Law Tribunal, Kochi Bench, has directed the Guruchandrika Builders & Property Private Limited, Mr. Rajeev Vidyadharan, and Mrs. Padmam Rajeev, proprietor of Nanma Eatery (formerly Jatayu Merchandise), to deposit the sum of Rs. 38,32,744, into the project's common pool account. An agreement dated January 1, 2024, under which Respondents Rajeev Vidyadharan and...
The National Company Law Tribunal, Kochi Bench, has directed the Guruchandrika Builders & Property Private Limited, Mr. Rajeev Vidyadharan, and Mrs. Padmam Rajeev, proprietor of Nanma Eatery (formerly Jatayu Merchandise), to deposit the sum of Rs. 38,32,744, into the project's common pool account.
An agreement dated January 1, 2024, under which Respondents Rajeev Vidyadharan and Mrs. Padmam Rajeev agreed to deposit security and pay 20% of gross revenue as dues to Guruchandrika Builders. However, the parties failed to deposit the monthly revenue share, leading to the present petition by the NCLT-appointed chartered accountant, who was tasked with the oversight of the project's finances.
Jatayu Earth's Centre is an ecotourism project in Kollam, Kerala, featuring a massive sculpture of the mythological bird Jatayu. The project is an outcome of collaboration between the Kerala Tourism Department and film director Rajiv Anchal. It is believed that the bird Jatayu fell at the site while trying to save Sita from Ravana.
Previously, the NCLT had appointed an administrator and a chartered accountant to take care of the entire project, and a common pool was opened, into which the revenue generated from the project was required to be deposited.
The tribunal rejected the respondent's plea for setoffs against the loans advanced by Mrs. Padmam Rajeev to Guruchandrika Builders and other defenses related to salary arrears and operational hardships.
“The capacity of the license holder of the eatery shop is different than other capacities, in which Respondents number 2 and 3 are claiming their alleged dues. So that cannot be adjusted to remit the amount forthwith. Any violation would lead to cancellation of said contract, and the Non-Deposit of the amount would come within the ambit of Non-performance and embezzlement. And further, such an amount cannot be adjusted towards the salary of Respondent No.4 as pleaded, as he is entitled to such salaries in his different capacities,” the bench observed.
Accordingly, the NCLT directed Guruchandrika Builders & Property Private Limited to deposit Rs.38,32,744/- within 7 days and to charge interest of 18%. It also empowered the administrator/CA to cancel the license of respondent no. 4 in case of non-compliance with the order.
Case Name: M/s. Jatayupara Tourism Private Limited
Case No.: MA(C/ACT)/1/KOB/2025 IN IA(C/ACT)/03/KOB/2023 IN CP(C/ACT)/21/KOB/2020
Coram: Judicial Member Vinay Goel and Technical Member Madhu Sinha
For Applicant: Mr. Shawn Jeff Christopher, NCLT Appointed Chartered Accountant
For Respondent: Mr. Vinod V Luka, Advocate (For Respondents R1, R19, R20, R21, R23)
Mr. N.P. Vijayakumar, Advocate (For Respondents R2, R4, R5, R6)
Mr. Sankar Panicker, Advocate (For Respondent R3)
Mr. Bijoy P Pulipra, Advocate (For Respondents R12 to R18 & R25)
Mr. Bimal K Nath, Sr. Govt. Pleader (For Respondents R28 and 29)
Respondents R7, R9, R10 and R11 were set as ex-parte.
Order Date: 07.11.2025