In the matter of Grand Realty Private Limited Company Petition No. (IB)-223(ND)-2022
Case brief
What is this about?
The NCLT admitted a Section 7 petition by homebuyers against M/s. Grand Reality Private Limited, finding the landowner a 'Corporate Debtor' and the buyers 'Financial Creditors' due to failure to deliver possession, initiating CIRP and imposing moratorium.
What did the court decide?
Admission of Company Petition under Section 7, initiation of CIRP, appointment of Interim Resolution Professional, and declaration of moratorium.
IN THE NATIONAL COMPANY LAW TRIBUNAL NEW DELHI BENCH-IV
Company Petition No. (IB)-223(ND)/2022
Under Section 7 of the Insolvency and Bankruptcy Code, 2016 read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority), Rules, 2016
In the matter of:
KAUSHAL DESHMUKH AND ORS.
…. Petitioners/ Financial Creditor
VERSUS
M/S. GRAND REALITY PRIVATE LIMITED
…. Respondents/ Corporate Debtor
CORAM:
SH. P.S.N. PRASAD, HON’BLE MEMBER (JUDICIAL)
DR. BINOD KUMAR SINHA, HON’BLE MEMBER (TECHNICAL)
Issues for consideration
3 issues framed by the court
Whether the petition meets the threshold limit of 100 or 10% of allottees for filing a Section 7 application?
Whether the respondent is a 'Corporate Debtor' and petitioners are 'Financial Creditors' under the Code?
Whether there was a default justifying the initiation of Corporate Insolvency Resolution Process?
Parties & counsel
- petitioner
KAUSHAL DESHMUKH AND ORS.
- respondent
M/S. GRAND REALITY PRIVATE LIMITED
Coram
SH. P.S.N. PRASAD
Case details
As recorded by the court registry
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