In the matter of Kd Lite Developers Private Limited Cp (Ib) No.1420-MB-IV-2020
Case brief
What is this about?
The NCLT admitted an application by allottees of a residential project to initiate Corporate Insolvency Resolution Process against a corporate debtor under Section 7 of the I&B Code, 2016, declaring a moratorium and appointing an Interim Resolution Professional.
What did the court decide?
Admission of the CIRP application, declaration of moratorium under Section 14, appointment of Interim Resolution Professional, and direction to deposit Rs. 5,00,000 for expenses.
IN THE NATIONAL COMPANY LAW TRIBUNAL MUMBAI BENCH-IV
CP (IB) No.1420/MB-IV/2020
Under Section 7 of the I&B Code, 2016
In the matter of:
M.S. Gopikrishnan
…Financial Creditor/Applicant V/s
KD Lite Developers Private Limited [CIN: U70101MH2012PTC234084] ...Corporate Debtor/Respondent Order Dated: 08.02.2023
Coram: Mr. Prabhat Kumar Mr. Kishore Vemulapalli Hon’ble Member (Technical) Hon’ble Member (Judicial)
Appearances (via videoconferencing): For the Petitioner(s) : Mr. Abhay Jariwala, Advocate. For the Respondent(s) : Mr. Rohit Gupta a/w Mr. Viraj Parikh, Ms. Shivani Khanwilkar and Mr. Abhishek Kothari i/b DSK Legal, Advocates.
Per: Prabhat Kumar, Member Technical
- This is an Application being C.P. (IB) No. 1420/MB/C-IV/2020 filed by M.S. Gopikrishnan, the Financial Creditor/Applicant, under section 7 of Insolvency & Bankruptcy Code, 2016 (I&B Code) against
Issues for consideration
2 issues framed by the court
Whether the application under Section 7 of the I&B Code filed by allottees of a real estate project is maintainable and should be admitted to initiate CIRP.
Whether the threshold limit regarding the number of allottees is satisfied to invoke Section 7(1) read with the second proviso of the I&B Code.
Parties & counsel
- applicant
M.S. Gopikrishnan
Coram
Prabhat Kumar
Kishore Vemulapalli
Case details
As recorded by the court registry
Similar cases
Judgements on the same questions, provisions and authorities, from every court