# In the matter of Amulya Kumar Mishra  Vs Splendor Landbase Ltd. & Anr.

> NCLAT judgment dated 2024-03-07. Citation: TCN-2024-NCLAT-00591. The case pertains to Company Appeal (AT) (Insolvency) No. 466 of 2024. An application under…

- **Court:** NCLAT
- **Order date:** 7 Mar 2024
- **Citation:** TCN-2024-NCLAT-00591
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/amulya-kumar-mishra-vs-splendor-landbase-ltd-anr-0def9d4d

## Summary

### Background

The case pertains to Company Appeal (AT) (Insolvency) No. 466 of 2024. An application under Section 9 was filed for a principal amount of Rs. 1,97,78,222. The appellant offered Rs. 3.2 Crores before the Adjudicating Authority, but it was not accepted by the respondent. The appellant is willing to deposit Rs. 3.2 Crores in the Court.

## Facts

The appellant, Amulya Kumar Mishra, filed an application under Section 9 for a principal amount of Rs. 1,97,78,222. The appellant offered Rs. 3.2 Crores to the Adjudicating Authority, but the respondent, Splendor Landbase Ltd. & Anr., did not accept it. The appellant is now willing to deposit Rs. 3.2 Crores in the Court. The court ordered the appellant to deposit the principal amount within one week and the remaining amount of Rs. 3.2 Crores within two weeks in the form of an interest-bearing FDR in the name of the Registrar, NCLAT. Homebuyers are granted liberty to file an Intervention Application within one week. The case is listed for further hearing on 03.04.2024.

## Issues and analysis

### Issue 1: Whether the appellant should be directed to deposit the principal amount and the remaining balance …

**Ratio:** The court has the authority to direct parties to deposit amounts in dispute to ensure

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**Reasoning:** The court considered the appellant's willingness to deposit Rs. 3.2 Crores and the need

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**Interpretation:** This involves interpreting the court's power to issue directives for deposit of

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**Application:** The court applied its authority by directing the appellant to deposit the

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## Parties

- **Judges:** Ashok Bh…; Barun M…; +1 more
- **Appellants:** Amulya Kumar…
- **Respondents:** Splendor Landbase…

## Timeline

- **2024-03-07 — Order Da…**: Court directs appellant to deposit principal amount within one week and remaining amount…
- **2024-04-03 — Next Hearin…**: Appeal listed for…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 9 — Application for initiation of corporate insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-9)

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