# In the matter of Atul Nathalal Patel vs. Manish Pardasadni & Ors. {Company Appeal (AT) (Insolvency) No. 1008 of 2023]

> NCLAT judgment dated 2023-08-02. Citation: TCN-2023-NCLAT-00321. The case involves an appeal against an order dated 2023-07-25 by the Adjudicating Authority,…

- **Court:** NCLAT
- **Order date:** 2 Aug 2023
- **Citation:** TCN-2023-NCLAT-00321
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/atul-nathalal-patel-vs-manish-pardasadni-ors-company-appeal-0dad576d

## Summary

### Background

The case involves an appeal against an order dated 2023-07-25 by the Adjudicating Authority, which admitted a Section 7 application filed by Financial Creditor Respondents Nos. 1 to 3. The dispute stems from an agreement between the Appellant (Developers) and Thakkars in 2010, where the developer was to develop property in a joint venture. Investors were to invest Rs. 6 Crores, with Rs. 3 Crores as advance. The agreement stipulated that if development didn't occur within six months, a grace period of one month would be provided. If developers failed to enter into an agreement, investors could terminate and receive the amount with 18% interest. Developers returned Rs. 1.3 Crores, and Rs. 1.7 Crores was refunded to Thakkars between 2010 and 2014. The Appellant claims

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## Facts

In 2010, an agreement was established between Atul Nathalal Patel (the Appellant, a developer) and the Thakkars for a joint venture to develop a property. The agreement involved investors who were to invest Rs. 6 Crores, with Rs. 3 Crores paid upfront for development. The agreement stipulated a six-month development period, followed by a one-month grace period. If the developers failed to enter into an agreement, the investors had the option to terminate the agreement and receive their investment back with 18% interest. The developers returned Rs. 1.3 Crores, and Rs. 1.7 Crores was refunded to the Thakkars between 2010 and 2014. The Appellant claims that after 2011, there was no communication, and a police complaint was filed on 2019-07-04 when the Appellant discovered

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## Issues and analysis

### Issue 1: Whether the Section 7 application filed by the …

**Ratio:** The ratio decidendi revolves around the interpretation of limitation periods under the

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**Reasoning:** The Adjudicating Authority relied on the Supreme Court's decision in GPR Power Solutions

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**Interpretation:** The interpretation focuses on when the cause of action arose and whether the

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**Application:** The appellate tribunal prima facie found that the application might be

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## Parties

- **Judges:** Ashok Bh…; Barun M…
- **Appellants:** Atul Nathalal…
- **Respondents:** Manish Par…

## Timeline

- **2010-01-01 — Agreement between…**: An agreement was entered into between the Appellant (Developers) and the Thakkars for a…
- **2010-05-16 — Agreement…**: Agreement between the Appellant…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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