# In the matter of Imbulle Realtors Pvt. Ltd. vs. Sanjeev Kumar and Ors.

> NCLAT judgment dated 2025-07-17. Citation: TCN-2025-NCLAT-00311. The appeal challenges the order dated 09.05.2025 passed by the Adjudicating Authority (NCLT,…

- **Court:** NCLAT
- **Order date:** 17 Jul 2025
- **Citation:** TCN-2025-NCLAT-00311
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/imbulle-realtors-pvt-ltd-vs-sanjeev-kumar-and-ors-6740c59b

## Summary

### Background

The appeal challenges the order dated 09.05.2025 passed by the Adjudicating Authority (NCLT, New Delhi) in TA (IBC) – 16(PB)/2025, which allowed a Transfer Application.

## Facts

An application under Section 7 was filed by a financial creditor, initiating CIRP against Real Anchors Developers Private Limited on 16.10.2023.

Imbulle Realtors Pvt. Ltd. filed its claim in the CIRP on 31.10.2023.

A suspended director of Real Anchors Developers Pvt. Ltd. filed Comp. App. (AT) (Ins.) No.1404/2023 against the admission of the Section 7 application.

An interim order was passed on 22.10.2023, directing the IRP to collate claims but not to constitute the Committee of Creditors (CoC) until the next hearing.

The suspended directors entered into settlement with the original Section 7 applicants.

Imbulle Realtors Pvt. Ltd. filed an application before the NCLT seeking direction before the IRP for adjudication of its claim.…

## Issues and analysis

### Issue 1: Whether the appeal against the order dated 09.05.2025 passed by the President in exercise of …

**Ratio:** An order passed by the President under Rule 16(d) cannot be said to be an order passed

…

**Reasoning:** Section 61 of the IBC provides for an appeal against an order passed by the adjudicating

…

**Interpretation:** The tribunal interpreted Section 61 of the IBC to apply only to orders passed

…

**Application:** The tribunal held that the appeal is not maintainable under Section 61 of the

…

## Parties

- **Judges:** Ashok Bh…
- **Appellants:** Imbulle Realtors…
- **Respondents:** Real Anchors…; Sanjeev…; +1 more
- **Advocates:** Suhail…; Vikas T…; +8 more

## Timeline

- **2023-10-16 — CIRP Commen…**: Corporate Insolvency Resolution Process (CIRP) commenced against Real Anchors Developers…
- **2023-10-31 — Claim Fi…**: Imbulle Realtors Pvt. Ltd.…

## 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)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclat-new-delhi/imbulle-realtors-pvt-ltd-vs-sanjeev-kumar-and-ors-6740c59b