# In the matter of Krrish Realtech Private Limited Company Appeal (AT) (Insolvency) Nos. 1008, 1009 & 1010 of 2021

> NCLAT judgment dated 2021-12-21. Citation: TCN-2021-NCLAT-00003. This case involves an appeal against three orders passed by the Adjudicating Authority…

- **Court:** NCLAT
- **Order date:** 21 Dec 2021
- **Citation:** TCN-2021-NCLAT-00003
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/krrish-realtech-private-limited-company-appeal-at-insolvency-nos-1008-1009-1010-e338c32a

## Summary

### Background

This case involves an appeal against three orders passed by the Adjudicating Authority (National Company Law Tribunal), New Delhi, in a company petition related to a pre-packaged insolvency resolution process under Section 54C of the Insolvency and Bankruptcy Code (IBC). The appellant, Krrish Realtech Private Limited, is the Corporate Debtor. The appeal contests the Adjudicating Authority's decision to grant time to objectors/interveners to file objections before admitting the application for pre-packaged insolvency.

## Facts

Krrish Realtech Private Limited, the Corporate Debtor, filed an application for pre-packaged insolvency resolution process under Section 54C of the IBC, claiming to be under a debt of Rs. 673,16,36,869.63. The Corporate Debtor issued an e-mail on 28.09.2021 to its stakeholders, indicating its intention to take recourse to pre-packaged insolvency. A meeting of Financial Creditors was convened on 30.09.2021, and a Resolution Professional was appointed. Objectors, primarily homebuyers, appeared before the Adjudicating Authority, opposing the application. They raised objections, including allegations of non-compliance with Section 54C, lack of proper notice for the creditors' meeting, and fraudulent constitution of the list of unrelated Financial Creditors. The

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## Issues and analysis

### Issue 1: Whether the Adjudicating Authority has the jurisdiction to grant time to objectors/interveners to …

**Ratio:** The Tribunal and the Appellate Tribunal shall not, while disposing of any proceeding

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**Reasoning:** The NCLAT reasoned that the IBC and its regulations do not expressly prohibit the

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**Interpretation:** Section 424 of the Companies Act, 2013, allows the Tribunal and Appellate

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**Application:** The NCLAT applied the principle of natural justice and the absence of any

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## Parties

- **Judges:** Ashok Bh…; Jarat Kuma…; +1 more
- **Respondents:** Krrish Realtech…
- **Advocates:** Dushyant…; P. Na…; +10 more

## Timeline

- **2021-09-28 — E-mail to Stak…**: Corporate Debtor issued an e-mail to its stakeholders that the Company is intending to…
- **2021-09-30 — Meeting of Financial…**: Corporate Debtor issued an e-mail at 3.30 A.M. addressed to stakeholders issuing notice…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 61 — Appeals and Appellate Authority](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-61)

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