# In the matter of Ranjan Goyal Vs. Sharad Vadehra CA(AT)(Insolvency) No. 173-2019

> NCLAT judgment dated 2019-09-02. Citation: TCN-2019-NCLAT-00320. The case involves an appeal against the admission of an application under Section 7 of the…

- **Court:** NCLAT
- **Order date:** 2 Sept 2019
- **Citation:** TCN-2019-NCLAT-00320
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/ranjan-goyal-vs-sharad-vadehra-ca-63690b4a

## Summary

### Background

The case involves an appeal against the admission of an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (I&B Code) filed by Sharad Vadehra (Financial Creditor) against M/s. Homestead Infrastructure Development Pvt. Ltd. (Corporate Debtor). The Adjudicating Authority (National Company Law Tribunal), New Delhi Bench, admitted the application via an order dated January 14, 2019, leading to the present appeal by a Shareholder. The Financial Creditor claimed there was an agreement, which the Appellant disputes. The Financial Creditor is an allottee of one M/s. Golden Peacock Residence Private Limited, a subsidiary of the Corporate Debtor.

## Facts

Sharad Vadehra, the Respondent (Financial Creditor), filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against M/s. Homestead Infrastructure Development Pvt. Ltd., the Corporate Debtor. The Adjudicating Authority admitted the application on January 14, 2019. The Appellant, a Shareholder, filed an appeal. The Financial Creditor is an allottee of M/s. Golden Peacock Residence Private Limited, which is a 100% subsidiary of the Corporate Debtor. The Corporate Debtor and its subsidiary entered into an agreement with M/s. Raheja Developers Limited for land development. The Financial Creditor received a demand notice on behalf of the Corporate Debtor. The Corporate Debtor was incorporated on November 22, 2011, and its subsidiary was

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## Issues and analysis

### Issue 1: Whether the application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against M/s. …

**Ratio:** The legal principle applied is that a subsidiary company and its parent company can enter

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**Reasoning:** The court reasoned that M/s. Homestead Infrastructure Development Pvt. Ltd. and M/s.

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**Interpretation:** The interpretation is that Section 7 of the Insolvency and Bankruptcy Code

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**Application:** The court applied this principle to the facts by finding that the Corporate

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## Parties

- **Judges:** S.J. Mukhop…; A.I.S. C…; +2 more
- **Appellants:** Ranjan…
- **Respondents:** M/s. Homestead…; Sharad Va…

## Timeline

- **2019-01-14 — Adjudicating Authority…**: The Adjudicating Authority (National Company Law Tribunal), New Delhi Bench, admitted the…
- **2019-02-09 — Application…**: Sharad Vadehra (Financial Creditor) filed an application under Section 7 of the…

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