# In the matter of Yogesh Bosmiya & Ors. vs India Asses Growth Fund Through CA(AT)(Insolvency) 78-2019

> NCLAT judgment dated 2019-01-25. Citation: TCN-2019-NCLAT-00845. This is an appeal preferred by Yogesh Bosmiya & Ors., Shareholders of ‘Rashmi Housing Private…

- **Court:** NCLAT
- **Order date:** 25 Jan 2019
- **Citation:** TCN-2019-NCLAT-00845
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/yogesh-bosmiya-ors-vs-india-asses-growth-fund-through-ca-5f94c19f

## Summary

### Background

This is an appeal preferred by Yogesh Bosmiya & Ors., Shareholders of ‘Rashmi Housing Private Limited’ (Corporate Debtor) against the order dated 14th December, 2018 passed by the Adjudicating Authority (National Company Law Tribunal), Mumbai Bench, Mumbai, whereby and whereunder the application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (“I&B Code” for short) filed by 'India Asses Growth Fund through Essel Finance Advisors and Managers LLP & Anr.', has been admitted, order of ‘Moratorium' has been passed and Interim Resolution Professional' has been appointed.

## Facts

India Asses Growth Fund through Essel Finance Advisors and Managers LLP & Anr. filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 against Rashmi Housing Private Limited (Corporate Debtor). The Adjudicating Authority (National Company Law Tribunal), Mumbai Bench, admitted the application, declared a moratorium, and appointed an Interim Resolution Professional. Yogesh Bosmiya & Ors., Shareholders of Rashmi Housing Private Limited, filed an appeal against the order. The appellants claimed that the Corporate Debtor is solvent and has funds in an Escrow Account, seeking six months to settle the claim. The court noted the appellants' intention to settle but did not find it a sufficient ground to set aside the admission order.

## Issues and analysis

### Issue 1: Whether the Adjudicating Authority was correct in admitting the application under Section 7 of the …

**Ratio:** The Adjudicating Authority can admit an application under Section 7 of the Insolvency and

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**Reasoning:** The court found that there was a debt and default, and the application was complete.

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**Interpretation:** Section 7 of the Insolvency and Bankruptcy Code allows a financial creditor to

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**Application:** In this case, the Adjudicating Authority found that there was a debt and

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## Parties

- **Judges:** S.J. Mukhop…; Bansi Lal…
- **Appellants:** Yogesh Bo…
- **Respondents:** Rashmi Housing…; India Asses…

## Timeline

- **2018-12-14 — Order by Adjudicating…**: The Adjudicating Authority (National Company Law Tribunal), Mumbai Bench, passed an order…
- **2019-01-25 — Appeal Pre…**: Yogesh Bosmiya & Ors., Shareholders of ‘Rashmi Housing Private Limited’, preferred an…

## 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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