# In the matter of Proto Developers and Technologies Limited

> NCLT judgment dated 2025-09-09. Citation: TCN-2025-NCLT-01350. M/s Alfa Propbuild Pvt. Ltd., the Financial Creditor/Applicant, filed an application under…

- **Court:** NCLT
- **Order date:** 9 Sept 2025
- **Citation:** TCN-2025-NCLT-01350
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-allahabad/proto-developers-and-technologies-limited-17a031bb

## Summary

### Background

M/s Alfa Propbuild Pvt. Ltd., the Financial Creditor/Applicant, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against M/s Proto Developers and Technologies Ltd., the Corporate Debtor/Respondent. The application pertains to a financial debt arising from a real estate project named 'Sanskriti Apartment' where the Corporate Debtor failed to deliver possession of the units/flats purchased by the Financial Creditor.

## Facts

M/s Alfa Propbuild Pvt. Ltd. filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate CIRP against M/s Proto Developers and Technologies Ltd.

The application was filed on 07.08.2024.

The Financial Creditor claimed a total financial debt of Rs. 1,77,96,540.00 with an interest rate of 24% annually, amounting to Rs. 19,15,82,654 till 11.04.2011.

The date of default was specified as 24.04.2013.

The Corporate Debtor was responsible for developing a residential housing project named 'Sanskriti Apartment' in Ghaziabad, U.P.

The Financial Creditor contends that they were misled by false advertisements and agreements, reserved and acquired units/flats in the 'Sanskriti Apartments' project.

…

## Issues and analysis

### Issue 1: Whether this application is filed within …

**Ratio:** The application was filed within the limitation period due to continuous acknowledgments

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**Reasoning:** The Corporate Debtor acknowledged its debt in letters dated 18.05.2015, 06.05.2016,

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**Interpretation:** Section 18 of the Limitation Act, 1963, states that a fresh period of

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**Application:** The Tribunal held that the plea taken by the Corporate Debtor that the

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## Parties

- **Judges:** Praveen…; Ashish…
- **Appellants:** M/S ALFA PROPBUILD…
- **Respondents:** M/S PROTO…
- **Other parties:** Garima Di…
- **Advocates:** Anshika…; Avinash…; +2 more

## Timeline

- **2024-08-07 — Application…**: M/s Alfa Propbuild Pvt. Ltd. filed an application under Section 7 of the Insolvency and…
- **2025-08-05 — Hearing…**: Hearing on 05.8.2025, Ld. Counsel representing the Financial Creditor has made her…

## 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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